GID Snaps Up Rental for $91M Along Miami’s Ludlam Trail

GID, a Boston-based investment firm, paid $91.4 million for a newly constructed apartment complex along Miami’s Ludlam Trail, property records show. Seller BBX Capital Real Estate, which owns the Fort Lauderdale-based development firm The Altman Companies, completed Altis Ludlam Trail last year. The seven-story building houses 312 units at 7004 SW 40th Street, just south…

Spiegel pays $34M for Rail 71 in Miami’s Little River

Spiegel Associates picked up Rail 71, an office and service retail business park in Miami’s Little River, for $34.4 million, The Real Deal has learned. Spiegel, a Long Island, New York-based real estate investment and development firm, acquired the 132,000-square-foot commercial complex at 7205 Northeast Fourth Avenue, said Devlin Marinoff with Dwntwn Realty Advisors.

$6.9M Sale of Miami Store Leased to Walgreens Brokered

Marcus & Millichap has brokered the $6.9 million sale of a single-tenant retail property located at 1699 N.W. 7th St. in Miami. The store is net-leased to Walgreens. An unnamed individual/personal trust purchased the property from the undisclosed seller. Jonathan De La Rosa and Eduard Toledo of Marcus & Millichap’s Miami office represented the buyer in the transaction.

New 118,000 SF Warehouse In Doral Nearing Completion

Seagis Property Group just announced that its 118,000 square foot, speculative warehouse development in the Doral submarket of Miami-Dade County is 75% complete. The project, located at 8315 NW 27th Street in Transal Park, is scheduled for delivery by year end. The 32′ clear, rear-loaded building features 32 dock doors and 110 auto parks. The building provides immediate…

SP, Continua plan 612-unit Hialeah apartment complex, pay $24M for dev site

A pair of developers bought a block of single-family homes in Hialeah for $23.5 million, with plans to build a 612-unit apartment complex. SP Developments and Continua Developments purchased all but one of the houses between East 27th and 28th streets, and between East Ninth and 10th avenues, Daniel Jaramillo, of SP, told The Real Deal. The development site spans 3.6 acres.

Navigating Commercial Leases: Understanding Duration and Negotiation with ESQ.title

When it comes to commercial leasing, the duration of the lease plays a significant role in shaping the business’s future. A commercial lease is not a one-size-fits-all arrangement; it can vary widely in terms of length and flexibility. At ESQ.title, a trusted real estate law firm in Coral Gables, Florida, we specialize in helping businesses navigate the intricacies of commercial leases…

Raphael Ammar proposes 18-story mixed-use project in Ojus

Preschool developer and operator Raphael Ammar wants to build an 18-story mixed-use project with apartments in Ojus, amid a flurry of project proposals targeting the area near Brightline’s stop. Called The Gateway, the building would consist of 210 apartments starting on the seventh level, 99,600 square feet of offices on levels two to six and 17,600 square feet of retail on the ground…

Focus proposes 39-story, 516-unit apartment tower in Brickell

Focus wants to build a 516-unit apartment tower on a Brickell site it bought last year, marking a continued flurry of project applications targeting Miami’s financial district. The Chicago-based firm proposes a 39-story building with ground-floor retail on nearly an acre at 128 Southwest Seventh Street, according to Focus’ filings to Miami-Dade County submitted this month. Apartments…

A Guide to Gross, Net, and Modified Gross Commercial Leases

Selecting the right type of commercial lease is a crucial decision that can significantly impact your business’s financial health and operational efficiency. The lease structure you choose should align with your business’s needs, goals, and budget. At ESQ.title, a reputable real estate law firm located in Coral Gables, Florida, we understand that navigating the intricacies…

Black Lion Brings RosaNegra to Brickell for U.S. Debut

Real estate visionary and President of Black Lion, Robert Rivani, announces the U.S. debut of internationally-recognized entertainment restaurant RosaNegra in Miami. The Mexico-based Grupo RosaNegra has signed a 10-year lease with Rivani to occupy the coveted ground floor space at SLS Brickell. “Bringing this legendary restaurant group to South Florida…”

Real estate exec Robert Rivani taps Mexico-based eatery to open its first US location

He talks big, he walks big — and with a jet-black bushy Mohawk, a matching beard and a buff physique, he stands pretty big too. Robert Rivani, the larger-than-life commercial real estate titan and president of Black Lion — who, until recently, called a “Harry Potter” and “Game of Thrones”-inspired mansion his home — also thinks big. So when it came to filling the 13,634-square-foot…

Kimco Realty Proposes Complex at 11800 Mills Drive in Kendall

Kimco Realty, a New York-based developer, hopes to get approval for two 12-story towers in Kendall, Florida. The high-rise buildings would offer a total of 630 apartments. One tower could comprise 269 units, offering 13,000 square feet of retail. The other tower would offer 361 apartments and close to 22,000 square feet of retail. According to the Real Deal, the homes…

Construction Permit Issued At The Crosby Miami Worldcenter, With 450 Condos

Miami’s Building Department issued a construction permit last week for The Crosby at Miami Worldcenter. Approval of the construction permit took about a year, with the full plans filed with the Building Department in August 2022. The permit was issued on August 7. A groundbreaking ceremony took place in January. The Crosby is planned tor rise 33 stories, or 390 feet…

250 Affordable Units Planned In 12-Story Building in Little River with Solar Efficient Design

The Healthy Housing Foundation is planning a 12-story affordable housing building in Little River, according to the SFBJ. Little River Plaza is planned to include: 250 affordable apartments, including micro-studio and one bedrooms landscaped resident plaza ground floor retail 200 parking spaces in a 3-story podium A zig-zag aluminum screen and balcony rail system is planned…

Seagis Property Group Nears Completion of 118,000 SF Industrial Facility Near Miami International Airport

Pennsylvania-based Seagis Property Group is nearing completion of a 118,000-square-foot warehouse project near the cargo entrance of Miami International Airport. The speculative facility, which is estimated as being 75 percent complete, is located at 8315 N.W. 27th St. in Doral. Situated within Transal Park, the rear-load warehouse will feature 32-foot clear heights, 32 dock doors…

Gauging the Fed’s Current Tightening Actions: A Historical Perspective

At the conclusion of their July 26, 2023, meeting, the Federal Open Market Committee (FOMC) voted to raise the target range of the federal funds rate by 25 basis points to 5.25% to 5.50%. This blog post will examine the magnitude of the FOMC’s current actions relative to those since 1983 and, importantly, whether monetary policy has moved into restrictive territory.

Olympia Theater upgrade on hold as tenant hangs on

After an unsuccessful request for proposals earlier this year, the restoration of the historic Olympia Theater and Tower at 174 E Flagler Street has hit another roadblock as the last tenant has failed to vacate an apartment unit within the building. On July 27, the Miami City Commission authorized the city attorney to proceed with legal action, if necessary, against a tenant residing…

606-unit Miami Worldcenter condo tower to have five parking spaces

A new luxury condominium tower planned for Northeast First Avenue downtown expects to be the second-to-last development making up the multi-block mixed-use development known as Miami Worldcenter. Developer Aria Development Group proposes to construct the 31-story building, called 600 MWC, at 600 NE First Ave. offering 606 residential units, about 3,750 square feet…

Kevin Marino Cabrera: Seeks to add workforce housing, speed permit applications

Kevin Marino Cabrera got elected to the county commission last November and has made it his priority to streamline the process by which residents apply for permits, how the county works to update the sewer system and environmental preservation, and the development of workforce housing. Commissioner Marino Cabrera represents District Six, including Miami…

Ritz Carlton Owner Proposes 15-Story Tower, Lincoln Road Rebuild

The owners of the Ritz Carlton South Beach have submitted plans to build a new residential tower while rebuilding a portion of Lincoln Road. The project is proposed to include: The rebuilding of Lincoln Road in front of the Ritz Carlton A new 15-story, 212-foot tower with 30 residential units The Ritz Carlton is also planned to get a single-story rooftop addition to its cabana building…

Construction Tops Off On University Of Miami’s Centennial Village In Coral Gables

Coastal Construction Group (Coastal), one of the largest privately held construction companies in the Southeast, has topped out the University of Miami’s Centennial Village, a state-of-the-art student residence that will accommodate over 2,000 students. This is the fourth construction project Coastal has topped out for the University of Miami, including the Thomas P. Murphy Design…

Coastal Construction Group Celebrates Topping Out of University of Miami’s Centennial Village

Coastal Construction Group, one of the largest privately held construction companies in the Southeast, has topped out the University of Miami’s Centennial Village, a state-of-the-art student residence that will accommodate over 2,000 students. This is the fourth construction project Coastal Construction has topped out for the University of Miami, including the Thomas…

La Maré, Offering 42 Homes Total, Unfolds In Miami-Dade County’s Bay Harbor Islands

La Maré is a luxury housing development unfolding in the Bay Harbor Islands. The Class A development will offer 42 condos and penthouses. La Maré will comprise two buildings, per the Real Deal. The first (called the “Regency Collection”) will measure eight stories and offer 33 residences. These homes will come with deep soaking tubs, imported cabinetry, and other…

Tricera Capital and LNDMRK Development Secure Several Exciting Tenants at Society Wynwood in Miami

Tricera Capital, the Miami-based commercial real estate firm led by Ben Mandell, and LNDMRK Development completed several leases totaling almost 14,000 square feet at major mixed-use development Society Wynwood. The highly sought-after project’s newly signed tenants include Starbucks, Chama De Fogo Brazilian Steakhouse and Nacho Daddy. Starbucks will occupy 2,615…

$38M Sale Brokered of Multifamily Development Site in Miami

Avison Young has brokered the $38 million sale of a 7.9-acre multifamily development site located at 1556 110th Ave. in Miami. The site is approved for a 690-unit, 10-story project, dubbed Dolphin Square. David Duckworth, Michael Fay, John Crotty, Brian de la Fé and Wayne Schuchts of Avison Young arranged the transaction on behalf of the seller, Boca Raton, Fla.-based Procacci…

Learning curve: Brokers, developers navigate South Florida’s private school crunch

Not one empty seat could be found at the Benjamin School when classes started on Tuesday. “We’re completely full,” said Amy Jablonski, the Palm Beach Gardens private school’s director of enrollment management. Across South Florida, private school acceptance rates are down, and enrollment is at unprecedented highs. The culprit: The same migration of wealthy families driving…

DAMAC International Addresses Misconceptions Surrounding 8777 Collins Avenue Project In Surfside

DAMAC International, a luxury property developer renowned for setting ambitious standards in design and innovation around the globe and the developer behind the forthcoming Zaha Hadid Architects-designed ultra-luxury condominium at 8777 Collins Avenue, is setting the record straight to address misconceptions and misinformation following the July 25th Town…

Freedom-Focused Fintech Firm Relocates To South Florida From Las Vegas

An online payment processing company that bills itself as a Christian merchant services firm is moving its headquarters from Sin City to South Florida. Revere Payments is currently working out of a Venture X coworking space at 2000 PGA Blvd. before its planned relocation to the nearby former headquarters of PGA of America. Revere Payments has signed a lease to move its…

Miami’s Dreams Of Becoming The ‘Silicon Valley Of The South’ Have Stalled

Miami Mayor and presidential hopeful Francis Suarez and has long touted his city as a growing hub for tech companies, advocating for cryptocurrency expansion and personally recruiting the tech industry to Magic City. But despite talk of creating the “Silicon Valley of the South,” Miami’s tech sector hasn’t seen the booming growth the mayor and others predicted. Only two tech…

Oasis Hallandale Breaks Ground On West Tower

Oasis Hallandale, the 10-acre community anchoring a new live, work, play center for the burgeoning beachfront city, announces the commencement of construction on the first of a pair of 25-story residential towers set within the mixed-use community, already delivering retail, lifestyle and workspaces. Designed by world-renowned architectural firm Arquitectonica, Oasis…

Construction Commences On First Of Twin 25-Story Towers At Oasis Hallandale In Hallandale Beach

Construction is officially underway on the residential component for Oasis Hallandale, located at 1000 East Hallandale Beach Boulevard in the City of Hallandale Beach, marking the third phase for the sprawling 10-acre mixed-use community. Spearheaded by developer Giuseppe Iadisernia, the project is set to redefine luxury living in this coveted coastal destination.

The Calta Group Breaks Ground On Revv, A 180-Unit Multifamily Apartment Building In Hollywood

The Calta Group, a real estate design, development, acquisition, and construction company, has broken ground on Revv, an 8-story, 180-unit multifamily development located at 2233 Hollywood Boulevard in Hollywood, Florida. Revv is the first multifamily property in Broward County for the Coral Gables-based developer, who purchased the property in 2022 for $9.5 million with…

Related, BH pay $30M for Hollywood Diplomat dev site

Related Group and BH Group paid $30 million for a condominium development site adjacent to the Diplomat Beach Resort in Hollywood, The Real Deal has learned. The joint venture closed on Friday on the site at 3210 – 3690 South Ocean Drive, sources familiar with the deal said. Related and BH did not respond to requests for comment. Jaret Turkell and Omar Morales with Berkadia…

ANF Group Completes 212-Unit Multifamily Project Eden West In Tamarac, FL

ANF Group, Inc. has announced the completion of Eden West, a 212-unit garden-style multifamily development in the City of Tamarac, FL. Located at 8601 West McNab Road, Eden West features a variety of floor plans ranging from 598 to 1,388 square feet, offering one, two, and three-bedroom options, plus studios, to suit different lifestyle preferences and serve families of varying sizes…

Blackstone sells Broward hotel portfolio for $64M

Blackstone shed some more hotels in South Florida, selling three Marriott-branded properties for a combined $64 million. Affiliates of New York-based Three Wall Capital bought two hotels in Miramar, a Courtyard by Marriott at 14500 Hotel Road and a Residence Inn by Marriott at 14700 Hotel Road. Three Wall also picked up a Residence Inn by Mariott at 130 North University Drive…

Sterling buys Pompano Beach warehouse, amid uptick in industrial deals

Sterling Investors picked up a fully leased warehouse in Pompano Beach, amid an uptick in South Florida industrial investment sales. The New York-based real estate investment firm paid $24.3 million for the building at 4000 North Dixie Highway, according to records and real estate database Vizzda. The selling entity ties to Bellevue, Washington-based Farmers New World Life Insurance…

Investments Limited Seeks Approval for Mixed-Use Venture at 132 and 170 N.E. Second Street in Boca Raton

Investments Limited hopes to get approval for two 11-story hotels in Boca Raton, Florida. Presently, the 1.63-acre build site is home to a restaurant and U.S. Post Office. If approved, the towers would comprise 336,781 square feet of new construction, offering 266 keys and more than 32,000 square feet of retail space. The retail aspect would mostly feature restaurants and stores…

Developers Seek Revision for the Concierge at 22 SE Sixth Street in Boca Raton

Florida YIMBY has learned of an exciting housing development seeking revisions to its initial proposal. Meet the Concierge. Previously, per the Real Deal, the nine-story complex was to offer 88 units designed for seniors and those requiring memory care services. The new proposal hopes to get approval for a similar project with one major difference: the community would…

HTG Completes $33M Affordable Property in West Palm Beach

Flagler Station is the first affordable community to be built in downtown West Palm Beach in 30 years. Image courtesy of HTG Housing Trust Group has completed Flagler Station, a 94-unit affordable housing community in West Palm Beach, Fla. The City of West Palm Beach and Palm Beach County were part of the public-private partnership that developed the $33 million project.

BGI Companies And Blue Road Group Break Ground On Alba Palm Beach At 4714 N. Flagler Drive In West Palm Beach

BGI Companies and Blue Road Group have broken ground on Alba Palm Beach, a 22-story waterfront residential condominium development located at 4714 North Flagler Drive in West Palm Beach. Designed by locally-based Spina O’Rourke + Partners with Schmidt Nichols as the landscape architect, the 262-foot-tall structure will deliver a collection of 55 boutique luxury…

Meyers Accesso nabs $46M in construction financing for Lake Worth Beach project

Meyers Accesso, a joint venture between South Florida developers Meyers Group and Accesso Partners, secured $46.1 million in construction financing for a planned multifamily project in Lake Worth Beach. Iowa-based American Equity Investment Life Insurance provided a $38.2 million mortgage, and Greenwich, Connecticut-based StepRock Capital gave a $7.9 million…

Jeff Greene starts $20M renovation of Tideline Ocean Resort in Palm Beach

Developer Jeff Greene plans a $20 million revamp of his Tideline Ocean Resort & Spa in Palm Beach. The hotel closed on Monday ahead of the planned renovation, which will include a replacement of the air conditioning system, flooring, cabinetry and furniture in the rooms, the Palm Beach Daily News reported. The spaces for the two restaurants, Brandon’s and Mizu, also will be renovated.

Brian Tuttle’s next act: Longtime “land guy” turns developer

Brian Tuttle sits in his home office at a Manalapan home, a large window framing the Intracoastal Waterway behind him, and says he is done being a land guy. For over two decades, Tuttle found tracts in emerging neighborhoods across Florida, convinced owners to sell, readied the land for construction and flipped it to developers. “It’s so hard and it’s so risky,” he cautioned.

Calmwater seeks takeover of West Palm’s Banyan Cay after $102M sale fails

The largest creditor in the Banyan Cay Resort & Golf Club’s bankruptcy case wants to seize control of the unfinished mixed-use development in West Palm Beach. Days after the $102.1 million sale for 200-acre Banyan Cay fell apart, an affiliate for Calmwater Capital is seeking to purchase the property at 200 Banyan Way through a credit bid, according to a motion filed Friday…

Price revealed: Harbor pays $75M for rental complex near West Palm

Resia sold the recently completed Pine Ridge apartment complex in central Palm Beach County for $75 million, according to disclosures filed by the seller’s parent company. Harbor Group International bought the 288-unit complex at 6200 Wallis Road in an unincorporated area near West Palm Beach. The deal, which closed in late June, was completed through a purchase of the interest…

Developers propose 25-story apartment project in downtown West Palm

Developers want to build a 25-story apartment project in downtown West Palm Beach, marking a continued wager on the area’s residential market. An entity tied to John Hoecker of real estate firm Jupiter Realty and Norbert Kent Wilmering propose a 190-unit building on nearly an acre at 315 South Dixie Highway and 411 Fern Street, according to city records.

Return-To-Office Mandates Now Cover Nearly 2 Million Workers. Occupancy Has Barely Budged

2023 is officially the year of the return-to-office mandate, with nearly 3 million workers already under, or expected to be subject to, a new in-person work requirement in the coming months. The jury is still out on whether it will also be the year office workers actually return to their desks in force. The mandates that have taken effect so far, including from some of the country’s…

Here’s Why Industrial Will Stay a Landlord’s Market

Fundamentals have been softening in the industrial asset class as demand declines and the overall vacancy rate expected to rise about 75 basis points over the next year. However, this erosion is not enough to change the landlord-tenant dynamics that current exist in the space. The industrial market will, in short, remain in landlord’s territory, a new report by Colliers says.

Commercial Spotlight Florida: People and jobs keep flowing into the Sunshine State

Finance professionals of all types are familiar with the “Wall Street South” movement. About 10 years ago, private equity firms, asset managers and other financial services companies began to relocate to South Florida due in large part to favorable tax conditions. This trend accelerated after the arrival of the COVID-19 pandemic as the Sunshine State had relatively few public…

Inter Miami Gets $75M From Ares Management For Stadium Construction

Soccer superstar Lionel Messi’s new club has received an infusion of capital from a private equity giant toward the construction of a new stadium.Los Angeles-based Ares Management provided a $75M preferred equity investment to Major League Soccer’s Inter Miami. The funding will be used for the construction of Inter Miami’s planned Miami Freedom Park stadium complex and…

Miami-Dade awards $40M HUD grant to apartment project near Cutler Bay

A project to expand an apartment complex near Cutler Bay is getting a $40 million federal grant through Miami-Dade County. Preservation of Affordable Housing, or POAH, owns Cutler Manor, a 218-unit apartment property at 10875 Southwest 216th Street. POAH, a non-profit developer, is proposing to use the grant to transform Cutler Manor into a 445-unit…

FAA Approves Excel Miami’s Cranes & Permanent Height

The Federal Aviation Administration has issued a positive determination on the proposed 26-story Excel Miami residential development. The FAA sent its determination letter on August 3. Excel Miami’s proposed permanent height of 316 feet above ground, or 327 feet above sea level does not pose a hazard to air navigation, the FAA said. Two temporary construction cranes proposed…

Brickell Woods townhome owners seek bulk buyer for redevelopment site

Owners of a 14-unit townhome complex in Brickell are on the hunt for a lucrative cash-out. They’re seeking a bulk buyer to purchase their two-story units in Brickell Woods, according to an offering memorandum obtained by The Real Deal. Virgilio Fernandez and Mitash Kripalani with Colliers are marketing the 0.8-acre property at 2180 Brickell Avenue in Miami, which can be redeveloped…

Dream Motor pays $150M for two Mercedes-Benz dealerships, repair shop and office building, all in Miami-Dade

Dream Motor Group made a turbo-charged joyride into South Florida’s commercial real estate market with a combined $150 million acquisition of four properties in Miami-Dade County. Affiliates of Birmingham, Alabama-based Dream Motor bought the former police headquarters building in Coral Gables for $45 million, an auto body repair shop in Cutler Bay for $5 million…

Simon Opens 120,000 SF Life Time Athletic Club at The Falls in Miami

Simon has opened Life Time Miami at The Falls, a three-story, 120,000-square-foot athletic club that features an upscale fitness center, spa, connected beach club, saltwater pools, water slides, cabanas, café and a bar. The center is located within The Falls, Simon’s 55-acre shopping, dining and entertainment destination. The property features three indoor pickleball courts; 130…

Party’s over? South Florida apartment occupancy drops, concessions rise

South Florida’s multifamily party may be coming to an end. The market softened in the second quarter, and is expected to further slow by year-end, according to a recently released report. In the second quarter, occupancy dropped across all South Florida submarkets, with the region averaging 95 percent, down 2 percentage points from last year, according to the report from Berkadia.

Kimco proposes 630 apartments at Kendall’s Palms at Town and Country

Kimco Realty wants to redevelop a portion of Kendall’s Palms at Town and Country, adding 630 apartments, amid the trend of repurposing South Florida shopping plazas into multifamily projects. The Jericho, New York-based real estate investment trust proposes a pair of 12-story apartment buildings with retail on the site of a Kohl’s-leased building at 11800 Mills Drive, according…

Miami board backs East Little Havana apartment project

A developer plans a new eight-story apartment building in East Little Havana with two elevated parking decks and five levels of residential units offering 51 apartments. The application to the City of Miami shows 752 & 758 NW 2 St LLC plans the project, called Botanic, for 752-758 NW Second St., just east of Northwest Eighth Avenue, about two blocks from the Miami River.

Pinnacle CEO Louis Wolfson III: Building communities with affordable and workforce housing

Louis Wolfson III is cofounder of Pinnacle, a Miami-based real estate development and construction company that has built over 10,000 units of affordable and workforce housing. His goal is to make beautiful communities that blend perfectly with market rate apartments, incorporating art into each project, to elevate the neighborhoods. Part of the Wolfson family, which has…

Revealed: 516-Unit Residential Tower Planned At Starlite Site In Brickell

Plans have just been filed with the county for a residential tower the former Starlite Motel property in Brickell. Chicago-based Focus acquired the property in November 2022 for $28 million. “Miami’s vibrant metropolis, with its walkable urban cores, offers a dynamic and energetic environment that aligns perfectly with our mission,” said Tim Anderson, CEO and Founder of Focus.

Ardid family’s Key International proposes 51-story office building in Brickell

The Ardid family’s Key International proposes a 51-story office tower in Brickell, marking a continued wager on tenant demand in Miami’s financial district. Key wants to build a 761-foot tall building with 704,000 square feet of offices, 7,500 square feet of retail and a 1,065-space garage at 848 Brickell Avenue, according to the developer’s application filed to Miami-Dade County last…

Downtown Miami Signature Bridge Gets FAA Height Approval

The Federal Aviation Administration has issued a determination stating that the arches of the Signature Bridge do not pose a hazard to air navigation. The FAA decision was issued on August 1, after just a few months of review. The agency had previously approved the heights of the arches in 2019 after a review that took about a year, but that approval had expired. Here are the newly…

UDRB Approves 20-Story ‘Tower 91’ Designed By Elkus Manfredi, CUBE 3 Near Miami’s Design District

Miami’s Urban Development Review Board has approved Tower 91, a 20-story mixed-use development slated for 91 Northeast 36th Street near the Design District. Elkus Manfredi Architects designed the tower, with CUBE 3 serving as the architect of record. Developed by Design District Associates and Prinz Corner LLC, both affiliated entities of DACRA and property owners at 91 – 93…

7918 West Drive Planned for 2025 Unveiling in North Bay Village

7918 West Drive is planned for a 2025 completion in North Bay Village. The 21-story high-rise will offer 54 residences, with construction having started in March 2023. According to the South Florida Business Journal, the venture will offer condos measuring 1,677 square feet to 7,086 square feet each. Ownership starts at $2.2 million, and each home has at least two bedrooms.

Chicago-Based Developer Files Plans For 39-Story Mixed-Use Tower At 128 SW 7th Street In Brickell

128 SW 7th Street Owner LLC, an affiliate of Chicago-based Focus Development Inc (Focus) – a vertically integrated development and construction company, has filed a pre-application meeting request for the preliminary review of a proposed 39-story development at 128 Southwest 7th Street. The 415-foot-tall structure, dubbed Miami Starlite, would replace the shuttered…

Shvo Obtains $190M Financing For The Raleigh, A Rosewood Hotel and Residences In Miami Beach

New York-based Shvo and its partners have secured a $190 million construction loan for the renovation and condominium addition at The Raleigh hotel at 1775 Collins Avenue in Miami Beach. The loan, provided by Fort Lauderdale’s BH3 Management through its BH3 Debt Opportunity Fund II, supports the partnership between Shvo, led by Michael Shvo, and the German firm…

Coastland Residential pays $38M for Doral multifamily dev site

Coastland Residential dropped $38 million for a Doral development site that is approved for a multifamily project. The Miami-based multifamily development and investment firm acquired 7.8-acres at 1556 Northwest 110th Street, where Coastland can build a 10-story project with 690 apartments, according to a press release. David Duckworth and Michael T. Fay led an…

Developers propose 760-unit affordable housing complex near Homestead

A group of four developers proposes a 760-unit affordable housing complex near Homestead, marking investors’ continued wager on below-market rate apartments in south Miami-Dade County. Jose Guillen, Luis Murillo, Jay Taub and Sarie Wasserman want to build Magnolia Point with nine buildings on 13 acres at 16401 Southwest 296th Street, according to Guillen…

Miami Multifamily Real Estate Report Q2 2023

Market Snapshot for Miami Multifamily Real Estate We’ve compiled key statistics (vacancy rates, absorption rates, and rental rates) and property transactions for Miami multifamily real estate in this report. The Miami multifamily report is updated quarterly by our commercial real estate professionals. We also want to cover the bigger picture and provide some information about…

29-Story ‘Urban Infill’ Mixed-Use Development Filed With Miami-Dade County, Featuring Updated Design And Height Increase

Rockville Hospitality, LLC has recently submitted updated plans to Miami-Dade County planners, showcasing their vision for a 29-story urban infill, mixed-use development at 296 Southwest 7th Street in Brickell. Designed by Beilinson Gomez Architects P.A. with landscape design by Gardner + Semler Design Landscape Architecture, the approximately 308-foot-tall structure aims…

Mystery Edgewater Project Approved By FAA At 649 Feet

The Federal Aviation Administration has just issued a letter stating that a 649-foot tower proposed in Edgewater would not pose a hazard to air navigation. According to the August 3 letter, the project can rise 645 feet above ground or 649 feet above sea level. The sponsor of the project is listed at the FAA as 720 NE Street PropCo, LLC, in care of OKO Group. The project site is located at…

UDRB Approves Design District’s Tower 91, Demolition Permit Filed

Miami’s Urban Development Review Board has recommended approving plans for Tower 91 at the southern end of the Design District. A demolition permit is pending at the site. The UDRB approved the project as presented, with no conditions. The vote was 5-0. Total demolition permits were applied for at the two sites in March and April of this year, with review underway…

Landau Properties Closes On $29 Million Construction Loan For Forthcoming Indian Creek Residences & Yacht Club In Bay Harbor

Landau Properties, a real estate development firm based in New York and South Florida, has announced a significant construction loan for the upcoming Indian Creek Residences & Yacht Club on Miami’s Bay Harbor Islands. The boutique residential property, which will feature condominium residences and a private marina, has secured a $29 million construction financing package.

Atlantic Pacific lands $158M construction loan for Overtown project

Atlantic Pacific Companies obtained $157.5 million in construction financing for a planned 36-story mixed-use project in Miami’s Overtown neighborhood. A consortium led by PNC Bank provided the loan to an affiliate of Bay Harbor Islands-based Atlantic Pacific. The developer has a ground lease with Miami-Dade County to build the project, called Atlantic Station…

Aiming high: Aby Rosen’s RFR proposes supertall in downtown Miami

Aby Rosen wants to build a 104-story supertall with residential units and a hotel in downtown Miami, joining a group of developers who aim to reach new heights in the city. New York-based RFR Realty, led by Rosen, proposes a 1,049-foot tower with 252 hotel keys, 1,074 residential units and a 1,013-space garage at 130 and 136 Biscayne Boulevard, and 141 Northeast Third Avenue…

Leading Padel Brand Set To Open Flagship Location At SoLé Mia In North Miami

Reserve Padel, the leading luxury lifestyle padel brand, has partnered with SoLé Mia, the $4 billion, 184-acre master-planned North Miami community developed by LeFrak and Turnberry. This collaboration marks the opening of Reserve Padel’s first permanent location in the world and represents a significant milestone in strengthening padel’s positioning within Miami’s sporting fabric….

Daily Floods, Disappearing Beaches: Projections Show Miami’s Worst-Case Climate Scenario Isn’t Far Off

Americans looking for a sunny, low-tax environment have flocked to Florida in droves — roughly 1 million people have moved to the state since the start of the pandemic. For the masses for whom 2023 is their first summer in the state, the 100-degree ocean temperatures, skyrocketing property insurance costs and historic flash floods present a stark reminder that their new home…

Rishi Kapoor Scandal Deepens, Ensnares Another Mayor With New Revelations

Embattled Miami-based development firm Location Ventures and its former CEO Rishi Kapoor are facing new allegations of financial impropriety and providing payouts to elected officials.Greg Brooks, the former chief financial officer of Location Ventures, alleged in a deposition that Kapoor improperly used millions of dollars in loans for a Miami condo project to instead…

Spilling the tea: Rishi Kapoor’s ex-CFO drops bombshells in deposition

Not one, not two, but three federal agencies are investigating embattled developer Rishi Kapoor and Location Ventures, the firm he led for seven years until stepping down last month under a scandalous cloud. Location Ventures’ former CFO Greg Brooks testified during a video deposition last month that the FBI, the Securities and Exchange Commission and the Internal Revenue Service…

Location Ventures ex-CFO alleges Rishi Kapoor’s firm made improper payments to One Sotheby’s

Location Ventures allegedly used funds earmarked for a Coconut Grove co-living and co-working project to pay One Sotheby’s International Realty commissions for sales generated at another completed development, according to former CFO Greg Brooks. Brooks, serving as a witness for a group of minority partners in that Coconut Grove project, recounted the allegedly…

Brokerage tied to Coral Gables mayor netted $690K commission on Rishi Kapoor deal

The brokerage linked to Coral Gables Mayor Vince Lago netted a $690,000 commission in December from the sale of a development site in the city to Rishi Kapoor’s Location Ventures. Lago, who abstained from city commission votes involving the property, then worked behind the scenes at City Hall to help Location Ventures land a separate deal to possibly develop a parking lot…

Calta Group Breaks Ground on 180-Unit Revv Apartment Community in Hollywood

The Calta Group has broken ground on Revv, a 180-unit apartment community located at 2233 Hollywood Blvd. in the South Florida city of Hollywood. The property represents the first multifamily project for the Coral Gables, Fla.-based developer. Calta purchased the 1.6-acre site last year for $9.5 million and obtained a $60 million construction loan from BridgeInvest in April.

The Calta Group Breaks Ground On Revv, A 180-Unit Multifamily Apartment Building In Hollywood

The Calta Group, a real estate design, development, acquisition, and construction company, has broken ground on Revv, an 8-story, 180-unit multifamily development located at 2233 Hollywood Boulevard in Hollywood, Florida. Revv is the first multifamily property in Broward County for the Coral Gables-based developer, who purchased the property in 2022 for $9.5 million with plans…

42-Story Society Las Olas Phase 2 Under Construction With 568 Units in Fort Lauderdale

PMG and Greybrook have obtained construction financing for Phase 2 of Society Las Olas. Construction is already underway ( a construction photo can be seen here). Phase 2 will include 568 units. The completed first phase has 639 apartments, bringing the total unit count to over 1,200 (PMG & Greybrook sold the first phase in 2021). Rent by the bed will be offered…

Integra Investments Proposes Townhome Development at 2600 N.W. Fifth Avenue in Boca Raton

Integra Investments hopes to get the green light on a residential development in Boca Raton, Florida. Boca Villas could comprise 120 townhomes spread across multiple buildings, along with a two-story clubhouse outfitted with various amenities. The Real Deal notes that there would be two-level and three-level floorplans available. Forty-two units come with single-car garages…

Penn-Florida scores $300M loan for Mandarin Oriental project in Boca Raton

Penn-Florida Companies scored a $302.5 million loan for the Residences at Mandarin Oriental development in Boca Raton, marking the latest refinancing for the project, The Real Deal has learned. New York-based Madison Realty Capital, led by Josh Zegen, is providing the financing for the Via Mizner project at 105 East Camilo Real, according to a source. It replaces the $225 million loan…

Housing Trust Group Completes Affordable Townhome Community In City Of Riviera Beach

Housing Trust Group (HTG), one of the nation’s largest affordable housing developers, announces the official completion of Heron Estates Family, a new $21.4 million affordable townhome community in Riviera Beach, Florida. Townhomes at Heron Estates Family are set aside for income-qualifying residents who earn at or below 30, 60, and 70 percent of the area median income (AMI)…

Developers Propose Affordable Senior Community in Lake Worth

Developers are hoping to get approval for Madison Terrace, an age-restricted housing community in Lake Worth, Florida. Documents show that the multifamily complex would comprise two six-story buildings, offering 176 homes. The South Florida Business Journal notes that the one-bedroom apartments would measure 540 square feet to 576 square feet, specially designed for seniors.

WeWork Says It is at Risk for Bankruptcy. Has Co-Working Died?

WeWork has warned that it is at risk of bankruptcy after posting a net loss of nearly $700 million in the first six months of this year and recording $10.7 billion in net losses over the previous three years. The company has become a cautionary tale on how not to nurture an emerging business model, but its falling fortunes do beg the question of whether co-working can survive in…

11% of Office Buildings Nationally Could Realistically Be Converted to Green Multifamily

With rapidly falling office property valuations that, according to one study, could lead to $800 billion in lost value by 2030, concern about what to do in the sector is understandable. One of the potential strategies is to convert office buildings to housing. There have been questions about how effective this could be, given issues of building layout and the number of adjustments…

Renters Are Mostly Happy With Their Situations, Especially Gen Z

Renters are mostly happy with their apartments and satisfied with being able to afford their monthly rent, even if it’s in areas of town where they could not afford to buy, according to a new RealPage survey of renters. Most prefer the financial freedom that renting gives them compared to owning a home, especially so among Gen Z, with more than half the group (51%) finding…

Logistics, Location, the 1.5-Year Rule Drive Industrial Tactics

Location’s importance to commercial real estate has become a cliché. But in logistics and industrial considerations, the idea is new again — it’s not about where you are but where customers need to go and the primacy of transportation. If you’re not at the place and time that clients need, it doesn’t matter how theoretically fine the setting or how impressive the facilities are.

Florida Housing Director Suspended As Agency Prepares To Distribute $711M To Developers

The head of Florida’s housing authority was suspended, leaving the organization without a permanent leader just as it gears up to distribute hundreds of millions of dollars in loans meant to spur affordable housing development. Mike DiNapoli was suspended six months after becoming the head of the Florida Housing Finance Corp. Also pictured is a Key West housing…

Pre-App Filed Last Year For 61-Story Worldcenter Towers With Skybridge

A pre-application for twin 61-story towers at Miami Worldcenter connected by skybridge was filed in 2022, city records show. A pre-application meeting took place last year, the records show. The project was proposed to include: 1,102 residential units amenities on levels 12, 13, 39 and 40 (the skybridge is on 39) approximately 60,000 square feet of ground floor retail…

Miami Retail Leads Nation In Rent Growth As Brands, Chefs Follow The Money

Miami retail vacancy is at 3.7%, 50 basis points below the national average of 4.2%, and the city leads all major U.S. markets in rent growth, rising 11.6% year-over-year to $42.40 per SF, according to a second-quarter report from Marcus & Millichap. The market “is exponentially better in terms of occupancy and rental rates than pre-pandemic. I think it’s just a different world…

Retail market softens in Palm Beach County, stays strong in Miami-Dade and Broward

South Florida’s retail market outlook this year appears bright with leasing and rents holding steady, though that’s until Palm Beach County enters the picture. It was the only county in the region to show signs of softening in the second quarter, with both leasing and asking rents slightly dropping while vacancies crept up, according to Colliers’ new reports. For one, Palm Beach net absorption…

Claim: Miami-Dade Population Shrank Between 2019 & 2022

Miami-Dade County’s population is claimed to have shrunk between 2019 and 2022, according to a report in the WSJ. It is the first population loss for Miami-Dade over a multi-year period since at least 1970, the WSJ wrote, citing the Federal Reserve Bank of St. Louis. Here’s how Miami-Dade’s population has changed in the past few years, according to Brookings Institution…

Industrial rents keep rising in South Florida

South Florida’s industrial market held steady for another consecutive quarter, and warehouse landlords are not easing up one bit. In Miami-Dade and Broward counties, asking rents jumped by double digits year-over-year, and Palm Beach County also experienced some rental growth in the industrial sector, according to a CBRE second quarter report. The rise in rents is largely…

Wynhouse Miami Now Under Construction, Will Have 308 Rental Residences

Wynhouse Miami is under construction, according to a press release from the developers. Developer Fisher Brothers obtained $117.5 million in financing to build the project, jointly provided by JP Morgan Chase and affiliates of Canyon Partners. Wynhouse is planned to rise eight stories and include: 308 rental residences approximately 26,000 square feet of ground floor retail…

Cronheim Hotel Capital Arranges $85M Refinancing of Grand Beach Hotel in Miami Beach

Cronheim Hotel Capital (CHC) has arranged an $85 million loan for the refinancing of Grand Beach Hotel, a 424-room hotel at 4835 Collins Avenue in Miami Beach. The 21-story property is situated near the entrance to the Miami Beach boardwalk and one block from the Fontainebleau, a hotel/resort. The unnamed borrower, which developed the Grand Beach Hotel in 2009, is in the midst,,,

Landau Properties Closes on $29 Million Construction Loan for Indian Creek Residences & Yacht Club in Bay Harbor

Landau Properties, a real estate development firm based in New York and South Florida, today announced a significant construction loan for the upcoming Indian Creek Residences & Yacht Club on Miami’s Bay Harbor Islands. Landau Properties has closed on a $29 million construction financing package for the boutique residential property, which will…

Key International Envisions 51-Story Class-A Office Tower At 848 Brickell Avenue to Rise 761 Feet

Key International, a Miami-based real estate investment and development company, is planning a significant transformation at 848 Brickell Avenue, where they are headquartered. They intend to replace the 42-year-old 13-story office building with a much larger office tower. Miami-Dade County planners have received a pre-application meeting request from 848 Brickell, LLC…

29-Story Tower With Hundreds Of Micro-Units Proposed At Brickell’s Entrance

Plans have been filed with the county for a 29-story residential tower at the entrance to Brickell. The project appears to have been redesigned from an earlier proposal for the same lot. Miami’s UDRB review the project in April, when it was planned as a “meticulously designed” 24-story project. The property is being added to Miami-Dade’s Rapid Transit System Development Zone…

Citizens’ trust doubts county’s South Dade transit vows

The trust spending more than $100 million on a 20-mile Bus Rapid Transit line in South Dade questioned last week whether the project will ever meet its promises. The 15-member Citizens’ Independent Transportation Trust that oversees use of the half-penny tax for transit said the county transportation department has kept it in the dark about operating plans for the South Dade corridor.

48-story St. Regis on Brickell wins an approval

A developer has gained unanimous support for a plan to construct a 48-story luxury condominium tower with 152 residential units and parking for 391 vehicles in Miami’s Brickell neighborhood. Related Group proposes the new building, St. Regis Residences, at 1809 Brickell Ave., on Biscayne Bay. The city’s Urban Development Review Board recommended approval with one condition…

South Florida Industrial Activity Plummets Despite Continued Demand

South Florida’s industrial market has retreated from the smashed record of earlier in the pandemic, but the sector continues to see significant leasing activity and a tight inventory that are still pushing rents higher. There has been 4.1M SF of leasing activity across Miami-Dade, Broward and Palm Beach counties through the first half of 2023, according to second-quarter market reports…

Sergio Pino’s $84M deal to sell Miami apartment building falls apart

Sergio Pino allegedly torpedoed a deal to sell a Miami apartment building for $84.2 million over a parking garage snafu. Now Hollywood, California-based Trion Properties, which had planned to buy the property, is suing the Miami-based developer to reclaim a $1 million deposit. Pino’s entity that owns the six-story, 230-unit building at 850 Northwest 43rd Avenue is also named…

45 planned digital billboards spur downtown Miami residents’ concerns

An organization of Miami’s downtown residents is petitioning the city to throw out a proposal that would see the skyline illuminated with 45 new digital billboards. Last week, concerned citizens urged the Miami City Commission to vote against changes to the zoning code that would allow for digital murals. The item was deferred by the city manager until after the commission’s summer recess…

Massive signature bridge project builds to 2027 opening

In the heart of downtown Miami, the arches are rising. The distinctive and iconic Signature Bridge continues to reach upward as a key element of the I-395/SR 836/I-95 Design-Build Project. Overall project completion is now expected in late 2027. The sweeping construction work is from a partnership of the Florida Department of Transportation (FDOT) and the Miami-Dade…

$150 million replacement of Venetian Causeway bridges rolling

An ongoing project to replace 11 of the 12 bridges on the Venetian Causeway is in the design phase with construction expected to start in 2025 at a projected cost of about $150 million. Miami-Dade County’s Department of Transportation and Public Works and the Florida Department of Transportation are working with partners to rebuild the aging bridges, nearing their 100th birthday.

Henry Bott: Heading Swire’s Brickell Key and Miami City Centre projects

In January, Henry Bott, who has been at Swire Properties for over 13 years representing the company’s Asian investments, was named president of the American arm. The company was established in Hong Kong in 1972 and it develops and manages top tier commercial, retail, hospitality, and residential properties. Swire Properties came to Florida in 1976, invested in Tampa, and in 1978…

Shvo Secures $190M Loan for The Raleigh Hotel & Residences, Miami Beach

Shvo, the ultra-luxury real estate development and investment firm, is pleased to announce it has successfully secured $190 million in new financing for The Raleigh, a significant milestone in the next chapter of Miami Beach’s most storied property. The loan, provided by BH3 Debt Opportunity Fund II, L.P. led by BH3 Management through its opportunistic credit platform…

Shvo scores $190M loan for Raleigh Miami Beach development

Developer Michael Shvo secured a $190 million refinance for the construction of Rosewood-branded Raleigh hotel and condo project in Miami Beach, adding to a handful of large loans condo developers…a. Shvo, Deutsche Finance and a group of German… redeveloping the Raleigh, South Seas and Richmond hotels at 1751, 1757 and 1775 Collins Avenue into…

Remy Jacobson’s Design District building heads to foreclosure auction

Remy Jacobson is about to lose his commercial building in Miami’s Design District at an upcoming foreclosure auction stemming from an unpaid eight-figure mortgage debt. On July 19, Miami-Dade Circuit Court Judge Gina Beovides issued a final foreclosure judgment for $10.4 million, including $8.4 million in unpaid principal, in favor of Centennial Bank. The court sale has been set…

Pre-App Filed For 761-Foot Office Tower At 848 Brickell Designed By SOM

An office tower designed by one of the world’s top architecture firms is in planning at 848 Brickell Avenue. A pre-application for the project was filed with Miami-Dade County planners on July 28 (renderings were not included). According to a Letter of Intent attached to the filing, the new office tower at 848 Brickell will rise 51 stories, or 761 feet, and include: 704,000 square feet of Class A…

New Details On Mixed-Use Project Planned At Worldcenter

Miami planners are currently reviewing a proposal for a mixed-use project with two towers at Miami Worldcenter, plans filed with the city show. The property is known as Miami Worldcenter Block A, and is owned by Abbhi Capital. According to the most recent version of the plans filed this month, two towers will rise in phases, at 59 (north) and 33 stories (south). The north tower will have…

Ugo Colombo plans Four Seasons in Coconut Grove: sources

Developer Ugo Colombo is teaming up with Nadim Ashi’s Fort Partners on a planned Four Seasons-branded tower in Miami’s Coconut Grove, The Real Deal has learned. The development would rise on the site of the former Offices in the Grove building at 2699 South Bayshore Drive, which is being demolished. Colombo’s CMC Group owns the nine-story building, known…

Condo buyout bonanza: Deals are falling apart, stalling or resulting in messy legal fights in South Florida

Offers suddenly appeared under the doors of units at an oceanfront Miami Beach condo building one sweltering day in July, adding an unexpected twist to a drawn-out bulk buyout of the property. Mast Capital CEO Camilo Miguel Jr. was already in contract to purchase a majority of units at Amethyst, a 120-unit building that was constructed almost 60 years ago. But after negotiating…

Notable Retail Leases Signed in South Florida Q2 2023

We’ve compiled a comprehensive list of the top retail leases signed by square footage in South Florida in the beginning of 2023 and throughout 2022. This past quarter was busy overall, and there were a few big box leases signed and sealed. Despite the sentiment that the traditional retail market is taking a hit due to several factors, particularly e-commerce and several retail store…

Alta lands $20M construction loan for Bay Harbor Islands condos

Led by a new developer, a once-troubled Bay Harbor Islands condo project landed a $20.3 million construction loan. Alta Developers, led by CEO Raimundo Onetto, scored financing for Alana from LV Lending, according to a press release. Alta took over the project in May from Chilean developer Ambienta Developers, led by CEO Claudio Cordero, after the company failed…

Related, BH, Sagi list waterfront North Miami dev site for sale

The Pérez family’s Related Group, BH Group and Israeli billionaire Teddy Sagi are looking to sell a waterfront condo development site in North Miami, The Real Deal has learned. The partners paid $11 million for the former White House Inn on the Bay nearly two years ago, with plans to develop a luxury condo project on the site at 2305 Northeast 123rd Street. The partners could be…

South Florida Retail Real Estate Summary: Leases, Sales & Construction Projects

Here’s our quarterly summary South Florida commercial real estate focusing on Miami retail real estate. The report includes statistical highlights (cap rates, vacancy rates, absorption, etc), the latest retail transactions, signed leases, retail trends, and current market activity. The retail real estate report is updated by our CRE experts who focus on the retail real estate sector. The analysis…

104-Story Mixed-Use Supertall Proposed At 130‐146 Biscayne Boulevard In Downtown Miami

Miami-Dade County planners have received a pre-application meeting request to review preliminary plans for a new 1,049-foot supertall mixed-use development in Downtown Miami. Spanning 2.15 acres, this expansive property comprises three contiguous parcels between Biscayne Boulevard and Northeast 3rd Avenue, extending from Northeast 1st to 2nd Streets, essentially occupying…

Hakimian South Tower Approved for 45 NE 16th Street in Miami

The Hakimian Organization, a New York-based firm, is moving forward with plans for a two-phase project in Miami-Dade County. At a July 19th meeting, Miami’s Urban Development Review Board approved the first phase, Hakimian South Tower, in a 5-0 vote. Hakimian South Tower would offer 631 residential units––125 of which would be micro-units. Communal amenities include a ninth-floor…

Magic City’s makers: Ranking Miami general contractors that are changing the skyline

When construction began at the 830 Brickell office project in Miami about four years ago, the developers expected it to be completed in 2022. Yet, work still is ongoing. The schedule took a hit due to delivery delays of exterior window glazing and electrical switchgear equipment, said William Real, CEO of Civic Construction, 830 Brickell’s general contractor. Plus, Covid increased…

Columbus Center Unveils Completed Renovations At 1 Alhambra Place In Coral Gables

Columbus Center, a Class A office complex at 1 Alhambra Plaza in the heart of Coral Gables, has proudly unveiled its recent multi-million-dollar renovation. The modernization, which breathes new life into the first-floor lobby, sixth-floor terrace, and exterior facade of the 261,867-square-foot property, has been meticulously executed. Boasting an array of amenities, the multi-use…

Terra Delivers 460-Unit Natura Gardens Apartments in Hialeah

Terra has delivered Natura Gardens, a 460-unit, garden-style apartment community located on the west side of Hialeah, a suburb in northwest Miami-Dade County. The 23-acre property comprises 12 residential buildings with units ranging from one to three-bedrooms. Units range in size from 727 to 1,603 square feet and rental rates range from $2,000 to $3,350 per month.

South Florida-Based Terra Completes Natura Gardens Apartments in West Hialeah Neighborhood

Terra… one of South Florida’s most active residential and commercial development firms, has completed its newest multifamily community in Northwest Miami-Dade County: Natura Gardens. Now welcoming new residents, the 23-acre community includes 460 garden-style rental apartments across twelve residential buildings in Miami’s…

Terra Completes Natura Gardens Apartments In Miami-Dade’s West Hialeah Neighborhood

Terra, a prominent South Florida development firm under the Terra West MF Investments, LLC, has completed its latest residential community, Natura Gardens, at 17351 Northwest 94th Court in West Hialeah, Miami-Dade County. Covering 23 acres, this garden-style rental apartment complex comprises 460 units spread across twelve 3-story residential buildings, offering one…

Appeals court restores Masoud Shojaee’s $10M win against Ugo Colombo affiliate

An appeals court restored Masoud Shojaee’s Shoma Group’s $10 million jury award against an affiliate of Ugo Colombo, adding another twist in the long-running lawsuit over a failed Coral Gables project. The Third District Court of Appeal nixed a state judge’s ruling from last year that had quashed the jury’s damages award to Shoma. Entities tied to Shojaee and CMC Group founder…

Miami-Dade lost 80K residents during “pandemic boom” years

The “great migration” to Florida isn’t hitting Miami quite the same. Miami-Dade County’s population declined between 2020 and 2022, with nearly 80,000 people moving to other parts of Florida or leaving the state, according to U.S. Census data cited by the Wall Street Journal. That contradicts what many brokers, developers and politicians like Miami Mayor Francis Suarez preach…

Summit Real Estate Pays $60M for Pembroke Pines Warehouse

Former Bang Energy warehouse. Image courtesy of Cushman & Wakefield Summit Real Estate Group’s Arrowrock US Industrial Fund IV has acquired Bang Energy’s former warehouse and distribution center in Pembroke Pines, Fla. Vital Pharmaceuticals sold the 224,650-square-foot asset for $59.7 million, with the assistance of Cushman & Wakefield. The purchase also includes…

Bankrupt Energy Drink Company’s Warehouse In Pembroke Pines Sells For $60M

An investment fund has paid $59.7M for the Broward County warehouse of an energy drink company that went bankrupt. Arrowrock US Industrial Fund IV, a fund managed by Summit Real Estate Group focused on multitenant industrial assets in the Southeast, purchased the 224K SF warehouse on 23 acres at 20311 Sheridan St. in Pembroke Pines. The seller was two entities controlled…

Ben Mallah sells Fort Lauderdale hotel for $28M

Tampa Bay real estate investor Ben Mallah seized on improving market conditions and sold a Sheraton-branded hotel in Fort Lauderdale for $28 million, which breaks down to $111,000 per key. South Florida hospitality real estate sales are ticking upwards after stuffing a dry spell of activity induced by high financing costs. Investor Arif Butt and his five partners bought the 253-key…

Greystar picks up Coral Springs apartment complex for $56M

A 22-building apartment complex in Coral Springs has a new owner. A Greystar affiliate purchased Park Place At Turtle Run, a rental community with 350 units at 3600 Terrapin Lane, records and Vizzda show. The firm paid $56.1 million, which breaks down to about $160,000 per unit. The buyer, headquartered in Charleston, South Carolina, assumed a $35.3 million Freddie Mac…

Integra Investments Acquires Prime Site in Lantana, Florida for Development of Workforce Mixed-Use Multifamily Community

Integra Investments, a Miami-based real estate investment and development firm, has recently acquired the 19-acre Lantana Village Square shopping center with plans to transform it into a mixed-use community featuring Class-A housing catered towards the workforce. This redevelopment project will take advantage of the Live Local Act, which aims to increase affordable housing…

Margaritaville could be headed to Riviera Beach’s Marina Village

Parrotheads rejoice. A Margaritaville-branded hotel could anchor a proposed waterfront mixed-use project in Riviera Beach’s Marina Village. The project’s master developer, Atlanta-based APD Solutions, is partnering with singer-turned-hotelier Jimmy Buffett to add a five-story building with 150 rooms and an 875-space parking garage to anchor the proposed mixed-use site…

Palm Beach Developer Gets 5 Years In Prison For Defrauding Investors, Lenders

Developer Robert Matthews was sentenced to 65 months in prison Monday for crimes tied to a West Palm Beach hotel redevelopment fundraising scheme that defrauded investors and financial institutions of tens of millions of dollars. Matthews, 65, pleaded guilty in 2019 to charges that he misled investors about the redevelopment of The Palm House Hotel and used investor funds…

Hangar Group launches second car condo project in West Palm Beach

Local developer Scott Cunningham is staying in his new lane with another luxury car condominium project underway in West Palm Beach. Cunningham’s Hangar Group broke ground on its second garage condominium intended for collectors of cars, motorcycles, art and wine, he confirmed. The launch follows the completion and sellout of the Hangar Group’s first Hangar location in Riviera Beach…

Greystar buys Palm Beach Gardens multifamily complex for $92M

For the second time in a week, Greystar and PGIM Real Estate cut a deal for a South Florida multifamily project. An affiliate of Charleston, South Carolina-based Greystar paid $92.1 million for Gardens East by Arium, a 448-unit apartment complex at 10000 Alternate A1A in Palm Beach Gardens, according to records and Vizzda. The deal breaks down to $205,714 per apartment.

Second-Quarter 2023 Economic Review by Sector

Lee & Associates’ newly released 2023 Q2 North America Market Report outlines industrial, office, retail and multifamily outlooks trends in the United States. This sector-based review of commercial real estate trends for the second quarter of the year examines the difficulties facing each property type and where opportunities in the landscape may be emerging. Troubles with absorption…

How Much Are Office Buildings (Nationally) Worth? A Scary Amount Less Than They Used To

A new analysis from Trepp suggests that the concerns many CRE owners and investors have had about office property valuations may have been overly optimistic. Working through an examination of CMBS office-secured loans — because there is publicly available data, unlike privately transacted loans — the firm estimated that the average total loss ran from 52% for construction…

Normalized Demand Cooling Industrial Starts Nationally

Higher interest rates and normalized demand have slowed industrial construction and have helped to cool industrial starts, with 147.1 million square feet beginning construction in the first half of the year, according to a report by Commercial Edge. During the same period in 2022, developers broke ground on 313.2 million square feet, according to the report. Charlotte was a particularly…

More sticker shock ahead as Florida’s property insurance crisis worsens

Farmers Insurance’s decision to stop writing new policies and not renew existing ones in Florida is adding fuel to the property insurance fire in the state. Farmers said its decision was “necessary to effectively manage risk exposure.” Though the company isn’t a major player in the state’s insurance market, the move could be indicative of more to come. About 100,000 policies in Florida are affected.

Missing Millions and a Rabbinical Arbitrator: Real-Estate Deal Gone Bad Hits Popular Crowd Funder

One of the biggest platforms that promised to give small investors access to major real-estate projects missed red flags and funneled cash into firms that fabricated their past. Now it is facing deals gone bust where $63 million of customer cash has gone missing. CrowdStreet raised $4 billion for property developers by touting big returns, but many deals fell short. After this story…

The Pursuit Of Unclogging The U.S. Supply Chain Has Helped Industrial Investment Outperform The Rest Of CRE

If there’s one thing the pandemic shed a spotlight on, it is how the global supply chain was not ready for an influx of consumerism. Ships were backed up at some of the world’s largest ports, meaning that hardware, car parts and furniture were absent from retailers’ usual inventory. Richard Thompson, international supply chain director at JLL, summed it up earlier this year when he said…

Fontainebleau, Related Cos. Win Bid To Develop New Miami International Airport Hotel

Miami-Dade County commissioners approved a ground lease for a new hotel at Miami International Airport, bringing a close to a three-year bidding process that will bring the first new hotel to the airport in 60 years. The 451-room hotel with Westin branding will be built on a 1.8-acre site at Miami International Airport. The commission unanimously approved plans for a 451-room hotel with Westin…

Cleared for takeoff: Steve Ross, Jeffrey Soffer land Miami airport hotel deal

Steve Ross and Jeffrey Soffer got clearance to develop a Westin hotel at Miami International Airport. The Miami-Dade County Commission on Tuesday authorized a 50-year lease with a joint venture between Ross’ Related Companies and Soffer’s Fontainebleau Development. The deal is for Related and Fontainebleau to develop a 451-room hotel that county officials expect will bring…

Black Salmon lists Brickell dev site, brokers shooting for $70M

Investment firm Black Salmon put a 1-acre development site in Brickell on the market, The Real Deal has learned. The Coral Gables-based company wants to offload three lots at 68, 82 and 84 Southwest 13th Street, as well as the adjacent vacant office building at 1399 Southwest First Avenue, according to an offering memorandum and public records. The three-story, 48,600-square-foot…

250 Microunits Proposed for Miami’s Little River Neighborhood at 279 NE 79th Street in Little River

The Healthy Housing Foundation has proposed a 12-story affordable housing complex in Miami’s Little River neighborhood. Meet Little River Plaza. If approved, the community would rest on a .94-acre build site, offering 250 apartments. Per the South Florida Business Journal, they could range from 380 to 540 square feet, intended for those making up to 50 percent of the area…

65-Story E11EVEN Residences Beyond Gets UDRB Approval, Construction Underway

The 65-story E11EVEN Residences Beyond was presented to Miami’s Urban Development Review Board last week. Members voted 5-0 to recommend approval. New renderings of the tower were also released as part of the July 19 presentation to the board. According to the UDRB filing, E11EVEN Residences Beyond is planned to include: 558 residential units; 13,647 square feet…

600 Miami Worldcenter Gets UDRB Approval: New Renderings

Miami’s Urban Development Review Board voted on July 19 to recommend approval of the design for 600 Miami Worldcenter. The vote was 5-0, with no conditions made by the board. According to the filing, 600 Miami Worldcenter is planned to rise 31 stories and include: 606 residential units; 3,750 square feet of commercial; 1,261 square feet of office; related amenities…

Chrysler Building Owner Proposes 104-Story 1,049-foot Supertall in Downtown Miami

Yet another 1,049-foot supertall has just been proposed by a developer for a property in downtown Miami. The tower is planned to rise 104 stories, according to newly filed documents. Preliminary plans show it would include: 1,074 residential units (averaging 1,268 square feet); 252 hotel keys (averaging 540 square feet); 1,013 parking spaces. The Yve Hotel, an adjacent parking garage…

FAA Approves Another 700-Foot Tower At Miami Worldcenter

The Federal Aviation Administration has issued a letter stating that a 700-foot tower proposed at Miami Worldcenter does not pose a hazard to air navigation. The application requesting height approval was first submitted to the FAA on December 2, so review took over 8 months. The approval letter was issued on July 18 to Abbhi Capital, which owns a parcel at Worldcenter.

Plans Filed For Freedom Tower Rehab & Repair Project

Downtown Miami’s 17-story Freedom Tower is set for a rehabilitation & repair project, according to documents newly filed with DERM. The building closed in May to allow for the $25M state-funded renovation, according to Miami Today. Funding for the project was placed in Florida’s 2022 budget after an announcement by the governor. The DERM plan set is for a storm drainage…

AAR Aircraft Services hangar lease to add 250 airport maintenance jobs

AAR Aircraft Services is to pay Miami-Dade County at least $173 million over 22 years, create 200 temporary construction jobs and add 250 permanent jobs averaging $65,000 a year in building a maintenance hangar at Miami International Airport in a lease the county approved last week. Illinois-based AAR, which operates in more than 20 nations and has been leasing…

Commercial real estate booms near Miami International Airport

Due to its proximity to Miami International Airport, Doral’s commercial and industrial real estate remains strong, as one of the most sought-after areas in Miami-Dade County. The Doral and airport sector, as of the second quarter of the year, has a vacancy of 3.9% and an average asking rate of $50.27 per square foot for retail space, according to a preliminary report by Colliers.

Coral Way office-retail building seeks zoning approval

A new mixed-use commercial development is targeted for Coral Way with over 120,000 square feet of class-A offices and retail shops. Today (7/27), Miami City Commissioners are to hear the second reading of a resolution to rezone the corner lot on Coral Way and Southwest 31st Avenue where the Brito Miami Private School sits. If the city votes to rectify the zoning discrepancy…

Coral Rock to redevelop Allapattah library into $75M mixed-use project

Coral Rock Development is planning Dulce Vida, a $75 million mixed-use project on the site of a library in Miami’s Allapattah neighborhood. The Coral Gables-based firm reached an agreement with the city of Miami to purchase the 1.3-acre property at 1785 Northwest 35th Street, according to a press release. Coral Rock and its partner, Allapattah-based Miami Bethany…

MIA Ranks In Top 10 Airports Worldwide For Cargo, Aircraft Movements

Miami International Airport was among the busiest in the world for both passenger and cargo traffic last year, according to a new report by Airports Council International. A total of 50,684,396 passengers used MIA in 2022 (a 36% increase from 2021). That ranked 14th highest in the world, and 8th highest in the U.S. Around 42% of MIA’s traffic last year was international, while other…

FT: With Messi Arrival, Miami Confirmed As Most Important US City In Sports

The arrival of Lionel Messi has “confirmed” Miami as the most important U.S. city in sports, the FT says. Messi’s arrival in Miami joins a long list of recent milestones. Last year, Miami became a part of the Formula 1 circuit, with newly built facilities at Hard Rock Stadium. In recent months, the Miami Heat and Florida Panthers both made it to the finals. The article noted how…

Roversi family proposes 248-unit workforce housing project in Brownsville

The Roversi family of Miami-Dade County wants to build a 248-unit workforce housing project in the Brownsville neighborhood. Guillermo Roversi filed an application for an eight-story building at 2301 Northwest 54th Street with 10,400 square feet of ground-floor retail in an unincorporated area, according to filings submitted to Miami-Dade this week. The 1.3-acre site is home to the…

Northmarq Arranges $70M Refinancing for Two Multifamily Communities in Miami Lakes

Northmarq has arranged a $70 million loan for the refinancing of two multifamily communities located in Miami Lakes. Built in 1997 and 2000, the properties total 500 units. Jeff Robertson of Northmarq secured the 10-year permanent financing through Empower Annuity Life Insurance Co. on behalf of the borrower, Graham Cos. The names and addresses of the communities were…

South Beach retail slump: Investors buy Collins Avenue building at 75% discount

Amid a South Beach retail slump, Northeast investors bought a Collins Avenue building at a deep discount, with plans for a Michelin-starred chef to open a restaurant at the long-vacant site. Garfield and Rebecca Spencer bought the two-story building at 624 Collins Avenue in Miami Beach for $6 million, or 75 percent less than the property’s sale price seven years ago…

Collins Avenue Corner Retail Property Across from Deauville Site Trades

Berkshire Hathaway HomeServices EWM Realty top-producer and Senior Vice President Nelson Gonzalez announced today the $5.5 million sale of 6644 Collins Ave. in Miami Beach, an 8,700-square-foot corner retail property with four tenants. The one-story, freestanding building is located directly across the street from the famed, 3.8-acre Deauville Hotel site, which…

Sol Vista Tops Out At 11251 Caribbean Boulevard In Cutler Bay

ANF Group, Inc., a South Florida construction firm providing construction management, general contracting, development, and design-build services, celebrated the topping out of Sol Vista, a 227-unit affordable senior community designed by Burgos Lanza & Associates and co-developed by MRK Partners and Cypress Equity Investments located at 11251 Caribbean Boulevard…

Tower 91 “Gateway to the Design District” Proposed for 91-93 NE 36th Street in Miami

Developers hope to proceed with the construction of a 20-story building that will serve as “the southern gateway to the Design District.” The Next Miami reports that Tower 91 is proposed to offer 107 multi-family housing units, starting on the development’s seventh floor. They will range from one-bedroom to three-bedroom layout plans, ranging from 843 square feet…

Coral Rock Development Group Unveils Plans For Mixed-Use Project ‘Dulce Vida’ In Allapattah

Coral Rock Development Group, a leading real estate development company based in Coral Gables, has unveiled plans for Dulce Vida, a transformative mixed-use, mixed-income development in Miami’s Allapattah neighborhood. The project aligns with Florida’s SB 102 law, which aims to promote mixed-income developments and increase access to affordable housing. Dulce Vida…

Retail rap: Flo Rida buys Miami Gardens shopping center

Miami-based hip-hop artist Flo Rida (real name Tramar Dillard) and his business manager, Lee “Freezy” Prince, have a “Good Feeling” about paying $10 million for a Miami Gardens retail center, according to records and Vizzda. Taylor Made Lending LLC provided the buyer with a $6.2 million mortgage. The deal breaks down to $360 per square foot. David Heinrich with Keyes Co. brokered…

Meridian Point at Goulds Station to Offer Affordable Housing at 11850 SW 216th Street in Miami

The Preservation of Affordable Housing (POAH) hosted a groundbreaking ceremony for Meridian Point at Goulds Station, an affordable housing complex in Miami-Dade County. POAH reports that the new-construction community will comprise 113 residences across two buildings. The taller seven-story building will offer 80 units, and the smaller three-story garden-style building…

Mast Capital sued over troubled oceanfront condo buyout in Miami Beach

The owners of a unit at Amethyst are suing Mast Capital over the dragged out condo buyout of the oceanfront Miami Beach property, which is now facing competition — or collaboration — from David Martin’s firm, Terra. Clifford and Maria Greenhouse sued the Mast entity, as well as Old Republic National Title Insurance Company, over the $650,000 sale of their unit that has yet to…

Melo Group 824-Unit Apartment Tower Gets FAA Approval To Rise 587 Feet in Downtown Miami

The Federal Federal Aviation Administration has given the green light for the Downtown 6th apartment tower to be built. The 54-story tower is being planned by developer Melo Group. A Determination of No Hazard letter was sent to the developer on July 14. The proposed height was first submitted to the FAA on January 26. Downtown 6th is approved to rise 574 feet…

$430M Construction Loan Issued For The Shore Club

A construction loan has just been issued to build to the developers planning an expansion at the Shore Club, according to the FT. JPMorgan backed the loan, the report said. It runs for four years and is valued at $430 million. The loan is for construction of a new residential tower and a boutique hotel. The project includes an 18-story residential tower called Shoreclub…

Witkoff, Monroe score record $430M construction loan for Shore Club

Witkoff and Monroe Capital secured $430 million in construction financing for their Shore Club project in Miami Beach, likely marking the largest such loan for a residential development in South Florida — at a challenging time in the market. J.P. Morgan provided the financing for the luxury condo and resort development planned for 1901 Collins Avenue, according to a press release.

W2 & W9183 Proposed In Wynwood, With Green & Wood Exteriors

Plans for a pair of new mixed-use projects have been filed in Wynwood. The project names are listed as W2 & W9183 in the submittals. W9183 is proposed to rise 5 stories and include: 34 residential units; 5,250 square feet of ground floor retail space; activated rooftop; no onsite parking, six offsite spaces (reduced by payment into the Wynwood Parking Trust Fund). Architectural materials…

MRK Partners, Cypress Equity JV Tops Out Cutler Bay Affordable Senior Project Sol Vista

Sol Vista. Image courtesy of Smith Aerial Photos A joint venture between MRK Partners and Cypress Equity Investments has topped out Sol Vista, a 227-unit age-restricted and affordable development in Cutler Bay, Fla. ANF Group serves as the project’s general constructor. Partnering with the Housing Finance Authority of Miami-Dade County, the Florida Housing Finance…

Lore Development Group Files Plans For 843-Foot-Tall Mixed-Use Tower ‘Summit Brickell’

Lore Development Group has filed plans for a monumental mixed-use project called Summit Brickell at 1015 Southwest 1st Avenue in Miami’s Brickell neighborhood. The 69-story tower would activate a 22,712-square-foot land parcel on the southeast corner of SW 1st Avenue and SW 10th Street, adjacent to the Brickell Metromover Station. Designed by Corwil Architects, the nearly…

451-Key Westin Hotel Approved for Miami International Airport (MIA)

A new hotel is headed for Miami International Airport (MIA). Yesterday, the Miami-Dade County Commission approved the construction of a 451-key Westin-brand hotel. The venture will rest on a 1.82-acre build site, offering a rooftop restaurant, spa, fitness center, event space, and more. There’s also a unique building element: a climate-controlled pedestrian bridge connecting the hotel…

Vertical Construction Expected Q1 For Supertall Waldorf Astoria Hotel and Residences

The Waldorf Astoria Hotel and Residences’ vertical structure is expected to emerge in the first quarter of 2024, according to an update posted last week on Instagram by a member of the project’s in-house sales team. Deep soil mixing at the project’s Central Zone has been completed, the update said. Completion of deep soil mixing will allow for piling work to begin, which is…

Redevelopment area adds Watson Island, Allapattah as blighted

An agency responsible for the redevelopment of some of Miami’s downtown neighborhoods has been renewed for another 15 years with expanded boundaries including areas of Allapattah and Watson Island, both now officially listed as blighted. On July 13, City of Miami commissioners who double as board members for the Omni Community Redevelopment Agency (Omni CRA)…

Miami tech influx slows, still strong

After the height of the post-pandemic technology sector relocation and expansion trend, Miami continues to attract tech firms and startups at a reduced level, still depending on local talent and business incentives. Technology has been a targeted industry for recruitment efforts for a long time, said James Kohnstamm, executive vice president of economic development…

Vast Hyatt Regency complex wins Miami lease

The land lease deal between the city and developers of the Miami Riverbridge project has won approval, paving the way for a reimagined Hyatt Regency hotel, residential apartments, green space and a revitalized waterfront downtown. On July 13, the Miami City Commission unanimously approved the amended lease agreement for the existing Hyatt Regency Hotel at 400 SE Second Ave…

Witkoff, Monroe Land $430M Loan For Miami Beach Condos

Miami-based Witkoff Group and Chicago-based Monroe Capital secured a $430M construction loan for a luxury condo development in Miami Beach called Shore Club Private Collection, according to a release. The loan, which was provided by JPMorgan Chase, was announced as the largest loan ever provided for a residential development in Miami.

Jonathan Landau plans Bay Harbor condo project, taps Official for sales

Jonathan Landau plans a waterfront boutique condominium project in Bay Harbor Islands and tapped Official to lead sales. The developer, through an affiliate of his New York-based Landau Properties, wants to build an eight-story, nine-unt building, called Indian Creek Residences & Yacht Club, at 9110 West Bay Harbor Drive, according to a filing submitted to Miami-Dade County…

Prestige lands $61M construction loan for Hialeah race track project

Prestige Companies is galloping ahead with plans for a multifamily project at Hialeah Park Racing & Casino, after securing $60.7 million in construction financing. Centennial Bank provided the loan to an affiliate of Miami Lakes-based Prestige that is partnering with Hialeah Park President John Brunetti Jr. to develop Flamingo Village, a proposed 343-unit apartment complex with…

Miami International Airport to get one new hotel, not two

Miami-Dade County Commission Chairman Oliver G. Gilbert III was pushing for two new hotels at Miami International Airport. He got half of what he asked for at Tuesday’s meeting. The quest for a new, upscale hotel at the airport was supposed to be “expedited,” on the fast track, when it was first proposed. That was three years ago. Commissioners this week voted 13-0 to award…

Surfside Collapse Spurred Talk Of A Condo Buyout Wave. Then The Market Turned

The collapse of Champlain Tower South in Surfside, Florida, in June 2021 killed 98 people and reverberated across the state’s coastal communities, leaving condo owners at older properties with questions about the safety of their home. Some owners looked for a way out and, in the months that followed, developers began negotiations to acquire at least eight condo buildings. But as the cost…

The Dori Topped Off at 4760 NW 85th Avenue in Doral

Just a few days ago, a subsidiary of Lennar Corp. topped off the Dori, a 222-unit residential complex in Doral, Florida. The mid-rise building will comprise homes ranging from studios to three-bedroom floorplans, measuring about 550 square feet to 1,470 square feet each. Homes come outfitted with tiled showers, smart-home thermostats, and wood-inspired flooring. Select units…

Revealed: Summit Brickell, 69-Story ‘Architectural Work Of Art’

Plans have just been filed for a 69-story tower called Summit Brickell. Miami-Dade records show that a pre-application for the project was filed with county planners on July 17. The filing shows that Summit Brickell is planned to top off at 825 feet, and include: 500 residential units 2,174 square feet of ground floor commercial space amenities on level 13 and 69, including a rooftop pool…

Four Offers Received For Genting’s Resorts World Miami Property

Four offers have been received for Genting’s Resorts World Miami property, according to a report by Bloomberg yesterday. “There’s been no break in the receipt of offers at, and even above, the $1.225 billion price,” a broker representing the seller said in a statement. In June, Genting said that a $1.225 billion bid by SmartCity Miami, led by Terra, had been terminated. SmartCity…

City Studying Building New I-95 Ramp In Downtown Miami

Miami has commissioned a study on building new traffic ramps in downtown Miami. “A traffic study to see if we could do the elevated ramp,” commissioner Joe Carollo said at a July 13 commission meeting. At the meeting, Carollo asked city officials for a cost update on the study. A $400,000 fee for the study had been “proffered” by the developer planning the 3-tower Hyatt Regency…

$10.1M Sale of Shoppes of Ives Dairy Retail Strip Center in Miami Gardens Brokered

Marcus & Millichap has brokered the $10.1 million sale of Shoppes of Ives Dairy, a 24,517-square-foot retail strip center located at 19801 N.W. 2nd Ave. in Miami Gardens. Kirk Olson and Drew Kristol of Marcus & Millichap’s Miami office represented the seller in the transaction. The buyer and seller are both private investment firms that have requested anonymity.

Revealed: Hakimian South Tower Proposed With 631 Units for Miami’s Urban Core

Plans have just been submitted to Miami’s Urban Development Review Board for a a 42-story residential tower in Miami’s urban core. Hakimian South Tower is proposed to rise 42 stories, or 467 feet, and include: 631 residential units (of which 125 will be micro-units) approximately 3,140 square feet of commercial space 469 parking spaces on 8 levels (residential liner units…

Lefferts, Russell Galbut, Matis Cohen propose 20-story North Beach condo project

Lefferts and its partners are proposing another North Beach condominium. Records show Miami Beach-based Lefferts, led by Mendy Chudaitov, along with partners Matis Cohen, Russell Galbut and other representatives of the Galbut family firm, GFO, want to build a second condo project in the Miami Beach neighborhood. Lefferts submitted plans to the Miami Beach Design Review…

Surfside shoots down controversial proposal for Damac’s collapse site

A controversial proposal to tweak development regulations for Damac Properties’ project in Surfside fizzled out amid concerns that the ordinance amounted to special treatment of the Dubai-based developer, allegedly allowing it to maximize profit from its proposed condominium building. In a special meeting on Tuesday that went off the rails –– with elected officials speaking…

‘Beautifully Designed’ Tower 91 Planned As Design District’s Southern Gateway

The developer responsible for much of the Design District is partnering on a 20-story development across from Midtown Miami called Tower 91. Design District Associates and Prinz Corner LLC, which are affiliated entities of DACRA and the owners of the property located at 91-93 NE 36 Street, submitted plans for the new development for review by Miami’s Urban Development Review Board.

Land Lease Deal Approved For Riverbridge, Paving Way For 1,049-Foot Supertall

Miami commissioners voted unanimously on July 13 to approve a lease agreement with the developers of the Miami Riverbridge project, according to a representative. In a statement, the developers said they would now finalize construction plans with the city over the coming year. Riverbridge will include three towers, with: 682 multifamily apartments (61-story tower) 615-room…

Miami World Tower Tops Off At 53 Stories

Miami World Tower has officially topped off, according to Nichols Architects. A ceremony was held on July 14, Nichols wrote. Miami World Tower is now the second tallest rental apartment tower in the city. Only Panorama Tower in Brickell is taller. Pre-development plans showed that the apartment tower was to have 53 stories. The top off height was planned at 579 feet above ground…

Palm Cove Reserve Proposed for Northwest Corner of East Palm Drive and Southeast 12th Avenue in Homestead

JFM Development Corp., a Hialeah-based developer, has submitted plans for a new townhome community. If approved, Palm Cove Reserve would offer 296 townhomes on a 59.1-acre lot. Homes would measure 1,357 square feet to 1,701 square feet each, offering three-bedroom to four-bedroom floorplans. Sources report that homes would come with a garage and driveway…

Joint Venture Sells 312-Unit Altís Ludlam Trail Apartments in Miami

A joint venture sponsored by The Altman Cos. has sold Altís Ludlam Trail, a 312-unit apartment community located in Miami. Developed between 2020 and 2022, the property was 98 percent occupied at the time of sale. GID purchased the property for an undisclosed price, and the company’s in-house property management company, Windsor Communities, will operate the community…

Hyatt, Gencom win key approval for James J. Knight Center redevelopment project

Hyatt and Gencom can move forward with plans for a major redevelopment project on 4 acres of city-owned land along the Miami River. The Miami City Commission last week unanimously approved extending an existing ground lease with Hyatt from 45 years to 99 years. That would allow the Chicago-based hospitality conglomerate and its partner, Gencom, to replace the James L. Knight…

Wynwood Design Review Board Considers Razor-Thin Building Proposal for 153 NW 25th Street

The Doris is a razor-thin mid-story building proposed for Miami’s Wynwood neighborhood. But what is it? Our sources indicate that the Doris could comprise just over 20,000 square feet of new construction, comprising primarily office and retail space. The eight-story building would offer offices measuring 3,994 square feet, and each one featuring an outdoor terrace.

Miami City Commission Unanimously Approves Lease Agreement for Hyatt and Gencom’s ‘Miami Riverbridge’ Development

In a 5-0 vote at the Miami City Commission, the lease agreement between the City and the joint venture led by Hyatt and Gencom has been unanimously approved. This decision marks a significant milestone in advancing the visionary Miami Riverbridge development, setting the stage for revitalizing Downtown Miami’s riverfront area. The approved lease agreement paves the way…

Terrace 88 Proposed for 2580 NW 88th Street in Miami

Red Octopus, the architect behind Little 22 apartments in Miami-Dade, is pleased to announce its proposal for Terrace 88. The multi-family housing development would comprise 30 apartments on a .23-acre lot. They would measure about 590 square feet to 1,260 square feet each, including one-bedroom, two-bedroom, and four-bedroom units. Four of those apartments would be…

Notable Retail Leases Signed in South Florida Q2 2023 ~ Table

We’ve compiled a comprehensive list of the top retail leases signed by square footage in South Florida in the beginning of 2023 and throughout 2022. This past quarter was busy overall, and there were a few big box leases signed and sealed. Despite the sentiment that the traditional retail market is taking a hit due to several factors, particularly e-commerce and several retail store…

Construction Commences On Wynhouse Miami At 2200 Northwest 1st Avenue In Wynwood

Fisher Brothers, an esteemed fourth-generation real estate company renowned for its ownership, management, and operation of distinctive properties nationwide, has announced the commencement of construction for Wynhouse Miami. This mixed-use multifamily development is poised to make a lasting impact in the heart of Miami’s vibrant Wynwood neighborhood. Soaring…

178-Unit Residential Project Submitted To Wynwood Design Review Committee

Plans for a new mixed-use project have been filed in Wynwood. The unnamed project was first revealed last year for a site at 18 NW 23rd Street, formerly a Salvation Army property. Now, the full plans and renderings have been released as part of a Wynwood Design Review Committee submittal. The development is proposed to include: 178 residential units; 13,498 square feet of retail…

W3 Proposed In Wynwood, Painted In Red

Plans for a new mixed-use project have been filed in Wynwood. The project name is listed as W3 in the submittal. The new development is proposed to rise 5 stories, or 143 feet and include: 34 residential units; 5,250 square feet of ground floor retail space; no onsite parking, six offsite spaces (reduced by payment into the Wynwood Parking Trust Fund). Architectural materials will include…

Plans Submitted For Mixed-Use 111 Wynwood

Plans have been filed for a mixed-use project called 111 Wynwood. The building is proposed to include 12,106 square feet of commercial space. It will be located on First Avenue, which is a designated pedestrian woonerf. Here’s how a representative describes the design: Designed by Touzet Studio, the building massing is composed of a low volume that curves broadly as it takes the…

Quarterra JV Tops Off Doral Community The Doris

Quarterra Multifamily, a subsidiary of Lennar Corp., in partnership with the CPP Investment Board, has topped off The Doris, a 222-unit multifamily community in Doral, Fla. The mid-rise community will encompass studio, one-, two- and three-bedroom floorplans, ranging from 548 to 1,468 square feet. The sustainable building’s design achieved a National Green Building Standard Bronze…

Fisher Brothers Breaks Ground on 308-Unit Wynwood Community Wynhouse

Fisher Brothers has broken ground on Wynhouse Miami, a mixed-use multifamily community located at 2200 NW First Ave in Miami, Fla. Appropriately named after its location in the Wynwood neighborhood, the eight-story Wynhouse Miami will feature 308 units. JPMorgan Chase and affiliates of Canyon Partners provided $117.5 million in financing for the community. After its construction…

Fisher Brothers Breaks Ground on 308-Unit Wynhouse Multifamily Project in Wynwood

Fisher Brothers has broken ground on Wynhouse Miami, a 308-unit multifamily community located at 2200 NW First Ave. in the Wynwood neighborhood of Miami.  JP Morgan Chase and affiliates of Canyon Partners provided $117.5 million in financing for the development, which Suffolk Construction is building. The eight-story community is scheduled for completion in early 2025.

Rishi Kapoor Resigns From Location Ventures Amid FBI Investigation, Lawsuits

Embattled developer Rishi Kapoor has resigned as the head of the real estate firm he founded, Location Ventures, which will look to liquidate its assets in the face of intense scrutiny after it was revealed that the firm had paid Miami Mayor Francis Suarez at least $170K in consulting fees. “Rishi Kapoor was not removed by the board; he amicably stepped down…

Location Ventures’ new boss, Alan Fine, has one goal: Liquidation

Retired Miami-Dade Circuit Court judge, Alan Fine, has a formidable task ahead of him. The Location Ventures new boss will need to lead an effort to find buyers willing to pay top dollar for the Coral Gables-based development firm’s real estate projects to avoid a fire sale through federal bankruptcy proceedings, Fine told The Real Deal. When its founder and CEO Rishi Kapoor stepped…

Location Ventures hit with $15M foreclosure lawsuit tied to Miami Beach project

More legal woes for Location Ventures. A lender is seeking to foreclose on the firm’s co-living development site in Miami Beach for nonpayment of a $14.8 million mortgage debt. On July 21, an affiliate of Coral Gables-based Spectrum Mortgage Group sued a Location Ventures entity that owns two commercial parcels at 1234 and 1260 Washington Avenue. In addition to the…

South Florida by the numbers: A hot Messi

Soccer’s Inter Miami team (over a competing $1-billion plus offer from a Saudi Arabian squad). Then, Lionel Messi made a Hollywood-scripted debut for the team this month with a game-winning goal that exceeded anyone’s wildest expectations for a dramatic impact. Before he had even laced up his cleats, “the Messi effect” was being felt across South Florida with his Inter Miami…

Star Tower Hollywood to Offer 248 Units at 410 N Federal Highway in Hollywood

In late 2022, developers proposed Star Tower Hollywood, a 19-story residential building that would offer 182 residential units. Now, nearly eight months later, they’ve submitted a revision, instead proposing a 22-story tower with more than 200 homes. The South Florida Business Journal notes that the 511,620-square-foot venture would rest on a build site measuring 35,516 square feet.

Atlantic Pacific, LEM pay $86M for Plantation rentals amid summer sales rally

Atlantic Pacific Companies and LEM Capital bought a Plantation rental complex for $86 million, amid a summertime rally in South Florida multifamily deals. PGIM Real Estate, the Newark, New Jersey-based investment arm of Prudential Financial, sold the 293-unit complex at 10900 Northwest 17th Street, according to records and real estate database Vizzda. Atlantic Pacific and LEM…

Related, BH plan mixed-use, multifamily complex in Plantation

Frequent development partners Related Group and BH Group are planning to convert a former AT&T office building in Plantation into a sprawling multifamily complex with retail. The joint venture is proposing Plantation City Center, a project consisting of nine buildings with a combined 481 apartments, a combined 17,000 square feet of retail and 993 spaces divided between a garage…

Developer Duo Nets $226M for Fort Lauderdale Society Las Olas Project

Developer PMG and private equity firm Greybrook Realty Partners have secured $226 million in construction financing for the 563-unit second phase of Society Las Olas, a 42-story multifamily community in downtown Fort Lauderdale, Fla. The two towers comprising Las Olas, which is in the city’s Riverfront district, will offer more than 850,000 rentable square feet. The first phase…

Society Las Olas Second Phase Planned for 140 SW 2nd Street in Fort Lauderdale

As it stands, Society Las Olas stands 34 stories above grade and offers close to 650 residential units. Now, developer PMG and Greybrook Realty Partners have secured finances for the construction of a second 563-unit phase. Multifamily Housing News reports that upon completion, the two-phase two-tower community will feature 850,000 square feet and more than 1,000 units total.

Brookfield scores $136M refi for Hilton Fort Lauderdale Marina

Brookfield Asset Management is refinancing a Hilton-branded hotel in Fort Lauderdale with proceeds from a $220 million loan. Coast Commercial Mortgage Trust is providing the two-year, floating-rate interest only commercial mortgage-backed securities loan to Brookfield, according to an S&P Global ratings report. Roughly $136 million, or 62 percent of the CMBS loan…

15-Story Hotel Proposed At 3001 Alhambra Street In Central Beach, Fort Lauderdale

A 15-story hotel has been proposed on an 11,100-square-foot lot at 3001 Alhambra Street in Central Beach, Fort Lauderdale. The 200-foot-tall building is being developed by Roslyn Heights, NY-based Hariom Realty LLC, led by Harsh and Rikul Patel, affiliated with Virginia-based IMG Hotels. The development is going by the name 42 Hotel and is planned to encompass…

Urbano Co Proposes 14-Story Mixed-Use Building At 901 East Sunrise Boulevard In Fort Lauderdale

A Site Plan Level III application has been submitted for De Parc, a 14-story mixed-use development project located at 901 East Sunrise Boulevard within the Lake Ridge neighborhood of Fort Lauderdale. The nearly 149-foot-tall project is designed by Built Form Architecture, with YH Consulting Engineering as the structural engineer, and developed by Urbano Co, led by Fort Lauderdale…

New Renderings Reveal Interiors For The Residences At Pier Sixty-Six In Fort Lauderdale

Interior renderings have been unveiled for The Residences at Pier Sixty-Six, a new collection of residential buildings located at 2301 Southeast 17th Street, forming a part of the expansive 32-acre Pier Sixty-Six Marina Promenade in Fort Lauderdale. Designed by GarciaStromberg and developed by Tavistock Development Company, a division of Orlando-based The Tavistock Group…

PMG, Greybrook score $226M construction loan for Fort Lauderdale apartments

Property Markets Group and its partner, Greybrook, scored a $226 million construction loan for the second phase of a large mixed-use apartment development in Fort Lauderdale, marking another large loan PMG secured this year. New York-based Related Fund Management and Lubert-Adler provided the financing, according to a press release. The loan is for the second…

PMG, Greybrook Receive $226M Construction Loan for High-Rise Apartment Development in Fort Lauderdale

A partnership between PMG, a development and investment firm with offices in New York City and Miami, and Toronto-based private equity firm Greybrook Realty Partners has received a $226 million construction loan for a high-rise apartment tower in downtown Fort Lauderdale. Related Fund Management and Lubert-Adler provided the financing to the developers. Located at 140 S.W. 2nd St…

Prospect plans 265-unit apartment building in Lauderhill

Prospect Real Estate Group plans to build Commercial Commons, a mixed-use development in Lauderhill with 265 apartments and about 10,000 square feet of commercial space for a restaurant and retail store. DeLand-based Prospect will build the five-story development on 6.4 acres at 8456-8458 West Commercial Boulevard, near the intersection of North Pine Island Road. Commercial Commons…

Housing Trust Group Breaks Ground On New Affordable Community For Seniors In Deerfield Beach

Housing Trust Group (HTG) has closed financing and commenced construction on Hillsboro Landing, a $41 million affordable senior community in Deerfield Beach, Florida. This community is a joint venture between HTG and the Broward County Housing Authority, focused on providing stable and quality affordable housing options for low and moderate-income families…

Blackstone’s Link Logistics drops $162M for Deerfield Beach industrial campus

Blackstone’s Link Logistics subsidiary dropped $162 million for an industrial campus in Deerfield Beach. New York-based Link bought the properties at 710-750 South Powerline Road and 3155-3161 Southwest 10th Street within the Quiet Waters Business Park from an affiliate of PGIM Real Estate, according to records and real estate database Vizzda. Link made the purchase in two deals.

Boca Raton Based CP Group Eyes Major Flex Office Expansion

CP Group, of Boca Raton, Fla., plans to complete 340,000 square feet of its “worCPlaces” brand flexible office suites this year, the company announced on Monday, July 17. Designed in collaboration with Gensler, the worCPlaces program was launched in late 2021, in response to market demand…

Key, Wexford pay $26M for Boca Raton site, plan 190-unit multifamily project

The Ardid family’s Key International and Wexford Real Estate Investors plan a 190-unit multifamily project in Boca Raton. The Miami-based firms want to build a 12-story building at 14 Southeast Fourth Street, after buying the site and surrounding lots for $25.5 million, according to a Key and Wexford news release. The purchase includes the properties at 33 and 41 Southeast Fourth…

Batmasians propose 266-key hotel at Mizner Plaza in Boca Raton

James and Marta Batmasian want to build an 11-story hotel on a development site at Mizner Plaza in Boca Raton. The married couple, who are considered the largest private real estate owners in the city, propose a 266-key hotel on 1.7 acres at 132 and 170 Northeast Second Street, according to the Batmasians’ application submitted to the city last month. The project would consist…

‘Your Hands Are Tied’: D.R. Horton Tells City of Riviera Beach It Will Build Apartments If 268-Home Project Is Rejected

Local residents celebrated last month when the Riviera Beach City Council rejected a zoning change that would have allowed 286 housing units to be built on a 64-acre former golf course. More than two dozen people spoke out against the project at the council meeting on June 21 where it was voted down by a 4-1 vote. Less than two weeks later, Florida’s Live Local Act — which allows…

Integra Investments Acquires Shopping Center in Palm Beach County, Plans to Add Workforce Housing

Miami-based Integra Investments has purchased Lantana Village Square, a 165,000-square-foot shopping center located at 1001 S. Dixie Highway in Lantana, a town in South Florida’s Palm Beach County. The buyer plans to raze the center’s vacant K-Mart department store and develop workforce housing that is affordable for Lantana renters. The overall development is situated…

Related proposes 46-unit waterfront condo building in West Palm

Related Group wants to build a 46-unit waterfront condo building in West Palm Beach, as the Miami-based developer continues to expand northward. Related, led by Jorge Pérez and his sons, Jon Paul and Nick, submitted a proposal for the project at 4906 North Flagler Drive to the city of West Palm Beach. The plans, including a requested rezoning of the site, were reviewed by the…

Woodmont, Butters And PCCP Break Ground In Florida’s Palm Beach Park Of Commerce

Woodmont Industrial Partners (Woodmont), Butters Construction & Development (Butters), and PCCP LLC have officially broken ground on the first of eight buildings within the Palm Beach Park of Commerce (PBPOC). Located at 15430 Corporate Road North, this project will bring 303,364 square feet of for-lease Class A industrial space to the market by the second quarter of 2024….

Ken Griffin Drops $83M On Palm Beach Office Building

A company affiliated with billionaire Ken Griffin, the head of hedge fund Citadel, paid $83M to acquire an office building in Palm Beach as Griffin and his firm continue to expand their presence in South Florida. The 49K SF office building at 125 Worth Ave. is adjacent to a former department store Griffin acquired for $78M last year. Griffin purchased the 49K SF property at 125 Worth Ave…

Citadel’s Ken Griffin drops $83M for office building on Palm Beach’s Worth Ave

Billionaire Ken Griffin bought an office building on Worth Avenue for $83 million, marking the hedge funder’s latest move to home in on Palm Beach, after a near takeover of Miami’s Brickell. An entity tied to Griffin’s Citadel bought the nearly 50,000-square-foot office building at 125 Worth Avenue from an affiliate of Frisbie Group and Dreyfuss Management, according to records…

CS Ventures buys office, retail buildings in Palm Beach for $18M

CS Ventures bought a pair of office and retail buildings in Palm Beach for $18.3 million, marking the firm’s continued investment in the area. The Palm Beach-based company, a partnership between Charles Rosenberg of a New York-based family investment office and Spencer Schlager, bought the adjacent two-story properties at 375 South County Road from an affiliate…

Two Roads, Frisbie settle lawsuit over waterfront West Palm condo project

Two Roads Development and Frisbie Group settled litigation over which has dibs to develop a pair of luxury condominium towers on a waterfront site in West Palm Beach. The two-year long dispute was tied to a 3.4-acre site at 1355 South Flagler Drive, where Frisbie and Hines now plan the pair of 28-story South Flagler House buildings with 82 condos and seven townhouses.

Retail market softens in Palm Beach County, stays strong in Miami-Dade and Broward

South Florida’s retail market outlook this year appears bright with leasing and rents holding steady, though that’s until Palm Beach County enters the picture. It was the only county in the region to show signs of softening in the second quarter, with both leasing and asking rents slightly dropping while vacancies crept up, according to Colliers’ new reports. For one, Palm Beach net absorption…

Wellington board to vote on Bellissimo’s massive mixed-use development

Developer Mark Bellissimo and his partners are seeking approval of land use and zoning changes to move forward with their proposal for a huge luxury mixed-use community in Wellington, a month after a village advisory board unanimously recommended denying those requests. Wellington Lifestyle Partners, a joint venture between Bellissimo’s Wellington Equestrian Partners…

Integra plans to redevelop Lantana shopping center

Integra Investments bought a Lantana shopping center with plans to redevelop the property into a mixed-use project. The Miami-based real estate investment and development firm paid $14.8 million for Lantana Village Square at 1201 and 1301 S. Dixie Highway, and 457 Greynolds Circle, an Integra spokesperson said. Bradesco Bank provided acquisition financing.

Nightingale Misappropriated Millions From Crowdfunding Investors, Fiduciary Says

When Nightingale Properties raised more than $50M in equity to acquire a massive Atlanta office complex last year, it was the highest-dollar campaign in real estate crowdfunding site CrowdStreet’s history. Most of that money is now missing, an independent fiduciary told investors on Friday, alleging that Nightingale and its CEO, Elie Schwartz, misappropriated the funds.

Inside Nightingale Properties, The CRE Firm At The Center Of The Missing Millions

In literature, the nightingale’s song is a symbol of beauty so transfixing it lulls listeners in the darkness to ignore the dangers of the day. Such a metaphor may be apt when considering the tale of Nightingale Properties, the New York-based investment firm that has accumulated a commercial real estate portfolio spanning millions of square feet across 22 states. Last year, it raised…

CrowdStreet Investors, Facing Total Wipeout, Question Platform’s Role In Alleged Fraud

The investors who wanted to buy a piece of a trophy office building in Atlanta on the CrowdStreet platform come from all walks of life: real estate pros trying to make a little extra on the side, but also tech workers, physicians and a college professor. The minimum investment in the deal was $25K, and the sponsor of that investment, New York-based Nightingale Properties…

A New Way Of Looking At Industrial Markets’ Volatility And Risks

A new method of ranking industrial markets using a two-dimensional grid reveals changes over time in both sales volume and volatility and claims to offer new insight into risks that may not be apparent in traditional one-dimensional models. The grid was developed by NAIOP. “This may help investors and developers create better strategies around market entry and exit, and to more…

Can Cold Storage Keep Its Cool This Summer?

Despite headwinds, this soaring niche continues to attract an increasing number of investors. Industry experts expect substantial growth to continue, driven by increasing demand and need for temperature-controlled storage and transportation of food, pharmaceuticals and chemicals. The post Can Cold Storage Keep Its Cool This Summer? appeared first on Miami Airport Warehouses….

Lenders, Borrowers Are in a Holding Pattern Until Interest Rates Settle

The U.S. economic picture is an opaque one for lenders and borrowers alike as inflationary pressures persist and the massive swings in interest rates are still working their way through the economy. At its May meeting, the Federal Open Markets Committee (FOMC) raised the federal funds rate for a 10th consecutive time to a target range of 5 to 5.25 percent. The fed funds rate…

A “Category 5 Hurricane” in Commercial Real Estate Nationally

There are many green shoots in today’s broad economic landscape. They’re encouraging, and we remain committed to trading this bull market higher. But the way we protect our wealth is by paying more attention to weeds than green shoots. And if you’re looking for weeds today, just type “commercial real estate” into Google. Here are the headlines that populated my results…

Here’s How Miami’s Urban Development Review Board (UDRB) Voted On Major Projects Last Month

Miami’s Urban Development Review Board had a full agenda of projects that it voted on last month. Here are the results from the June 21 meeting: 700 NMA The UDRB voted to recommended approval with the two conditions: Explore improved pedestrian connectivity from the Metro mover station to N. Miami Ave Reexamine the central driveway to make it more accommodating…

Miami Board Votes To Protect Ancient Site Where Related Group Plans Residential Towers

Miami’s historic preservation board on Tuesday approved temporary protection for a portion of a Related Group redevelopment site at 444 Brickell Avenue along the Miami River where the remains of a millenia-old settlement were discovered. The decision halts the issuance of any major building permits at the property for at least six months and sets the stage for a clash over the potential…

Miami board grants preliminary archeological designation to Related’s Brickell development site

A Miami board voted to grant preliminary archeological designation to part of Related Group’s development site on Brickell Avenue, with an unclear effect on the project’s future. The Miami Historic & Environmental Preservation Board, which unanimously approved the resolution at a meeting on Tuesday, is expected to vote on the final designation in November. The developer’s…

County Considering Passenger Service On CSX Rail Corridors, Impact Fees For Transit

Miami-Dade commissioners are voting today on multiple transit-related items today. CSX rail tracks throughout the county could be converted to transit use, if commissioners approve an item scheduled for a hearing this morning at the county’s Transportation, Mobility, and Planning Committee. There would also be new intermodal facilities and freight use, including inland ports…

Miami International Airport Set To Welcome New Hotel As Developers Compete For Contract

A new era may be dawning for the Miami International Airport as two developers are vying to build a new hotel connected to the bustling transportation hub. After more than six decades without competition, the Miami International Airport Hotel, which links to Terminal E, may soon have a companion. FDR Miami Hotel LLC and Parmco Airport Hospitality LLC are currently in the running…

Walton Street pays $52M for warehouses in Miami-Dade’s Brownsville

Walton Street Capital paid $51.5 million for three warehouses in Miami-Dade County’s Brownsville neighborhood, marking a 56 percent price hike from their last sale two years ago. Chicago-based Walton Street bought the adjacent buildings at 3455 Northwest 54th Street, 5530 Northwest 32nd Court and 5400 Northwest 32nd Court in an….

Developer Closes On Miami Health District Site Where 27-Story Apartment Building Planned

The developer planning a 27-story apartment tower in the Health District has completed the purchase of the property, according to a press release. Congress Group, in partnership with Peakhill Equity TS, Inc. paid $16 million for the site. There will be 380 multifamily units, the release said. Construction is planned to begin in the first quarter of 2024, with completion in 2027…

Congress plans 380-unit rental tower in Miami Health District

Congress Group wants to build a 27-story apartment tower next to the Shops at Civica in the Miami Health District, marking a switch from a previous plan for medical offices on the site. The Boston-based firm wants to build a 380-unit project on 0.85 acres at 1050 Northwest 14th Street, the triangular-shaped parking lot immediately south of… Civica, according to Congress CEO Dean Stratouly…

Plot twist: Terra steps into oceanfront Miami Beach condo building drama

David Martin’s Terra is offering to purchase units at the Amethyst condo building in Miami Beach, where Mast Capital has been working on a buyout for years, The Real Deal has learned. An affiliate of Terra sent offers to owners of the 11-story, 120-unit condominium at 5313 Collins Avenue in recent days, sources told TRD. Meanwhile, Mast Capital, led by Camilo Miguel Jr., has…

Thousands of apartments may rise on old Miami Arena site

A vast and towering mixed-use residential development would give new life to the long-vacant former Miami Arena site in the heart of downtown. WG 700 NORTH MIAMI LLC, owner-developer of the property at 721 NW First Ave., plans a phased project to include up to 2,346 rental apartments, ground floor retail, amenities, and parking for about 2,078 cars. The design provides…

Bold New York developer Michael Shvo bets $2 billion on Miami Beach, starting with Raleigh Hotel redo

A few years ago, a brash New York real estate broker-turned-developer, whose binge-buying of trophy buildings in major U.S. cities made him an industry power player, turned his attention to relatively puny Miami Beach. He wanted only one thing at the time: To buy and restore the 80-year-old Art Deco landmark Raleigh Hotel, sadly vacant since 2017. That’s where the story of how…

MAP: North Miami Beach’s development pipeline

Sleepy South Florida neighborhoods aren’t exempt from the roar of construction. Miami Beach’s North Beach has nearly 600 condos and more than 100 apartments on tap, as well as retail and restaurant space, as Russell Galbut, Matis Cohen, Lefferts, Constellation Group, Sandor Scher, Alex Blavatnik and other developers bet big on the future of the nearly five-square-mile neighborhood.

New Avenue hotel in Coral Gables to use Merrick Park parking

A proposed multi-used, seven-story hotel planned to be developed in the Coral Gables industrial district is moving forward with the approval of the city commission during Tuesday’s meeting. The Avenue hotel project at 351 San Lorenzo Avenue would consist of 48 luxury units, 30,000 square feet of retail or commercial space on the ground floor, a breezeway and be the first hotel…

Carver Theater in Liberty City to become apartments site

The partnership renovating the Carver Theater in Liberty City has applied for $7 million in local funds for construction costs to upgrade facilities and create affordable apartments on the property. Today (7/13), the Miami City Commission is set to approve a fund request from Carver Theater Ltd. that would infuse millions into the new mixed-use affordable housing development.

Miami Beach’s historic International Inn to get a facelift

The owners of International Inn in Miami Beach’s Normandy Isle are planning a significant renovation of the historic waterfront hotel. On Tuesday, the Miami Beach Historic Preservation Board approved a certificate of appropriateness and five variances that will allow Tsay International, the hotel’s owner, to make major improvements to the 71-room property at 2301 Normandy Drive.

Residential tower to use Wynwood ex-trash processing site

A former industrial property in Wynwood that was a trash collection and processing site for years is planned for a revival as a mixed-use residential project. Clearline Real Estate LLP has submitted plans to the City of Miami to build a 12-story mixed-use building with 310 dwellings, a parking podium, retail uses and amenities at North Miami Avenue and Northwest 20th Street.

Michael Lewis Opines: Don’t engineer county railroad policy on a bare-bones idea

One of the boldest and most exciting ideas to arrive in years is legislation being heard this week to make it county policy to develop one or more multimodal Miami-Dade depots for both freight and passenger trains. As a rail fan and transit proponent, I love the idea. In fact, it ranks right up there with a bold idea 15 years ago to build an indoor baseball stadium in Little Havana…

LV Lending Provides $8.3M in Financing for Congress Group’s Acquisition of Civica Center in Miami Health District

LV Lending, a leading private lender focused on bridge loans for commercial and residential investment properties and developments, has closed an $8.3 million loan for Congress Group’s acquisition of the Civica Center, a 0.85-acre multifamily development site located at 1050 NW 14th Street in Miami’s Health District. Congress Group, in……

Renderings Released For Two Hotel Proposals At Miami International Airport

Developers have released renderings of proposals to build a hotel connected to the terminals at MIA, the Herald is reporting. There two proposals are: Westin hotel with 451 rooms, with an estimated budget to build of $265 million. Arquitectonica is the architect, with FDR Miami Hotel LLC the developer. Hilton hotel with over 400 rooms, with an estimated budget to build of $241.7 million.

Weekend Interview: Swire President Henry Bott On Miami’s Growth And Building A New Hub Of Finance

Henry Bott has been embracing the Miami lifestyle since he moved to its Brickell neighborhood in January after being named president of Swire Properties. He spends time outside with his two kids and explores the food scene on Saturdays with his wife, but he’s been having trouble finding the time to get outside of Brickell, where Swire has been developing properties since 1979 and…

OOO: Related ditches Terminal Island office project, sells dev site for $77M

The Related Group is abandoning plans for a waterfront office project in Miami Beach, selling its Terminal Island development site for $77 million. An affiliate of Dallas-based multifamily developer Lincoln Property Company, led by CEO Duncan Osborne, bought the 3.7-acre property at 120 MacArthur Causeway, records and Vizzda show. Diego Juncadella, vice president…

Jeffrey Soffer lands $73M construction loan for Fontainebleau Miami Beach events center

Jeffrey Soffer’s plan to expand meeting and event space at his iconic Fontainebleau Miami Beach resort got a financial boost. An affiliate of Soffer’s Aventura-based Fontainebleau Development scored a $72.8 million construction loan from Goldman Sachs for a proposed five-story events center at 4360 and 4370 Collins Avenue, according to records and Vizzda.

Affordable housing nonprofit developing $53M apartment project in Goulds

A nonprofit developer of affordable housing is building a $52.7 million apartment complex in Miami-Dade County’s Goulds neighborhood. The planned project marks a continued wager on south Miami-Dade and on affordable housing, at a time when many South Florida locals remain priced out of market-rate rentals. Preservation of Affordable Housing…

Miami Is The Most Competitive Apartment Market In The U.S. (Again)

Miami has once again been named the hottest market for apartments in the nation, according to RentCafe. A total of 137 markets were analyzed for the ranking. Demand in Miami is “exceptionally high,” RentCafe said. “With Miami’s growing popularity, finding a vacant apartment here is like looking for a needle in a haystack.” The occupancy rate for apartments in Miami is said…

Miami Multifamily Report – June 2023 – Yardi Matrix

Miami rent evolution, click to enlarge South Florida’s multifamily market continued to stabilize, following two fast-paced years. As of April, Miami’s average asking rate posted a consistent 4.5 percent year-over-year increase, to $2,397, ranking sixth nationally for rent growth. U.S. rates rose only 3.2 percent, to $1,709. Meanwhile, at 96.0 percent as of March, the occupancy rate in…

ANF Group Completes Construction On Madison Point Apartments In Naranja

Construction has reached completion at Madison Point Apartments, a 4-story mixed-use community comprising four buildings at 26021 South Dixie Highway. Designed by Palenzuela & Hevia Design Group and developed by JQ Group with ANF Group as the general contractor, this vibrant development in Naranja, Florida, offers a dynamic blend of residential and commercial…

JQ Group Completes Development of 263-Unit Madison Point Apartments in Naranja

JQ Group has completed the development of Madison Point Apartments, a mixed-use multifamily community located at 26021 S. Dixie Highway in Naranja, roughly 30 miles outside Miami. ANF Group Inc. served as the general contractor on the project, which features 263 apartments and 14,355 square feet of commercial space across four buildings. Apartments span 637 to 1,175…

The Village at Coral Gables Slated for 2025 or 2026 Delivery at 535 Santander Avenue

These luxury homes come with Italian cabinetry, skylights, recirculating hot water systems, and integrated smart home technology. The high-end community offers world-class amenities, including a resort-style swimming pool with a sunbed relaxation area, fitness center with high-performance equipment, and business center. Plans also call for a 4,000-square-foot clubhouse.

Peace out: Brick & Timber sues biotech firm for allegedly ditching Wynwood lease

Another tech firm allegedly ghosted a Brick & Timber Collective property in Miami’s Wynwood neighborhood. A Brick & Timber affiliate is seeking more than $20 million in damages, including unpaid rent, against its tenant, Amyris, according to a lawsuit filed last month in Miami-Dade County Circuit Court. Amyris, a biotechnology company headquartered in Emeryville, California…

Miami Offices Succumb To Slowdown As Pandemic-Driven Growth Dissipates

After years of pandemic-driven growth and migration to South Florida, the region’s office market experienced a marked slowdown in the second quarter. Miami-Dade, Palm Beach and Broward counties all saw office vacancy tick up and new move-ins slow down as companies re-evaluate their space needs and fewer new-to-market tenants put down roots in the region.

Resilient office market? Not quite. South Florida sublease availability soars

When Kirkland & Ellis inked the largest out-of-market lease in Miami last year, it fueled the hype that South Florida is immune to the office trouble plaguing other cities nationwide. But this summer, the law firm quietly put nearly a quarter of its 115,000 square feet at 830 Brickell for sublease. Some in the real estate industry were stunned. Others downplayed the move, arguing…

Estates at Acqualina developer fires general contractor

Trump Group terminated its contract with Suffolk Construction over Estates at Acqualina, the two-tower luxury condo development in Sunny Isles Beach, The Real Deal has learned. Suffolk’s last day on the job site was Thursday, June 29, according to an email that developer Jules Trump sent to residents and future residents of the project. At least 176 unit sales have been recorded…

Mill Creek Residential Acquires 2.91-Acre Site To Expand Cornertstone Mixed-Use Development In Coral Springs

Mill Creek Residential, under the MCREF MFR 1 Coral Springs II LLC affiliate, has made another significant move in the vibrant South Florida real estate market, acquiring a valuable multifamily development site in Coral Springs for $13 million. The 2.91-acre parcel, nestled within the Cornerstone mixed-use development at 3310 University Drive, will pave the way for a new project.

40-Story Mixed-Use Tower Proposed Beside Brightline Fort Lauderdale Train Station

A 40-story mixed-use tower is proposed for a vacant property at 105 Northwest 3rd Avenue, adjacent to the Brightline Fort Lauderdale train station. The project, named Brightline Residences, aims to enhance the urban landscape of the area. With a height of 466 feet, the tower would encompass 609,381 square feet of space. The proposed plans include 392 residential units…

OceanLand plans 40-story apartment tower near Fort Lauderdale Brightline stop

Canadian transplant Jean Francois Roy’s development firm plans a 40-story apartment tower near the Brightline passenger train station in downtown Fort Lauderdale. OceanLand Investments wants to build the 392-unit building with a parking podium and a 10th-floor amenity deck at 105 Northwest Third Avenue, according to a company news release and an OceanLand spokesperson.

Construction Starts on Hillsboro Landing at 3851 N. Dixie Highway in Deerfield Beach

Housing Trust Group (HTG) has officially broken ground on Hillsboro Landing, an affordable housing complex for seniors in Broward County. The multifamily housing venture will offer 75 one-bedroom and two-bedroom apartments, measuring between 702 square feet to 927 square feet each. Residency is available to seniors 62-years plus who make at or below 22, 25, and 60 percent…

HTG Breaks Ground on Deerfield Beach Affordable Senior Community

Hillsboro Landing rendering. Image courtesy of Housing Trust Group Housing Trust Group and Broward County Housing Authority have broken ground on Hillsboro Landing, a 75-unit fully affordable senior housing project in Deerfield Beach, Fla. The developer also closed on financing the $41 million project. Hillsboro Landing will cater to residents 62 and over, earning between…

Ivanhoé Cambridge Forms Partnership to Enter U.S. Self-Storage Sector

Ivanhoé Cambridge has formed a strategic partnership with Safely Store Self Storage targeting the self- storage sector in the U.S. and marking its entry into this alternative industrial asset class. Safely Store is a dedicated investment platform formed by the principals of Iron Point Partners, LLC and the self-storage platform of Taylor/Theus Holdings, Inc..

Office Values Down 27% Nationally Over Last 12 Months, Apartments Drop 16%

Office property values dropped 27% during the 12 months ending in June, according to Green Street, the most of any property type. Office assets lost 6% in value in June 2023 alone. Overall, the Green Street Commercial Property Price Index was down 11.6% compared with a year ago, and was down 0.8% for the month of June, a monthly move driven by the downward…

Self-Storage Faces Tougher Lending Environment As Demand Returns to Pre-Pandemic Levels

With so many people accumulating so much stuff and periodically moving, it’s no wonder that the self-storage category has been deemed recession-resistant, if not recession-proof. Many don’t have room for everything within their apartments and houses or follow through on Marie Kondo’s advice to tidy up. Moreover, many can’t move and find a bigger place, so they stay put and…

U.S. Commercial Real Estate Investment Sales Transaction Volume Plummets 70% Nationally in 1Q

Green Street, the preeminent provider of actionable commercial real estate intelligence and analytics, has published a new report stating that first-quarter sales volume dropped 70% year-over-year across all four of the core sectors – Office, Industrial, Apartments and Retail – as property values continue to erode. Green Street analyzed U.S. Sales Comps data on transactions of $5 million…

The Fed’s Beige Book: Labor Market, Costs Continue to Cool

As the Southeast’s economy grew at a measured pace from mid-May through June, the heated labor market continued to cool and nonlabor costs further stabilized. Despite widespread tightening of credit standards, financial institutions reported ongoing growth in loan volumes, according to the newest Beige Book report of economic conditions in the Southeast from…

Developers 13th Floor Investments & Opera Acquisitions Spend $103M To Assemble Oceanfront Miami Beach Development Site

Two South Florida real estate firms have assembled a significant plot of oceanfront land for an upcoming development. 13th Floor Investments and Opera Acquisitions paid $73M for a 46-unit oceanfront timeshare property at 3611 Collins Ave., adjacent to a condo building the group had previously acquired in Miami Beach. The South Florida-based investment and…

Terreno Realty, VSRE Break Ground on Two Hialeah Industrial Buildings Totaling 364,000 SF

Terreno Realty Corp. has broken ground on two industrial buildings totaling 364,000 square feet in Hialeah, roughly 13 miles outside Miami. Situated within Countyline Corporate Park, the warehouse buildings, dubbed Building 39 and Building 40, are scheduled for delivery in the first quarter of 2024. VS Real Estate (VSRE) is developing the facilities on behalf of Terreno…

Meruelo backs out of $200M bid for Casablanca Miami Beach

The Meruelo family backed out of a $200 million buyout offer for the historic oceanfront Casablanca resort in Miami Beach, The Real Deal has learned. The condo-hotel at 6345 Collins Avenue, with about 350… units, had the buy-in from more than 95 percent of unit owners, according to a letter brokerage Colliers sent to owners officially informing them that Richard Meruelo canceled the deal.

Centennial Bank Provides $60.7 Million Construction Loan To 1st Multifamily Development Within Historic 200-Acre Hialeah Park

Centennial Bank has announced a substantial construction financing loan of $60.7 million for Flamingo Village. This multifamily development marks a significant milestone as the first of its kind within the historic 200-acre Hialeah Park Race Track in Hialeah. Flamingo Village is a joint endeavor between the Brunetti Organization, the owner of Hialeah Park, a renowned…

Cornerstone affiliate buys Little Havana dev site for $15M

Brookstone Partners, an affiliate of The Cornerstone Group, paid $15 million for a Little Havana development site approved for a mixed-use project. Brookstone, led by Cornerstone principals Leon Wolfe and Jorge Lopez, acquired the 2.4-acre assemblage at 805 to 861 West Flagler Street and 826 to 860 Northwest First Street, according to records and Vizzda. The deal includes…

430 new Seybold Canal residences to include 37 micro studios

A developer is proposing a new mixed-use residential project that will include some micro living units near Spring Garden and the Health District, and in the shadow of the 836 highway. Owner-developer 1010 Spring Garden LLC plans the structure at 1150 and 1180 NW 11th Street Road, and 1080 Spring Garden Road, in Miami. The waterfront site is on the Seybold Canal, north…

Russell Galbut, David Martin’s proposed South Beach condo project meets opposition

Russell Galbut and David Martin failed to get a development agreement for a condominium project in South Beach nearly a year after scoring referendum approval, due to various issues in dispute with the city. On Wednesday, Miami Beach commissioners deferred a decision on Galbut and Martin’s proposal to build a 150-unit condo building between Alton Road and West Avenue…

Allen Morris reworking plans for project near the Plaza in Coral Gables

The Allen Morris Company is returning to the drawing board after failing to secure approval, downsizing proposed plans for a condo development near The Plaza megaproject in Coral Gables… The site includes 3000 Ponce de Leon Boulevard, 216 and 224 Catalonia Avenue, 203 University Drive and 225 Malaga Avenue. Spencer Morris, president…

Kenneth & Winston Fisher Led Fisher Brothers Management bag $118M loan for Wynwood project

Fisher Brothers Management can begin construction of an eight-story multifamily project in Wynwood after securing a $117.5 million loan. An affiliate of Los Angeles-based Canyon Partners provided the construction financing for Wynwhouse, a proposed development with 312 apartments, 27,500 square feet of restaurant and retail space and 120 parking spaces, records show.

Autos to take back seat in downtown Miami transportation plan

In a year or so a new transportation master plan should help speed more mobility in downtown Miami for the decades ahead. Automobiles take a back seat in the plan’s aims, with pedestrians at the forefront. A $170,000 study upon which to base the plan won unanimous Transportation Planning Organization approval with aims far broader than the most recent plan….

South Dade rapid transit will be rapid in only one direction

South Dade Transitway promises may exceed what users will get: it won’t offer true Bus Rapid Transit all the time, the Citizens’ Independent Transportation Trust heard last week. The 20-mile route targets a 60-minute ride each way with signal preemption parallel to US 1. But as trust member Robert Ruano asked how the BRT will cross 46 road intersections on the 14-station…

Michael Lewis: Costco land deal would cost county too much, yield too little

Some deals are too good to miss. Others are too bad to consider. A deal Miami-Dade is to weigh this week to sell vital land falls into the latter category. Unfortunately, this very bad deal is not only under consideration, but Mayor Daniella Levine Cava faces a commission order to rush to negotiate it because its backer says it’s too good for economic development to miss.

Lefferts Partners with Cervera for its New Surfside Condominium Tower, 72 Park

Lefferts, a real estate development firm specializing in high-quality residential and commercial properties in Miami and New York City, has announced market brokerage leader Cervera Real Estate will be the exclusive sales and marketing partner for its new condominium tower, 72 Park, in Miami Beach, just south of Surfside. Slated for completion in early 2024,……

Sonder Holdings Inc. More Than Doubles Footprint in Florida with Combination of Hotel, Resort and Multi-Unit Apartment Properties

Sonder Holdings Inc. (NASDAQ: SOND; “Sonder”), a leading next-generation hospitality company that is redefining the guest experience through technology and design, is launching four new properties across Florida. This will bring the company’s footprint in the state to 930 live units across hotel, resort and multi-unit serviced apartment properties, hosting…

Gritty Overtown getting big lift with $350 million housing, retail, office project

Construction has reached the top floor on a $350 million high-rise residential, retail and office complex in Overtown that will bring 578 much-needed apartments for senior citizens and 1,100 jobs. Block 55 at Sawyer’s Walk, which is being developed by Swerdlow Group and built by Coastal Construction Group, is situated near a major public transit hub and Interstate 95. The transit…

Terra Closes on $40 Million Land Acquisition in Miami with Plans for a Luxury Condominium Designed by Arquitectonica & Yabu Pushelberg

Miami-based Terra, in partnership with Lion Development Group, has closed on the $40 million purchase of a prime 1.6-acre piece of property located at 3501 NE 1st Avenue in Miami. Plans call for an iconic luxury condominium tower designed by Miami-based architect Arquitectonica and international design studio Yabu Pushelberg set……

MG Developer And Baron Property Group Unveil Transformative Plans For Hialeah’s Metro Center

Hialeah-based MG Developer, in partnership with Baron Property Group (BPG), a New York-based development company, unveils their ambitious plans for Hialeah’s Metro Center. This transformative project will encompass approximately 2.3 million square feet of upscale apartments and retail space, revolutionizing urban living in the heart of Hialeah….

MG, Baron plan $600M, three-building rental project in Hialeah

MG Developer and Baron Property Group are ramping up work on their $600 million Metro Center project in Hialeah, with plans to start construction on a pair of rental buildings next year. Coral Gables-based MG and New York-based Baron are developing Metro Center on nearly 9 acres between East 26th and East 25th streets, and between East Ninth and 10th avenues…

Unit owners at Miami Beach condo allege Mast Capital is dragging out buyout, holding them “hostage”

A group of unit owners at an oceanfront Miami Beach condo building allege that Mast Capital has dragged out a planned buyout, tying up the majority of residents and leaving them in limbo, The Real Deal has learned. The fallout at Amethyst highlights what can happen when deals between a major developer and condo owners begin to sour. In the two and a half years since…

Student housing developer moves forward with Coral Gables project

A student housing developer plans a mixed-use apartment project that would replace a retail center along U.S. 1, across from the University of Miami in Coral Gables. Athens, Georgia-based Landmark Properties is in contract to buy the property at 1250 South Dixie Highway, home to longtime tenants that include Bagel Emporium and TGI Friday’s, according to a proposal…

LOFTY Brickell Unveils Plans for its Skydeck Activation

Forward-thinking real estate developer Newgard Development Group continues to differentiate its LOFTY Brickell condominium project with unique features and innovative concepts. In the latest example, Newgard is unveiling its plan for the building’s skydeck– a versatile rooftop space that will be available as a venue for private events and will be an additional building amenity…

LOFTY Brickell Sets New Heights With Innovative Skydeck Addition

LOFTY Brickell, the waterfront luxury condominium project by Newgard Development Group at 99 Southwest 7th Street, continues to push boundaries with its latest offering. The development unveils its ambitious plan for a unique skydeck on the 44th floor, exclusively dedicated to LOFTY unit owners. This versatile rooftop space, spanning approximately 10,000 square feet…

Plans Unveiled For Rooftop Skydeck At Lofty Brickell

Developer Newgard Development Group has unveiled plans for a 44th floor rooftop skydeck at the Lofty tower it is building in Brickell. The approximately 10,000-square-foot area is designed to accommodate private events ranging from small corporate gatherings to wedding receptions. The rooftop will feature lush landscaping, modular furniture, portable bars, a catering…

Nakash, partner pick up Ocean Drive hotel in Miami Beach

The New York-based Nakash family and a partner paid $23.5 million for a hotel on Ocean Drive, adding to the Jordache Jeans’ owners holdings in Miami Beach. South Beach Properties II, led by investor Michael Palmer, sold the 80-room, five-story Beacon South Beach Hotel building at 720 Ocean Drive, property records show. A company managed by Salem Mounayyer of Nakash Holdings…

Lionstone, Flag, Ben-Josef plan condo project between their South Beach hotels

The three families that own the Sagamore Hotel and adjacent Ritz-Carlton, South Beach propose a 15-story condominium on a portion of their hotels’ lots, as part of a larger aim to breathe life into a two-block stretch of Lincoln Road. The Lowensteins’ Lionstone Development, the Kanavos family’s Flag Luxury Group and the Ben-Josefs’ Ben-Josef Group want to build the 30-unit…

South Florida office leasing and asking rents stagnant in second quarter

It was a stagnant second quarter for South Florida’s office market, a recently released report shows. Vacancy rates crept up in some areas, asking rents mostly stayed flat and net absorption hit negative territory across Miami-Dade, Broward and Palm Beach counties, according to Colliers. The negative absorption rate in the tri-county region is largely due to new pre-leased buildings…

Developer Rishi Kapoor, Under FBI Scrutiny, Has Miami Beach Project Halted

Miami Beach officials ordered a halt to construction at a short-term rental condo project being built by embattled developer Rishi Kapoor, who’s also the subject of local and federal investigations into his Miami business dealings. The stop-work order was first reported by the Miami Herald and was issued a day after the publication inquired to city officials about construction work…

Miami Beach shuts down construction at Rishi Kapoor’s co-living project

Embattled developer Rishi Kapoor’s troubles keep piling up. Miami Beach building officials issued a stop work order at Kapoor’s Urbin Miami Beach co-living project at 1234 and 1260 Washington Avenue due to a lack of permits, according to the Miami Herald. The city also hit an affiliate of Location Ventures, the Coral Gables-based development firm led by Kapoor, with a…

Rishi Kapoor’s Urbin Miami Beach project hit with over $1M in liens

Unpermitted construction isn’t the only thing slowing down progress at Rishi Kapoor’s co-living project in Miami Beach. This month, six companies — including the project’s architect — filed liens in Miami-Dade Circuit Court against the Kapoor entity that owns the Urbin Miami Beach development site at 1234 and 1260 Washington Avenue. The half-dozen firms are claiming a…

Rishi Kapoor enlisted Francis Suarez to draft unsuccessful co-living law

Before hiring Francis Suarez as his paid consultant, developer Rishi Kapoor helped Miami’s mayor draft legislation that would have benefited his Coconut Grove project. The proposed measure was never approved, but Suarez’s involvement reveals a deeper connection between the mayor and Kapoor, CEO of Coral Gables-based Location Ventures, according to the Miami Herald.

Waterford Business District scores five new tenants

The Waterford Business District near Miami International Airport scored five new tenants (HNTB, Ready Mortgage Lenders, John Paul USA, Prudential Insurance Company, The Miami Herald) and seven lease renewals (Toyota Tsusho America, Alka Trading, Diaspora Talktime, Bristol Hospice, CareCloud Health, Jamaica Tourist Board, Terra Flowers). Engineering firm HNTB will move from…

Blackballed: Tobacco, vape shops, souvenir and vitamin stores face possible ban in North Beach

Stores selling tobacco, vape products, souvenirs, t-shirts, vitamins and pawned goods could become a thing of the past in a large swath of Miami Beach. Miami Beach officials are considering expanding a ban on retail shops that sell such products in the city’s North Beach neighborhood. They are also seeking to cap the number of tattoo studios and check cashing, convenience and…

Profit squeeze pumps the brakes on Miami’s new dev condo market

Luxury amenities and high-end finishes are on the chopping block in condo projects across South Florida as developers grapple with shrinking profit margins. That top-of-the-line Italian kitchen, those marble floors, even previous window choices could fall victim to historic inflation and the rising costs of construction, insurance and other line items. Developers are tweaking…

Chilean 3D Visualizations Firm PLANGO Showcases New Aerial Renderings Of Oasis Hallandale

Chile-based 3D visualizations, photography, and design firm PLANGO has unveiled a set of new renderings of the third phase at Oasis Hallandale, a pair of 25-story residential towers now under construction at 1000 East Hallandale Beach Boulevard. Designed by renowned architectural firm Arquitectonica and developed by Hallandale Oasis 2019 LLC, led by Giuseppe Iadisernia…

Federal Capital Partners Picks Up 220-Unit Fort Lauderdale Luxury Apartment Complex

Avana Cypress Creek. Image courtesy of FCP Federal Capital Partners has expanded its portfolio of multifamily properties in the Florida with its purchase of Avana Cypress Creek Apartments, a nine-building 220-unit luxury apartment community located in North Lauderdale. FCP acquired the property from Eaton Vance Investment Managers, according to Yardi Matrix data. The buyer…

Federal Capital Partners Acquires 220-Unit Florida Property Avana Cypress Creek Apartments

Avana Cypress Creek Apartments. Image courtesy of FCP FCP has acquired Avana Cypress Creek Apartments, a 220-unit multifamily community in North Lauderdale, Fla., from Eaton Vance Investment Managers. The asset previously traded in 2019 for $46 million, according to Yardi Matrix. CBRE Vice Chairmen Robert Given and Zachary Sackley brokered the transaction.

Triarch Capital Group Sells Plantation Medical Office Park

Manage Solution has acquired Plantation Medical Office Park, a 63,319-square-foot medical office facility in Plantation, Fla. Triarch Capital Group sold the Class B asset for $15.5 million. The property previously traded in 2019, when Triarch Capital Group purchased the facility from The Kislak Organization for $11.3 million. The asset was also subject to a $7.4 million loan that same year…

Pompano Beach gives final approval to Cavache’s 319-unit multifamily project

Cavache Properties scored final approval for its second Old Town Square multifamily project in Pompano Beach. Called Old Town Square II, the 319-apartment development will rise on the site of a closed Christ United Methodist Church building at 210 Northeast Third Street, as well as on part of the parcels to the north and south of the church. The development will consist of a 10-story…

Kohl’s plans to anchor Sawgrass Mills in Sunrise

National department store Kohl’s is preparing to become an anchor tenant at Sawgrass Mills shopping center in Sunrise, according to plans filed with the city. A roughly 64,000-square-foot Kohl’s department store is coming to the so-called “Anchor G” location at Sawgrass Mills, formerly occupied by Century 21 Department Store. The Sunrise City Commission on Tuesday approved…

Blackstone sells pair of Hyatt hotels in Dania Beach for $40M

Blackstone sold a pair of adjacent Hyatt-branded hotels in Dania Beach for a combined $40.1 million. Delray Beach-based Kolter Group’s hospitality real estate division bought the 143-key Hyatt House Fort Lauderdale Airport at 90 Southwest 18th Avenue, and the 149-key Hyatt Place Fort Lauderdale Airport at 91 Southwest 18th Avenue, according to records and real estate database…

BlackRock lists downtown Delray Beach apartments for roughly $130M: sources

BlackRock is putting its Worthing Place apartment building in downtown Delray Beach on the market for roughly $130 million, The Real Deal has learned. The listing is another sign of renewed confidence in South Florida’s multifamily market. Deal activity picked up in recent weeks following a dry spell caused by expensive financing costs. A downtown Miami apartment tower also…

Harbor Group International Buys Newly Built West Palm Beach Multifamily Property

Harbor Group International has acquired Pine Ridge, a 288-unit multifamily community in West Palm Beach, Fla., that came online this year. The seller was Resia, the developer. Newmark brokered the sale. The asset is subject to a $37.2 million construction loan from Truist Bank, originated in 2021, according to Yardi Matrix data. The buyer assumed the floating-rate debt and plans…

South Florida by the numbers: Not so sleepy summer in Palm Beach

The tony and tiny town of Palm Beach, famous for its lavish and plentiful wintertime soirees, is also known for being a ghost town in the dog days of summer. With so few residents to serve, many area businesses run on shortened hours or close their doors altogether this time of year. But with a flurry of big-ticket deals in recent weeks (involving some internationally known names)…

DOJ says Florida law restricting foreign national real estate buys unconstitutional

The Department of Justice has weighed in on Florida’s controversial new law — which prohibits nearly all Chinese citizens and businesses based in China from purchasing real estate in the state — saying that it violates the constitution and federal law. The DOJ said in a statement of interest filed in federal court in Florida that Senate Bill 264, which was signed by Gov. Ron DeSantis…

‘Power Is The New Parking’: What Companies Want Most In Their Industrial Space Is Rapidly Shifting

As developers try to build industrial properties that will last half a century or longer, they are increasingly thinking about how to turn warehouses into what owners and tenants will want in the future. “What we’re telling all of our clients is you need to be cautious about that older stuff in the logistics environment, because we view the future of logistics similarly to the future of…”

The Fed: Commercial Real Estate Market Stress Poses a Challenge to Banks

A variety of factors—rising interest rates, persistent inflation, concerns about a potential recession and pandemic-related changes in where people work—have prompted concerns about the health of commercial real estate (CRE) properties and the bank loans that support them. Supervisors and economists at the Federal Reserve actively monitor CRE market conditions…

Chart: Trends in the construction of multifamily housing : The missing middle

The FRED Blog has discussed the relationship between single-family housing starts and completions and also how changes in overall housing market prices are measured. Today we build on the topic of housing by comparing trends in the type of residential constructions erected. The FRED graph above shows data from the US Census and the US Department of Housing and…

Exploring the Different Types of Properties Eligible for a 1031 Exchange

A 1031 exchange can be a useful tool for increasing your prospects for real estate investing. You can sell an investment property and use the money to buy another one while delaying capital gains taxes thanks to this tax-deferred transaction. To ensure compliance with IRS rules, it’s crucial to know which kinds of properties are eligible for a 1031 exchange. In Coral Gables…

$600M Transit-Oriented Development Announced In Hialeah

Developers have announced plans for a transit-oriented development called Metro Center in Hialeah. The development is being built a short walk away from the Metrorail and Tri-Rail Transfer Station. Metro Center is planned to include 2.3 million square feet in several buildings, including: Metro Parc, a 559-unit, 10-story building (broke ground in 2022) Metro Parc North…

MG Developer, Baron Property Group to Develop $600M Residential Campus in Hialeah

Locally based residential development firm MG Developer and partner Baron Property Group have announced plans for a $600 million residential development in the Miami suburb of Hialeah. The transit-oriented campus, dubbed Metro Center, will span 2.3 million square feet and feature more than 1,500 new apartments and 35,000 square feet of retail space. The project will be…

Witkoff, Swire, Related, Eden, Dermot and Jenny Bernell gain project approvals

Several big name developers scored design approvals for major projects in Brickell, Overtown and Wynwood. On Wednesday, the Miami Urban Design Review Board handed out unanimous yes votes to a proposed office tower at Brickell City Centre by Swire Properties and New York-based The Related Companies; a three-building apartment complex planned by New York-based…

With Messi Incoming, Inter Miami Faces One Last Hurdle For New Stadium. It’s Been Kept Quiet

Jorge Mas, the managing partner of Major League Soccer’s Inter Miami, told reporters last week that the start of construction for the team’s new stadium complex was “imminent.” But the club, which Mas co-owns with David Beckham and just signed Argentinian superstar Lionel Messi, has yet to secure the necessary zoning changes that would clear the way for the 73-acre Miami…

Futuristic New Saudi City ‘Competing With Miami’, Crown Prince Says

Construction is underway on a futuristic city in Saudi Arabia that will compete with Miami – at least in some ways. Saudi Crown Prince Mohammed bin Salman said in in interview that he wants the new Neom smart city project to match Miami in terms of excitement. “I have a friend who moved to Miami. In Miami, when you get out from your office, you are on vacation immediately…”

Terra And Lion Development Group Acquire Prime Property For ‘Iconic’ Condominium Tower Designed By Arquitectonica In Miami

In partnership with Lion Development Group, Miami-based Terra has acquired a prominent 1.6-acre property at 3501 Northeast 1st Avenue in Miami for $40 million. The site’s strategic location will transform into an iconic luxury condominium tower at the intersection of highly sought-after neighborhoods, including the Design District, Midtown, Wynwood, and Miami Beach. T

Swerdlow Group Tops Off Miami Mixed-Use Project Block 55 at Sawyer’s Walk

The Swerdlow Group has topped off Block 55 at Sawyer’s Walk, a 578-unit mixed-use affordable housing development in Miami. Coastal Construction Group serves as general contractor. According to Yardi Matrix data, financing sources for the project include: $25 million construction loan from the Swerdlow Group originated in 2020 $167.5 million in bond financing issued by…

Top-Off Ceremony Held At Downtown Miami’s Block 55; 1.4M Square Feet Being Built

Contractor Coastal Construction says it has topped off Block 55. A ceremony to mark the occasion was held on June 15, with a a raffle, prizes, music and a luncheon for the entire project team. The mixed-use project is being built in downtown Miami, and will have 1.4 million square feet. Block 55 is planned to include: 578 affordable apartments for seniors, with state-of-the-art…

Construction Tops Off At Block 55 In Downtown Miami’s Sawyer’s Walk Development

Coastal Construction Group has achieved a significant milestone at Block 55 in downtown Miami’s Sawyer’s Walk development. This 18-story mixed-use project, designed by Arquitectonica and dedicated to affordable housing for low-income seniors, has reached its top floor. On Thursday, June 15, the traditional topping-off ceremony was commemorated at the 249 Northwest 6th Street…

Tri-Rail seeks development along tracks to build revenue

Even while Tri-Rail last week was undertaking long-awaited tests of an 8-mile stretch of tracks to be able to bring its passenger trains for the first time into downtown Miami, its executive director was telling transportation planners that the rail line has a long way to go in other directions too. One of those directions is strictly business. The government-owned line that serves…

Miami Worldcenter gets net-zero emissions boost

As Miami pushes environmentally responsible building to reduce greenhouse gas emissions in the city, which has been called ground zero for climate change problems, the city commission amended the zoning code for the 25-acre Miami Worldcenter district just north of downtown. The change approved July 22 allows for building and design modifications to achieve net-zero emissions…

Six-story Doral UHealth hub on track for opening

With the exterior structure of the new University of Miami Health System (UHealth) building at Doral installed, the construction process of the healthcare center that will include 33 exam rooms, 33 clinical trials unit, and eight operating rooms, among services from several specialties, is well underway for its 2024 opening. The recruitment of healthcare providers for the new six-story…

West Flagler three-building complex gets go-ahead

A major mixed-use development bringing apartments, office space and commercial uses to West Flagler Street in Miami moved ahead after the Planning, Zoning and Appeals Board approved an exception and six waivers. The project changing nearly a full block hugged by West Flagler and Northwest First streets is composed of three buildings: Flagler Oasis Residences, which is…

Helicopter pad, Metromover entryway OK’d for Brickell City Centre

Two major developers have won approval of several enhancements to their plan for a signature office skyscraper in Brickell, including a helicopter pad and a new entrance to the Brickell City Centre Metromover Station. One BCC will be a 59-story glass and steel tower at 700 Brickell Ave., which will finally connect Brickell City Centre with Brickell Avenue in the City of Miami.

Aztec Group Provides $22.3M Refinancing for Oak Plaza Apartments in Miami Health District

Aztec Group has provided a $22.3 million Freddie Mac loan for the refinancing of Oak Plaza, a 156-unit apartment community in Miami’s Health District. The borrower, locally based Melo Group, delivered the property in 2012. Peter Mekras of Aztec Group originated the 10-year, fixed-rate loan on behalf of Melo Group, the third transaction between the two firms in the past 12 months.

Swire Properties Gets FAA Approval For Planned One Island Drive Towers On Brickell Key

Swire Properties has achieved a crucial milestone with the approval from the Federal Aviation Administration (FAA) for their ambitious two-tower development on Brickell Key in Miami. This significant achievement paves the way for Swire Properties to proceed confidently with its visionary project, known as One Island Drive. The development promises to be an architectural marvel…

Swire Gets FAA Approval For ‘Architecturally Spectacular’ Brickell Key Towers

The Federal Aviation Administration has just given the green light to two towers on Brickell Key proposed by Swire Properties. According to a letter issued this morning (June 22), the towers have been determined to not be a hazard to air navigation. Tower 1 is approved up to height of 1,044 feet above ground, or 1,049 feet above sea level. Tower 2 is approved up to height of 691 feet…

Massive mixed-use project pitched for Miami-Dade mobile home park

A mobile home park between Miami and El Portal could soon be the site of a massive mixed-use project anchored by nearly 4,000 apartments. Affiliates managed by David Mordekhay in Hollywood and Tom Grinberg and Gary Otto in Miami are seeking Miami-Dade County’s permission… to tear down the Soar Mobile Home Park at 8050 Northwest Miami Court. The 22-acre trailer…

Developer proposes multifamily project in south Miami-Dade’s Goulds

Ricadri Group, led by Adriana Guerrero, wants to build a multifamily project in Goulds, marking developers’ continued wager on south Miami-Dade County’s residential market. The firm proposes a 93-unit multifamily development on 2.6 acres at 21300 and 21320 Southwest 112th Avenue in unincorporated Miami-Dade, according to an application submitted to the county…

Blackstone sells Hialeah Gardens cold storage facility for $43M

Blackstone sold a fully leased Hialeah Gardens cold storage facility for $43 million. A Blackstone affiliate sold the 115,741-square-foot industrial building at 13801 Northwest 112th Avenue, records and Vizzda show. The buyer is Boxer US, a Miami-based entity incorporated in May by attorney Lourdes Cambo, but with no managing member listed in corporate documents.

Terra & Lion Say They Will Develop Iconic, Luxury Condo Tower In Midtown Miami

An iconic, luxury condominium tower will soon begin construction in Midtown Miami, developers announced today. Miami-based Terra, in partnership with Lion Development Group said in a press release that they closed on the purchase the 1.6-acre Midtown Gateway site for $40 million. The partnership obtained $30 million in financing from Metropolitan Commercial Bank, which…

Terra, Lion pay $40M for condo tower dev site in Midtown Miami

David Martin’s Terra and Michael Simkins’ Lion Development Group bought a site in Midtown Miami for $40 million, with plans for a condominium tower. The joint venture scooped up 1.6 acres at 3501 Northeast First Avenue, and scored a $30 million loan from Metropolitan Commercial Bank for the purchase and initial site development, according to a Terra news release.

13th Floor, Opera pay $73M for oceanfront Miami Beach timeshare resort

13th Floor Investments joined with Opera Acquisitions to buy a Miami Beach timeshare resort for a combined $73 million. A 13th Floor affiliate purchased Westgate South Beach Oceanfront Resort, a 46-unit oceanfront building at 3611 Collins Avenue, Opera President Valerio Spinaci told The Real Deal. The sellers are an affiliate of Orlando-based Westgate Resorts, and the…

Holland & Knight Signs 121,032 SF Office Lease Renewal in Miami

Law firm Holland & Knight LLP has signed 121,032-square-foot office lease renewal at 701 Brickell in Miami’s Brickell financial district. The tenant will continue to occupy six floors of the building, which spans 33 stories and is currently 96 percent occupied. Brian Gale and Edward Quinon of Cushman & Wakefield represented the landlord, Nuveen Real Estate, in the lease negotiations.

Law Firm Holland & Knight Re-Ups for 121 KSF Miami Lease

Law firm Holland & Knight LLP has signed a 121,032-square-foot lease renewal at Nuveen Real Estate’s 701 Brickell in Miami. Cushman & Wakefield brokered the deal on behalf of the landlord, while CBRE represented the tenant. Holland & Knight will continue to occupy six floors of office space at the 33-story tower. Nuveen acquired the Class A property in 2002 for $172 million…

Miami Continues to See Flight to Class A Offices Amid Record Rental Rates

A wave of new-to-market office tenants — specifically legal tenants following the influx of financial firms and tech companies — continue to expand their presence in Miami. The trend further solidifies the city’s spot as a top destination for companies seeking reduced taxes, strong talent and vibrant communities. Looking back at the first quarter of 2023, net absorption totaled over…

A Look Inside THE WELL Bay Harbor Islands Designed by Arquitectonica and Meyer Davis

Located in Miami’s Bay Harbor Islands, THE WELL Bay Harbor Islands is the nation’s first THE WELL-branded condo building and is at the forefront of supporting an ultimate holistic, 360-degree wellness lifestyle. With a harmonious design by Arquitectonica and interior spaces carefully curated by Meyer Davis in collaboration with THE WELL, THE WELL Bay Harbor…

Lucid Motors Opens Retail Studio at Miami Worldcenter in Downtown Miami

Lucid Motors, a luxury electric vehicle company producing the state-of-the-art Lucid Air, is now open at Miami Worldcenter – the $6 billion, 27-acre mixed-use development transforming the heart of Downtown Miami. Located at 951 NE 1st Avenue, the nearly 23,000-square-foot space – Lucid’s largest location in Florida – includes a Lucid Studio, which…

Lucid Motors Opens 23,000-Square-Foot Location At Miami Worldcenter

Luxury electric vehicle manufacturer, Lucid Motors, has opened its newest facility at Miami Worldcenter, a transformative mixed-use development in Downtown Miami. The location, spanning nearly 23,000 square feet, features a Lucid Studio where customers can experience the brand’s luxury electric vehicles, including the award-winning Lucid Air sedan.

Plans Filed For 12-Story Multifamily Project Designed By ODP Architects In Ojus Neighborhood of Miami-Dade

Plans have been filed for a 12-story multifamily development named Aventura Station II at 2541 Northeast 192nd Street in Ojus, Miami-Dade County. Adam America Real Estate and Stellar Communities spearhead the project under Ojus Assemblage TIC LLC and Ojus Assemblage PO LLC. The development, designed by ODP Architecture & Design, aims to offer 223 multiple-family…

1.24-Acre Development Site Primed For 44 Residential Units On The Miami River Hits The Market

A prominent vacant 1.24-acre development site has made its way to the bustling Miami River District market. Colliers, a leading real estate firm, is pleased to announce the opportunity to acquire The River Line at 678-720 NW N River Drive. This exceptional property offers unparalleled Miami River access and is listed for $26 million. The site, represented by Colliers Vice President…

Leste Group Partners and Brazilian Firm to Invest $1B in Miami-Dade and Around Florida

Global investment manager Leste Group has partnered with Opportunity Fundo de Investimento Imobiliário, a Brazil-based private investment firm, to form a new real estate development company, LORE Development Group. The new firm will primarily focus on developing upwards of $1 billion in multifamily and condominium projects in South Florida over the next five years.

Majorca Investment Properties Hopes to Get Approved for Outpatient Surgery Center at 8100 SW 81st Drive in Kendall

Majorca Investment Properties hopes to get approval for an outpatient surgery center in Kendall, Florida. The venture would comprise two phases. Per the South Florida Business Journal, the first phase could offer a 117,000-square-foot building, measuring four stories above grade and offering a fitness center, recovery rooms, imaging machine suite, and eight operating rooms.

428 Residential Units Proposed In Spring Garden with 900 Feet Of Waterfront Walkway

Plans have been submitted for a residential project in Spring Garden. The project name is listed plans as 1010 Spring Garden. It is planned to rise 12 stories and include: 428 residential units (37 micro-units) 602 parking spaces from ground through fourth floor (10% waiver from Miami 21 zoning requirements has been requested) more than 900 lineal feet of “inviting” public waterfront…

SmartCity $1.2B Bid for Genting Owned Property Cancelled, For Now

SmartCity Miami has ended its bid for the former Miami Herald property in Downtown Miami now owned by Genting, according to an announcement. Genting said in statement that the buyer had requested an extension of the exclusivity period and sought amendments to the terms of the purchase agreement for the site. The requests were not granted by Genting, so the buyer elected…

$1.2B Deal For 15-Acre Downtown Miami Site Falls Apart

The planned $1.225B sale of a 15.5-acre site in Downtown Miami is on hold after the buyer failed to secure financing in time or an extension on an exclusivity period on the deal. Smart City Miami LLC, a partnership led by Terra Group and its CEO, David Martin, agreed to purchase the site — which sits on Biscayne Bay and includes the former Miami Herald headquarters…

What Terra’s exit from record $1.2B Miami land deal signals for the market

The shock is wearing off from developer David Martin’s decision to pull the plug on a record $1.2 billion purchase of a waterfront assemblage in Miami. A reality check dusted with disappointment is setting in, brokers say. Smart City Miami, the Terra-led group that canceled its contract to acquire Genting Group’s 15.5-acre partially bayfront property north of downtown Miami…

Proposal Submitted With ‘Signature Towers’ Rising Up To 50 Stories Near El Portal

An application has been filed with Miami-Dade County that could see multiple towers rising as tall as 50 stories near El Portal. The combined proposal (most of the site is overseen by county zoning, with a small portion under city purview) would include: 4,276 multifamily units 121 live/work units 312 hotel keys 293,043 square feet commercial 5,219 parking spaces…

ANF Group Begins Construction on 332-Unit Affordable Housing Development in Miami

General contractor ANF Group has begun construction on Southpointe Vista, a two-phase affordable housing development in Miami that will total 332 units. McDowell Housing Partners is the developer of the two 10-story residential towers, which will be connected by a central paseo. Located at 21255 117th Court in the city’s Goulds neighborhood, the towers will feature…

Commercial real estate is under stress but places like New York and Miami still offer pockets of value, Nuveen Real Estate CIO says

The US commercial real-estate market has seen deepening gloom in recent quarters, but investors can still find pockets of value in the embattled sector, according to the chief investment officer at Nuveen Real Estate. In an interview with CNBC, Carly Tripp said it’s clear there’s a lot of distress in the office property segment, which saw troubled assets hit $64 billion in the first quarter…

Spain’s Mediapro Opens Miami Production Studio near Hialeah

Spanish multimedia heavyweight Grup Mediapro and South Florida-based BrandStar Studios opened a 10,440-square-foot production studio in Miami-Dade County this week. Located at 7321 NW 75th Street, at the intersection of the Hialeah and Palmetto expressways, the facility includes 1,000 LED panels that are 22 feet tall and 3D creation tools to aid editing and post-production…

Developers Build Thousands Of Miami Condos With Investors, Not Homeowners, In Mind

Tourists headed to Miami for vacation have no trouble finding a place to stay. For residents of the city, the story is a little different. Short-term rentals have proliferated across Miami as developers race to meet demand that surged during the pandemic. More than a dozen properties have been proposed or broken ground, even as the state and local governments work to incentivize…

Miami apartment complex sold to Magnum Holding

Cervera Real Estate Ventures, led by Javier Cervera Jr., sold a 90-unit apartment complex near Miami International Airport to a firm owned by Montreal-based Trams Property Management. Magnum Holding Company, Trams’ U.S. subsidiary, paid about $20 million for Mia Airport Villas at 4325 to 4335 Northwest South Tamiami Canal Drive, according to a press release. The deal breaks…

Brightline Celebrates Completion of Construction to Orlando

Brightline, the only provider of modern, eco-friendly, intercity rail in America, celebrated the completion of construction to Orlando, paving the way for the launch of service between Central and South Florida this summer. To mark the completion of construction, mayors representing Brightline station cities along with Brightline Orlando construction team…

Brightline Celebrates Completion Of Construction For Orlando Expansion

Brightline, the premier provider of modern, eco-friendly intercity rail in the United States, recently marked a significant milestone with the completion of construction in Orlando. This achievement sets the stage for the highly anticipated service launch between Central and South Florida later this summer. To commemorate this achievement, a gathering of mayors from Brightline station…

FundRebel to Acquire Nine Hollywood Mixed-Use Development in Metro Miami for $67M

FundRebel LLC is under contract to acquire Nine Hollywood, a mixed-use property currently underway in Hollywood, for $67 million. Situated on a 36,000-square-foot parcel, the development features 204 multifamily residential units, three levels of integrated parking and more than 7,000 square feet of retail space. Residences include apartments in studio, one- and two-bedroom layouts.

FundRebel Acquires Hollywood Property for $67M

FundRebel has agreed to acquire Nine Hollywood, a mixed-use property in Hollywood, Fla., for $67 million. The project, which was acquired from Romagnole Investment Properties, according to Yardi Matrix data, is under construction and will be located on a 36,000-square-foot parcel of land near the beach. The community will offer 204 rental units, three levels of integrated parking…

Waterton Acquires 321-Unit Multifamily in Plantation

Waterton, a national real estate investor and operator, announced it will expand its footprint in South Florida with the acquisition of One Plantation, a 321-unit apartment community at 1650 SW 78th Ave. in Plantation, FL. Built in 2013 as part of the 860-acre Plantation Midtown master plan, the 12-story apartment…

Connor Group pays $121M for Coral Springs apartment complex

Six months after buying its first South Florida multifamily property, The Connor Group is coming back for seconds. The Dayton, Ohio-based firm bought The Villas at Wyndham Lakes, a nearly 20-acre complex at 11500 Northwest 56th Drive in Coral Springs, for $121 million from AEW Capital Management, according to records and real estate database Vizzda. The buyer…

Morgan Auto pays $42M for Coconut Creek car dealership

Morgan Auto Group is expanding its South Florida portfolio with a $42 million dealership purchase in Broward County. The Tampa-based car retailer bought Al Hendrickson Toyota at 5201 and 5401 West Sample Road in Coconut Creek, records and Vizzda show. Morgan secured a $113 million mortgage from Bank of America that is also backed by a Fort Myers car dealership the…

6-Story Mixed-Use Development Proposed For 545 Northwest 5th Avenue In Fort Lauderdale’s Progresso Village Neighborhood

Earlier this month, Village of the Arts, Ltd., affiliated with Dania Beach-based MJDC, filed plans for Village of the Arts, a 6-story mixed-use project at 543 Northwest 5th Avenue in Fort Lauderdale’s Progresso Village neighborhood. Designed by Cohen Freedman Encinosa & Associates Architects with Architectural Alliance Landscape as the landscape architect and Botek Thurlow Engineering…

Harbor Group pays $106M for West Palm Beach apartments

Harbor Group International is adding to its already massive South Florida multifamily portfolio, picking up a newly completed West Palm Beach apartment complex for $105.5 million. The Norfolk, Virginia-based investment firm purchased the Locklyn West Palm, a 280-unit property at 3590 Village Boulevard, from an affiliate of developer Alliance Residential Company and private equity…

Hotel Sector Soars on Longer Stays, Increased Demand

The average length of stay in hotels has undergone a notable shift since the onset of the COVID-19 pandemic. Many travelers have opted to extend their hotel stays for longer durations.  According to industry reports, the average length of stay in hotels has increased by approximately 20 to 25 percent compared to pre-pandemic levels. This trend has been observed across various…

Leste, Brazilian partner plan 500-unit apartment tower in Brickell

Leste Group and Brazilian real estate firm Opportunity Fundo de Investimento Imobiliário plan a 500-unit apartment tower in Brickell, marking the first project in their $1 billion South Florida development pipeline. Through the pair’s newly formed joint venture, LORE Development Group, the partners want to build a 70-story tower on a half-acre parking lot on the southeast…

A New JV Plans to Develop $1B in Florida, Starting with $500M on Brickell

Leste Group, a Miami-based global independent alternative investment manager, and Rio de Janeiro, Brazilian-based Opportunity Fundo de Investimento Imobiliario, a private investment firm, have formed a new real estate development firm, LORE. Its first collaboration is a 500-high-end apartment in Miami’s swank Brickell district, valued at $500 million. Picking Brickell makes sense…

LORE to Develop $500M Multifamily Project in Miami’s Brickell District

LORE Development Group, a newly formed development firm between Leste Group and Brazilian-based Opportunity Fundo de Investimento Imobiliário, has announced plans to develop a $500 million multifamily development in Miami’s Brickell district. Situated near Brickell City Centre, the 442,000-square-foot, unnamed property will be located at 1015 SW 1st Ave.

Udonis Haslem, partners score dev site for Wynwood affordable rentals

Mere days after the Miami Heat’s Udonis Haslem retired, he is getting serious about his real estate game. Haslem and his development partners scored the site for a Wynwood affordable rentals project and plan to start construction by next week. Coral Gables-based Magellan Housing and Haslem plan the 12-story Wynwood Works building with 120 units, Nick Inamdar…

Terra’s $1.2B purchase of Genting’s Miami assemblage called off

Developer David Martin’s record $1.2 billion purchase of Genting Group’s downtown Miami assemblage was called off, The Real Deal has learned. Martin and his firm, Terra, led Smart City Miami, an investment group that was in contract to acquire the 15.5-acre assemblage in downtown Miami’s Arts & Entertainment District. The property is north of the Kaseya Arena, and near…

Miami Freedom Park Sitework Could Begin ‘In The Next Two Weeks’

Sitework at Miami Freedom Park is imminent, according to the Herald. Jorge Mas, the managing owner of Inter Miami, said that permits have been applied for and a green light to begin work is expected “any day now.” He added that he hopes to begin the work, including remediation and utilities, within the next two weeks. Summer or early fall of  2025 is being targeted…

Brightline Completes Construction Of Rail Line To Orlando

Brightline announced today that it has completed construction of its project that will connect Miami and Orlando by rail. A celebration was held at Brightline’s new Orlando International Airport Station this morning. Groundbreaking for the project took place in June 2019. Testing is continuing, with service expected to begin in Summer 2023. Testing at 110 mph through Brevard County…

70-Story Tower Planned On Brickell’s Chicken Lot

Developers have announced plans to build a 70-story tower on Brickell’s chicken lot, according to The Real Deal. Lore Development Group, a joint venture between Leste Group and Brazilian real estate firm Opportunity Fundo de Investimento Imobiliário said that it had acquired the land for $35 million. A new $500 million tower is being designed by Corwil, the developers…

Mixed-Use Development Bolsters Miami Office Pipeline

The metro was in the top 3 gateway cities with largest office pipeline relative to total stock Several large mixed-use projects comprising significant office components broke ground in 2023 First-quarter deal volume dropped significantly on a year-over-year basis Miami had the largest share of coworking space as percentage of total leasable office space among gateway cities…

South Florida Retail Real Estate Summary: Leases, Sales & Construction Projects

Market Snapshot for South Florida Retail Real Estate: Here’s our quarterly summary South Florida commercial real estate focusing on Miami retail real estate. The report includes statistical highlights (cap rates, vacancy rates, absorption, etc), the latest retail transactions, signed leases, retail trends, and current market activity. The retail real estate report is updated by our…

Related Group, LNDMRK Secure Three-Parcel Site In Miami’s Edgewater Neighborhood

Leading developer Related Group, in partnership with Alex Karakhanian of LNDMRK, has acquired an 18,000-square-foot land parcel comprising three contiguous sites in Edgewater, Miami. The prime location of the properties, situated at 519, 525, and 535 Northeast 29th Street, offers stunning views of Biscayne Bay and convenient access to MacArthur Bridge, connecting Edgewater…

Related Group & Lndmrk Buy Edgewater Development Site

Related Group & Lndmrk have just closed on a development site in Edgewater. PPD Edgewater LLC sold the 18,000-square-foot property for $12 million. It last sold for $7.7 million in 2021. The selling entity is managed by Esteban Koffsmon, who is Executive Vice President of Development and Construction for Chateau Group. Koffsmon had plans for a 62-unit luxury condo tower…

Developers Propose Domus Flats II at 221 SW 11th Street in Miami

Developers have proposed a high-rise tower in Miami’s Brickell neighborhood. Domus Flats II could stand close to 340 feet tall, offering more than 450 lodging units in a 29-story building. The Next Miami notes that homes will include studios to two-bedroom units, along with 1,545 square feet of ground floor retail space. There will be 303 studios, 121 one-bedroom homes…

42 Pine Tops Off In Miami Beach

42 Pine has topped of in mid-Miami Beach. The building is on track for completion in Q1 2024, according to a press release last week. A total of 50 luxury condo residences are planned, at prices ranging from $700,000 to $3,000,000. “The pace of construction is impressive, and we are proud to be involved in a project that brings a new level of luxury to the area,” said Allan Lebovits…

42 Pine Tops Off Luxury Residences in Miami Beach

42 Pine, the highly anticipated boutique residential building at the nexus of iconic Pine Tree Drive and 42nd Street, has topped off, marking a milestone along its timeline for completion, which is estimated for Q1 2024. With architecture imagined by renowned firm Arquitectonica, the eight-story building will reflect timeless sophistication…

Construction Tops Off On 42 Pine At 340 West 42nd Street In Miami Beach

42 Pine, the highly anticipated boutique residential building at the prime intersection of Pine Tree Drive and 42nd Street, has reached its topping-off milestone, signaling significant progress towards its projected completion in Q1 2024. Designed by the esteemed architectural firm Arquitectonica, this eight-story structure embodies timeless sophistication, poised to become…

South Florida’s Industrial Developers Bet On Long-Term Rent Growth

As industrial rents continue to rise in South Florida, investors are looking to buy sites and build warehouse space. The only problem is there’s very little land left. Squeezed between the ocean and the Everglades, South Florida’s industrial developers are increasingly turning to smaller sites and footprints as they look for opportunities in a severely land-constrained market.

Rivani’s Black Lion shedding restaurant space, starting at One Thousand Museum

Black Lion Investment Group sold its One Thousand Museum commercial unit, as the firm gears up for a big Miami Beach acquisition. An affiliate of Miami-based Black Lion, led by Robert Rivani, sold the 6,500-square-foot ground-floor space in the Zaha Hadid designed luxury condominium at 1000 Biscayne Boulevard, records show. The buyer, the One Thousand Museum Condominium…

HTG to Build $100M Miami-Area Affordable Project

Housing Trust Group will break ground this month on University Station, a $100 million, fully affordable development in Hollywood, Fla. The project is set to include 216 residential units, as well as Barry University’s College of Nursing and Health Services. Designs were provided by Corwil Architects and ANF Group will serve as general contractor. Completion is expected in the…

$6.7M Sale is Brokered of West Miami Store Leased to Walgreens

Marcus & Millichap has brokered the $6.7 million sale of a freestanding store in west Miami that is leased to Walgreens. The 13,650-square-foot store is located on a 1.4-acre parcel at 16690 SW 88th St. and is an outparcel to Kendall Pointe, a shopping center anchored by Aldi and PetSmart. Built in 2004, the store is subject to a new 15-year triple-net lease with Walgreens.

Team punts 50-year airport hotel deal to county commission

A county committee deciding whether to back the mayor’s aim to award a 50-year lease for a Miami International Airport hotel to the owners of the Miami Dolphins and the Fontainebleau Miami Beach instead punted the ball to the county commission to act. Even deciding not to decide last week demanded two dueling developers’ presentations, nearly three hours of debate…

Partners open Miami-Dade’s largest virtual production studio

Grup Mediapro and BranStar Studios have teamed up to offer the largest state-of-the-art virtual production facility in Miami-Dade County. The virtual production LED wall at 7321 NW 75th St. in Medley will offer immersive real-time environments, Unreal Engine, in-camera motion tracking and real-time rendering. “The ability to combine our expertise of producing over…

MLS stadium site gets airport’s clearance for takeoff

A bid to allow a soccer stadium, hotel and offices on the City of Miami’s former Melreese golf course got a kick ahead last week with the county Airports and Economic Development Committee’s unanimous OK. The 25,000-seat stadium, the offices and the hotel aren’t cited in the legislation. It lists the only uses that could be banned in flight paths of Miami International Airport…

Related, Alex Karakhanian buy dev site near planned Major Food Group tower

Related Group and Alex Karakhanian closed on a development site in Miami’s Edgewater, across from the planned Villa Miami tower, The Real Deal has learned. The Pérez family’s Miami-based Related and Karakhanian’s Lndmrk Development acquired the 0.4-acre assemblage at 519, 525 and 535 Northeast 29th Street, the two firms said. It marks Related’s first new investment in Edgewater…

Lender seeks foreclosure of Henley’s Life House-operated hotels in Miami, Miami Beach

Safe Harbor Equity is seeking foreclosure on two hotels in Miami and Miami Beach that are owned by Henley Investments, tied to a $13 million loan. The properties include the 26-unit Pretty Swell hotel at 321 Collins Avenue and the 33-room Life House hotel at 528 Southwest Ninth Avenue in Miami’s Little Havana. The Miami Beach property is a former hostel.

Reviewing Miami’s Retail Scene: An Overview of the Present Atmosphere

Miami is a vivacious city renowned for its scenic beaches, sunny climate and dynamic nightlife. The South Florida city is also a hub for a flourishing retail industry, which serves an eclectic blend of both locals and visitors. Miami’s retail market is characterized by its diversity, with a broad spectrum of retailers ranging from luxurious, high-end boutiques to small, locally owned businesses.

Mill Creek Residential Files Plans For Modera North Bayshore At 2100 North Bayshore Drive In Miami

Mill Creek Residential has submitted plans for a new apartment building in the vibrant Edgewater neighborhood of Miami. Named Modera North Bayshore, the proposed development is set to impact the local skyline significantly. Standing tall at 31 stories, or approximately 340 feet, the modern contemporary tower will offer residents desirable amenities and living spaces.

Origin Residences Set for 2025 Release at 9760 West Bay Harbor Drive in Bay Harbor Islands

Florida YIMBY has learned of an exciting mid-rise venture tower taking place in Bay Harbor Islands. Meet Origin Residences. It’s a seven-story complex offering 27 homes, measuring 1,367 square feet to 2,328 square feet each. Homes will range from two-bedroom to four-bedroom residences, with the smallest ones starting at $1.4 million. These luxury waterfront homes come…

Developers Seek UDRB Approval For 48-Story St. Regis Residences Miami

Miami-based developers Related Group and Integra Investments have filed plans with Miami’s Urban Development Review Board for the St. Regis Residences Miami, a 48-story condominium tower planned at 1809 Brickell Avenue in the Brickell neighborhood. Designed by Robert A.M. Stern Architects (RAMSA) with Cohen Freedman Encinosa & Associates Architects as the architect…

Eight Retail Tenants Sign Leases to Occupy Promenade Along Lincoln Road in Miami Beach

Eight new retail tenants have signed leases on Lincoln Road in Miami Beach, a South Florida high street that features more than 200 shops, cafés, galleries and restaurants across eight blocks. Paris St. Germain, Habitat Hyett, The Cheesecake Factory, Ecco, BonBon Etc., Osteria da Fortunata, Voyage Luggage and Salt & Straw will open locations at the promenade beginning…

Renderings From Kobi Karp Reveals Design For Witkoff Group’s 3 Tower Mixed-Use Development At Miami Worldcenter

Renderings have been revealed for the highly anticipated 700 North Miami Avenue at Miami Worldcenter, an ambitious three-towered mixed-use complex set to rise on the former site of the Miami Arena. Developed by the renowned Witkoff Group in collaboration with Monroe Capital, this transformative project has unveiled its architectural vision through striking renderings…

Tri-Rail’s First Ever Train To Downtown Miami Approved For Next Week

Tri-Rail has finally obtained approval to test a trainset running into MiamiCentral, according to WLRN’s Danny Rivero. The authorization for testing lasts from June 19 through June 23, a letter from track owner Florida East Coast Railway shows. Additional test dates may be considered based on the results, the letter states. Meanwhile, the actual launch of Tri-Rail’s revenue service…

Investigation into Surfside collapse confirms pool deck flaws

Flaws in the design and construction of Champlain Towers South’s pool deck exposed that portion of the building to “critically low margins against failure,” a newly released investigation found. Designs fell short of building codes, and slab columns and fixtures had “severe” strength deficiencies in several places at the pool deck, according to the National Institute of Standards…

Miami’s Developers Pour Cash Into Mayor Suarez’s Presidential Campaign Committee

Miami Mayor Francis Suarez announced he is running for president last Thursday, and South Florida’s developers are lining up to help fund his long shot bid for the nation’s highest office. A super PAC backing Miami Mayor Francis Suarez, pictured at a Bisnow event in 2018, received around $2.6M from developers in December alone. A super PAC backing Suarez called SOS America…

Housing Trust Group Breaks Ground on $100 Million Mixed-Use ‘University Station’ Development in Hollywood, Florida Along Future Commuter Rail

Housing Trust Group (HTG) has secured financing for University Station, a $100 million mixed-use development in Hollywood, Florida. This significant project, the largest undertaken by HTG to date, is a collaboration between HTG and the City of Hollywood, forming a true public-private partnership (P3). University Station will feature a range of workforce and affordable housing…

Hollywood board OK’s Diplomat Landing project, three rental developments

Related Group and BH Group’s plan for a pair of luxury towers adjacent to the Diplomat Beach Resort, as well as three multifamily proposals by other developers are a step closer to fruition. The Hollywood Planning and Development Board approved the four projects on Tuesday. In the biggest development, the Pérez family’s Related and the Toledano family’s BH want to build…

Crowdfunding start-up FundRebel to buy Hollywood multifamily project for $67M

FundRebel, a crowdfunding real estate start-up, is planning a $67 million purchase of a Hollywood multifamily project as its first deal. The New York-based firm is in contract to buy Nine Hollywood, a 12-story apartment building with 204 units and 7,000 square feet of ground-floor retail, FundRebel CEO Mark Drachman said in an emailed statement. The project at 1809 Jackson Street…

PGIM sells Plantation multifamily complex for $88M

PGIM Real Estate sold the One Plantation multifamily complex for $88.4 million. Chicago-based Waterton bought the pair of 12-story apartment buildings and adjacent garage at 1600-1700 Southwest 78th Avenue in Plantation, according to records and real estate database Vizzda. The deal for the 321-unit complex on 5.6 acres breaks down to $275,337 per apartment.

Fort Lauderdale approves Bahia Mar rezoning and $1B redevelopment

Jimmy and Kenny Tate, Sergio Rok, and the Related Group won rezoning and approval for their $1 billion redevelopment of the Bahia Mar resort on city-owned property in Fort Lauderdale. The developers plan to build as many as 350 condos, and start pre-construction condo sales by year-end. They plan to break ground by 2025 for the first two condo buildings and a new hotel to replace…

Related And BH Group Acquire $28.5MM Loan for Pompano Beach Site On North Ocean Boulevard

Related Group, led by renowned developer Jorge Perez, and BH Group, headed by Isaac Toledano, have secured a substantial $28.5 million loan from Centennial Bank for their latest venture in Pompano Beach. This hidden gem of South Florida has been captivating the attention of real estate developers, restaurateurs, and prospective residents, thanks to its waterfront allure and emerging…

Blackstone, Link pay $29M for Whole Foods warehouse in Pompano Beach

Blackstone and its subsidiary Link Logistics paid $28.6 million for a last-mile facility in Pompano Beach as the investment giant’s industrial buying spree continues in South Florida. The acquisition of the Whole Foods distribution center at 2700 Northwest Street in the Broward County city marks the joint venture’s second tri-county industrial purchase in the past month. Blackstone and Link…

Related Cos. to Build 2 West Palm Beach Office Towers

Image by 652234 via pixabay.com Related Cos. has plans to further expand its West Palm Beach, Fla., footprint with the development of two new office towers totaling nearly 1 million square feet, according to South Florida Business Journal. The developer intends to start construction on the project in 2024 and complete it in 2026. Dubbed East Tower and West Tower, the office…

Related, Rockpoint sell Lantana apartment complex for $138M

Related Group and Rockpoint sold a four-building apartment complex in Lantana for $138 million. An affiliate of New York-based Praedium Group bought Manor Lantana, the 348-unit rental community at 861 Water Tower Way, records and Vizzda show. Praedium paid roughly $396,550 per apartment, and obtained a $75.9 million mortgage from Northwest Mutual Life Insurance.

Video: Seyfarth Partner Ronald Gart Discusses Firm’s Real Estate Market Sentiment Survey 2023

In this video, listen to Ronald S Gart, Partner at Seyfarth Shaw, discuss takeaways from the 8th annual Real Estate Sentiment Survey featuring results from 2,500 commercial real estate professionals, including investors, asset managers, lenders, private equity, and more. Among the topics discussed are interest rates, recession concerns, projections for the length of potential…

Exploring the Pros and Cons of Investing in Commercial Real Estate

Commercial real estate refers to properties that are primarily used for business purposes, such as office buildings, retail centers, industrial complexes, and hotels. Commercial real estate offers a variety of opportunities and difficulties for investors. Before investing in commercial real estate, it’s important to evaluate the positive and negative aspects, regardless of your level of…

Understanding Title Insurance: Why Do You Need It?

When it comes to purchasing a property, whether it’s your dream home or a valuable investment, safeguarding your ownership rights is crucial. That’s where title insurance plays a pivotal role. In this article, we’ll explore what title insurance is, why it is essential, and how ESQ.title, a reputable real estate law firm located in Coral Gables, Florida, can assist you in securing your…

It’s a condo. No, it’s a hotel. Inside the condo-hotel conundrum

When Rasikaran and Jhansi Boaz set out to buy a condo in 2008, they chose an oceanfront Canyon Ranch-branded project in Miami Beach, partly thanks to its amenities. The complex, now called Carillon Miami Wellness Resort, has four pools, a spa and restaurant. “We liked that healthy living concept,” Rasikaran Boaz said. But their dream, and that of other buyers, of a relaxing…

Moinian’s Bezel rental tower at Miami Worldcenter hits market for roughly $300M: sources

The Moinian Group put the Bezel apartment tower at Miami Worldcenter on the market for roughly $300 million, The Real Deal has learned. If it sells at that price, it would mark the biggest South Florida multifamily deal so far this year, as expensive financing costs have led to a dry spell in investment sales. New York-based Moinian and Orlando-based ZOM Living completed…

Revealed: 3 Towers Proposed At Former Miami Arena Property

Plans have just been submitted to the Urban Development Review Board to build three towers at the former Miami Arena site. Three towers are proposed to rise 615 feet, 589 feet, and 577 feet, with the tallest at 54 stories. The proposal includes: 2,346 dwelling units 30,535 square feet commercial 2,078 parking spaces on level 2 through 8 (parking garages to be partially…

Messi to Miami: What that means for real estate

The beautiful game’s most accomplished player has picked Miami as his new home. Real estate cannot wait. For his next act, Lionel Messi turned down a gargantuan offer from Saudi Arabia – reportedly close to half a billion dollars annually – and chose to play for Inter Miami, the soccer club that counts David Beckham as a co-owner. Messi’s move advances Miami’s ambitions…

Messi’s Not Alone: FIFA, Argentina’s National Team Plan Moves To Miami

The greatest soccer player alive, Lionel Messi, is heading to Miami for the next phase of his career, but he isn’t the only international soccer powerhouse looking to put down roots in the Magic City. Lionel Messi’s move to Inter Miami comes as the city is attracting investment from soccer teams and companies. FIFA, soccer’s international governing body, is negotiating…

Miami Offices Defy National Trends

The sunny skies of South Florida appear to be benefiting not just beachgoers but office landlords as well. Rents are up, leasing activity is strong, and net absorption is positive. Nevertheless, clouds on the distant horizon could throw a shadow over the party. Colliers’ report on the Miami-Dade County office market found rents rising 11% from $46.58 in Q1 2022 to $51.70…

Plans Submitted For Modera North Bayshore, With 275 New Apartments In Edgewater

Mill Creek Residential has just filed plans for a new apartment building in Edgewater called Modera North Bayshore. Modera North Bayshore is planned to rise 31 stories, or 340 feet and include: 275 multi-family apartments 363 parking spaces on levels 1-8 Indoor and outdoor amenities, including a swimming pool, are planned on level 31. Mill Creek has already completed…

FAA Green-Lights Proposal To Build Westpine Brickell At 510 Feet

The FAA has just issued a determination that a proposed 43-story residential tower in Brickell called Westpine poses no hazard to aviation. A letter was issued by the agency on June 9 to Timothy Haskin of developer Westpine Brickell, LLC. The FAA approved a structure height of 499 feet above ground, or 510 feet above sea level. Plans submitted to the county in December showed…

Urbana plans 121-unit condo project in Miami’s Edgewater

Urbana Holdings wants to develop a 121-unit condominium that allows short-term rentals in Miami’s Edgewater neighborhood. The Atlanta-based firm plans a nine-story building, called Vida Residences, on 0.7 acres at 410 Northeast 35th Terrace, according to the developer’s marketing materials and records. Urbana bought the development site for $14 million…

One BCC Submitted To UDRB: 977-Foot Tower To Include New Metromover Entrance

Plans for One Brickell City Centre have just been submitted to Miami’s Urban Development Review Board, along with new renderings. The files show that the tower is planned to top off at 59 stories, or 977 feet (supertalls are generally defined as being 300 meters, or 984 feet). A rooftop helipad is planned. Below that is office (no restaurant, bar, or observation deck is proposed…

Caroline Weiss hit with foreclosure lawsuit tied to Blue Lagoon dev site

Developer Caroline Weiss could lose a waterfront development site in Miami’s Blue Lagoon to foreclosure. Lender TIG Romspen filed a foreclosure lawsuit last week in Miami-Dade Circuit Court against Weiss and entities that own the 7-acre assemblage on Northwest 7th Street and Northwest 48th Avenue. TIG Romspen alleges Weiss failed to pay off a $13.1 million mortgage debt…

Miami City Commission Punts Again On Redevelopment Of Downtown Hyatt, Convention Center

The ambitious redevelopment of the Hyatt Regency Hotel and James L. Knight International Center in Downtown Miami stalled at a Miami City Commission meeting Monday, the third time in five weeks the city’s governing body has failed to advance the project. A special meeting was called to discuss and vote on a resolution that would have authorized the city manager to…

DAMAC International Seeks Approval For 12-Story Condominium Designed By Zaha Hadid Architects In Surfside

DAMAC International has officially submitted its planning application to the Town of Surfside for the former Champlain Towers South site. This application unveils a remarkable Zaha Hadid Architects (ZHA) design, marking the second collaboration between DAMAC International and the renowned British architecture and design firm. ZHA’s first project in Miami, the iconic…

Renderings Revealed For Luxury Condos On Site Of Deadly Surfside Collapse

The Dubai-based owner that bought the site where the Champlain Tower South building collapsed in Surfside, Florida, has submitted plans for a luxury condo development to be built where 98 people were killed. Damac International commissioned the Pritzker Prize-winning architecture firm Zaha Hadid Architects to design the property at 8777 Collins Ave. and has submitted…

Damac plans Hadid Architects-designed condo building on Surfside collapse site

The Dubai developer that bought the Surfside collapse site last summer submitted plans to build an oceanfront luxury condo building on the property, designed by Zaha Hadid Architects. Damac Properties, led by Hussain Sajwani, wants to build a 12-story boutique building with 57 units on the 1.8-acre property at 8777 Collins Avenue, according to a company news release.

Damac plans Hadid Architects-designed condo building on Surfside collapse site

The Dubai developer that bought the Surfside collapse site last summer submitted plans to build an oceanfront luxury condo building on the property, designed by Zaha Hadid Architects. Damac Properties, led by Hussain Sajwani, wants to build a 12-story boutique building with 57 units on the 1.8-acre property at 8777 Collins Avenue, according to a company news release.

PortMiami lures sea-rail freight deals with Mexico

PortMiami and Grupo Mexico Transportes, which acquired Florida East Coast (FEC) Railway, were hosting 120 Mexican companies and government officials at Terminal E this week to promote PortMiami as a preferred gateway for Mexican products, said a PortMiami spokesperson. “We believe these efforts will make the new USMCA Highway a rail/water/rail route to avoid…

Construction Starts on Elemi at Grove Village at 3363 Thomas Avenue in Coconut Grove

Ground has officially broken on Elemi at Grove Village, a multifamily housing complex in Miami’s Coconut Grove neighborhood. The five-story building will offer 46 apartments, ranging from 965 square feet to 1,535 square feet. Layout plans comprise one-bedroom to three-bedroom homes. Renderings suggest that homes come with plank wood flooring, hurricane-grade windows…

Revealed: 29-Story Domus Flats II Planned In Brickell

A developer has just filed plans to build a new project in Brickell called Domus Flats II. The tower is proposed to rise 29 stories, or 336 feet and include: 459 lodging units (with 303 studios, 121 1-bedroom units, and 35 2-bedroom units) 1,545 square feet ground floor food and beverage rooftop pool, bar and grill area 150 parking spaces on levels 1-3 (zero parking is required under…

Surfside Building With Glass Bottom Pool Proposed By Dubai-Based Developer

A Dubai-based developer has just filed plans for a luxury residential project in Surfside – and renderings show what appears to be a glass-bottomed pool at the top. According to a press release from developer Damac, there will be two buildings connected by a 100-foot rooftop pool (another 75-foot exercise pool is planned indoors). The proposal is for the Champlain Towers…

This is what’s next for Damac’s plan for luxury condos on Surfside collapse site

The developer that purchased the Surfside condo collapse site faces a public relations test and a series of town approvals, as it moves forward with plans to build an oceanfront luxury condo on the property where 98 people died two years ago. Damac Properties, led by Hussain Sajwani, wants to build a 12-story, 57-unit boutique condo designed by Zaha Hadid Architects…

Here’s North Bay Village’s pipeline of development

South Florida is booming, and North Bay Village is no exception. The three-island city between Miami and Miami Beach has attracted its fair share of development, promising apartment and condo towers, hotels, and retail and office space in the next few years. Six developers spent $143.5 million on land acquisitions alone, paving the way for nearly 3,000 new condos and apartments…

Miami Ranks #1 In New Index By The Economist: ‘Shift In The Balance Of Power’

The Economist has ranked Miami at the top of a new index that looks at the performance of ten global cities over the past few years. The publication looked at four key measures to create the index: population growth, GDP growth, office vacancies and housing prices, all over the past three years. Miami’s real GDP is said to have increased 10.6% since 2019, while housing prices…

Museum Of Ice Cream To Open Permanent Location At Miami Worldcenter In 2024

Museum of Ice Cream has announced plans to open a permanent location at Miami Worldcenter in 2024. The new location will have two floors and over 14,000 square feet, with an entrance at Worldcenter’s pedestrian promenade. There will be 10 unique, interactive installations inspired by the energy and vibrancy of Miami, including: the Cream Liner, a luxury airliner…

FAA Greenlights 301-Foot-Tall Residential Tower For Civica Center Phase II In Miami

The Congress Group and Taurus Investment Holdings, LLC, Boston-based developers, have secured Federal Aviation Administration (FAA) approval for Civica Center Phase II, a 27-story residential tower set to rise at 1050 Northwest 14th Street in Miami’s Allapattah neighborhood. The 301-foot-tall structure is designed by CUBE3 Architects, with Kimley-Horn serving…

FAA Approves Near-Supertall Tower Across From Brickell City Centre

The Federal Aviation Administration has issued a determination that would allow a near supertall tower to be built across from Brickell City Centre. The FAA had previously approved the same tower height for the property, but that approval had expired. According to the new approval, a tower height of 954 feet above ground or 960 feet above sea level is permitted – identical…

Lynd Miami Worldcenter Approved By FAA At 709 Feet

The Federal Aviation Administration has issued height approval for a new tower at Miami Worldcenter. Apartment developer Lynd acquired the Worldcenter parcel last August, in a $30 million deal. According to the June 9 FAA notification, the building on Lynd’s site is permitted to rise 698 feet above ground, or 709 feet above sea level That would make it identical in height…

Map Shows Train Stations Planned For Northeast Miami-Dade Corridor

A total of seven stations are shown on a map of a new rail line planned from Downtown Miami to Aventura known as the Northeast Corridor. The map is published on Miami-Dade County’s website. It shows the stations are planned at: MiamiCentral Wynwood – NE 29 Street Design District – NE 41 Street Little Haiti – NE 61 Street North Miami – NE 123 Street FIU North Campus…

Concord Summit Capital Closes $12 Million Loan For Downtown Miami Development Site, Paving Way For 52-Story Tower With 545 Multifamily Units

Concord Summit Capital, LLC (“Concord Summit”) has arranged a $12 million bridge loan for an infill property in Downtown Miami. Managing Director Justin Neelis and Associate Keegan Burger of Concord Summit’s Miami office sourced and advised the loan. The bridge loan is intended to refinance the existing mortgage and provide predevelopment funds…

Argentina-Based Developers Plan Multifamily Project in Miami Beach to Replace SFH

The owners of a 5,650-square-foot property located at 7921 Carlyle Avenue in Miami Beach’s North Beach neighborhood have proposed demolishing a 1940s single-family home to make way for a three-story multifamily development. Denbora Bay, LLC, a Lake Worth, Florida-based company led by a group of individuals from Buenos Aires, Argentina, is identified as the applicant…

Kirkland & Ellis subleasing two floors at Vlad Doronin’s 830 Brickell: sources

Law firm Kirkland & Ellis, which inked a lease for 115,000 square feet on six floors at 830 Brickell in one of the biggest new-to-market office deals in South Florida last year, is subleasing a portion of its space, The Real Deal has learned. The move at the planned tower, a top choice for major tenants, comes amid signs of a South Florida office slowdown. The 13,100-square-foot 14th floor…

Miami “Silicon Valley of the South”? Hardly, data shows

In the past two years, South Florida’s real estate industry has been abuzz over the tri-county region becoming the next Big Tech mecca. Venture capital firms opened offices in Wynwood. Politicians joined the fanfare: Miami Mayor Francis Suarez tweeted “How can I help?” in reference to Bay Area firms moving to Miami. Some even rechristened the city… brokers.

Developer Rishi Kapoor is being investigated FBI, SEC

Another week, more investigations for South Florida developer Rishi Kapoor. The FBI and the SEC have initiated separate inquiries into Kapoor, the Miami Herald reported. The FBI’s criminal investigation centers on the $10,000 monthly payments to Miami Mayor Francis Suarez from a subsidiary of Kapoor’s company, Location Ventures. Agents are looking into whether the…

Sale of a 27-Unit North Miami Beach Multifamily Portfolio Arranged

Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 27-unit apartment portfolio located in North Miami Beach, Florida. The assets sold for $4,850,000. “The sale of the North Miami Beach portfolio is another example of the continued strength…

Trinity Investments and Credit Suisse Propose Diplomat Landing Master Plan Modifications for 350 Condo Units and 500 Room Hotel

The City of Hollywood, Florida’s Department of Development Services Division of Planning and Urban Design has released a memorandum detailing a request by HFL Landings Owner LLC, a joint venture between the Zurich-based Credit Suisse Group and Honolulu-based Trinity Investments. The proposal seeks to modify Diplomat Landing’s Planned…

Hollywood building boom? Votes on tap for Diplomat Landing towers, three rental projects

Developers are betting on Hollywood’s multifamily and luxury condominium markets. Three apartment projects that would collectively add nearly 90 units to the city’s rental stock, as well as a two-tower luxury condo and condo-hotel development adjacent to the Diplomat Beach Resort are pending approval by city officials. The Hollywood Planning and Development Board is set…

Midtown Davie Proposed for 6101 to 6143 Orange Drive in Davie

A 1.9-acre site in Davie could soon be home to a multi-family housing development, pending city approval. Midtown Davie would comprise about 290,000 square feet of new construction, measuring four stories above grade and offering 136 apartments. Per the South Florida Business Journal, homes will range from about 670 to 1,220 square feet, offering one-bedroom…

Jim Moran Foundation Starts Construction on New HQ in Fort Lauderdale

The Jim Moran Foundation has offered life-changing services to its community for more than 20 years. Now, after purchasing a 2.43-acre build site in 2021, it’s started construction on a new headquarters. Per the Jim Moran Foundation, the 50,000-square-foot facility will offer class A office space, an archives gallery, and event space. The South Florida Business Journal reports that…

Grover Corlew Welcomes Now Optics To Delray Central Amidst Upcoming Mixed-Use Development

Grover Corlew, a South Florida-based real estate investment group, has announced the relocation of Now Optics to Delray Central. Now Optics, the parent company of leading affordable eyewear brands Stanton Optical and My Eyelab, has moved its headquarters to a 14,438-square-foot space at Delray Central, 1615 S. Congress Avenue. This site will also host a planned…

Atlantic Group of Companies Announces Pearl, Ultra-Luxury, Boutique Development in Palm Beach Shores

The Atlantic Group of Companies has launched sales at its ultra-luxury, boutique oceanfront development: Pearl. Located at 123 Ocean Avenue, in one of the most desirable and serene coastal destinations, Palm Beach Shores, Pearl’s 18 expansive residences will be spread across six stories and offer uninterrupted views of the Atlantic Ocean to the east and beautiful Florida…

Canada’s richest family sells adjoining Wellington equestrian estates for $20M

Canada’s richest family is selling off its Wellington equestrian estates. Records show that representatives of the Thomson family, heirs of Thomson Reuters founder Roy Thomson, sold an adjoining pair of equestrian estates for $20.4 million. The buyer of the estates at 14225 50th Street South and 4775 Stables Way are a pair of Delaware LLCs named for J.R.R. Tolkien’s fictional…

Related, BH secure 99-year ground lease for Marina Village apartment project in Riviera Beach

Related Group and BH Group are adding another planned project to the joint venture’s ongoing pipeline. Late last month, the Riviera Beach City Council, acting as the board of the city’s Community Redevelopment Agency, approved a 99-year ground lease with Related and BH to develop a pair of 20-story buildings with 424 apartments and 8,000 square feet of retail in…

Hotel Owners See Demand ‘Firing On All Cylinders’ As Corporate Travel Finally Returns

Hotel owners and operators are clearing out the final debris from the pandemic-era truck that slammed into the industry. Leisure travel came roaring back in 2021 and 2022 as the health crisis subsided and people booked long-awaited vacations, but the unanswered question that has given hotel executives anxiety over the last year is whether business travel would ever…

WSJ: ‘It’s Not My Responsibility’ to Save the Office Economy

If there’s an overarching truth in the workplace right now, it’s this: Many workers don’t want to go back to the office. Plenty of bosses say they should. The result is a stalemate. Office-occupancy rates have stagnated around 50%, even as more companies step up in-office work mandates. Hundreds of WSJ readers responded to our story about why many workers aren’t returning.

Bargaining Power Is Shifting Toward Tenants As Multifamily Rent Growth Dissipates

After years of unbridled rent growth, a reckoning is on the horizon for U.S. landlords as a softening apartment market and rising expenses push the ball closer to the tenants’ court. New-lease asking rents rose just under 2% during the 12-month period ending in May, down from the double-digit increases seen a year ago and representing the largest deceleration in recent history…

How disruption has impacted cash management for affordable housing

Recent economic disruptions have caused companies to re-examine their financial processes, including treasury and payments. Partner Insights spoke to Angela Kuo, Head of Community Development Banking Treasury Services at JPMorgan Chase, about how affordable housing companies are adapting to our current economic uncertainty. Commercial Observer: How has…

How can a 1031 Exchange Benefit Real Estate Investors?

You constantly search for ways to increase your returns and expand your portfolio as a real estate investor. The 1031 exchange is one effective instrument you have at your disposal. If you’re not familiar with this approach, the reputable Coral Gables, Florida real estate law company ESQ.title can offer the knowledge you need to benefit from its…

Benefits of a 1031 Exchange

If you’re a real estate investor looking to defer capital gains taxes and reinvest your profits into a like-kind property, a 1031 exchange can be an excellent strategy. However, navigating the complex requirements of a 1031 exchange can be challenging without the right guidance. That’s where ESQ.title, a trusted real estate law firm located in Coral Gables, Florida, comes in.

Florida’s Property Insurance Market Confronts a Pivotal Hurricane Season

Florida’s intervention in property insurance has put the state government in the eye of a hurricane-battered market that is uninhabitable for some private insurers and unaffordable for many policyholders. Even as the new hurricane season gets underway this month, the state is still recovering from Hurricane Ian, the Category 4 storm that crushed Southwest Florida last year. Ian has rocked…

Miami Population Grew 1.7% Last Year – Fourth Fastest Among Big Cities

Miami’s population increased 1.7% between 2021 and 2022, according to a recent Census report. The Seattle Times noted that Miami’s growth rate for the period was the fourth fastest of the 50 biggest U.S. cities. The newly released data showed Miami’s population was estimated at 449,514 on July 1, 2022. That compares to an estimate of 441,999 on July 1, 2021. On July 1 2020…

ROVR Development to Build 1,600-Unit River Rapids Apartments in Miami

ROVR Development plans to develop The River Rapids, a 1,600-unit apartment development situated on 10.2 acres along the Miami River. The developer recently acquired a 6.2-acre site for $23.5 million as part of the multi-phase community. Located at 2750 N.W. South River Drive, Phases I and II of River Rapids, dubbed Tides and Moorings, will add 600 units to the local supply.

Developer Buys More Land For 1600 Apartments: ‘Alternative To Brickell’

The developer of an apartment complex called River Rapids has purchased additional land, with plans to build a total of around 1600 apartments, according to the SFBJ. In a statement, founding partner Oscar Rodriguez of developer ROVR said that “our vision for this neighborhood that is evolving into a robust community that offers an excellent alternative for those priced…

ROVR pays $24M for Miami River dev site for massive apartment project

In a $23.5 million deal, ROVR nabbed 6 acres near the Miami River for its massive planned River Rapids multifamily project. A ROVR affiliate bought a 192,966-square-foot self-storage facility at 1701 and 1851 Delaware Parkway that the Miami-based development firm intends to redevelop into a 1,000-unit apartment project, according to a press release.

Seawall Rebuild Planned At Edgewater Property Where 649-Foot Tower Proposed

Plans have been filed to rebuild a seawall on a large Edgewater property. The seawall plans were filed with Miami-Dade’s DERM yesterday, June 5, records show. The seawall project passes by multiple buildings controlled by the same developer, plans show. It is also the same site where a recent filing with the FAA indicated that a 649-foot tower is planned. The FAA filing was made…

Signature Bridge Construction Delay Due To Supply Chain, Holidays, & Weather

A spokesperson for FDOT has explained the reason for the delays to the Signature Bridge construction project. The completion date is now late 2027. It was originally expected to be completed in Fall 2023. The FDOT spokesperson told Miami Today that the reason for the delay includes supply chain issues, weather, and holidays. If the latest deadline holds, it will mean around…

Assurant trying to sell its 40-year South Dade campus

Atlanta-based Assurant is marketing the 78-plus acre South Dade campus it has occupied since 1982 that includes seven buildings, three of them office structures. Development of regional impact rights, according to the offering, allow “significant development on the site.” Assurant, a provider of risk management products and services that employs 2,000 persons in the area…

Two towers replacing Mandarin Oriental on Brickell Key

The secluded island of Brickell Key will see yet another luxury development rise as Swire Properties detailed a modern Mandarin Oriental hotel replacing the present structure on the island and a residential tower. Last week, developer Swire Properties unveiled details for One Island Drive featuring two towers and over 100,000 square feet of amenities. “With One Island Drive…”

Swire, Mandarin Oriental Plan Two Towers On Exclusive Brickell Key

Swire Properties is partnering with Mandarin Oriental Hotel Group to complete a major development on Brickell Key. Swire announced plans for a 400-foot-tall hotel and an 800-foot-tall condo tower that would be one of the tallest buildings in Miami. The development will fill the last vacant site on Brickell Key, an exclusive island just southeast of downtown where Swire has been…

Swire unveils plans for two-tower Mandarin-branded Brickell Key project

Swire Properties unveiled plans for a two-tower, Mandarin Oriental-branded development on Brickell Key. The project calls for demolishing the existing Mandarin Oriental hotel at 500 Brickell Key Avenue and building an 800-plus-foot tower with 220 condos, and a 400-foot hotel with 151 rooms, 61 condos and 28 hotel residences, according to Swire. The existing 326-key…

Swire Properties Unveils ‘One Island Drive’ With Two Towers Designed By Kohn Pedersen Fox, Set To Soar Over 800 Feet On Brickell Key

An exciting announcement from Swire Properties reveals the first details of One Island Drive, a project that combines residential and hospitality services in a tranquil island environment near Miami’s bustling downtown. With its enviable waterfront location, One Island Drive is set to take a premier position in Swire Properties’ renowned portfolio and establish itself as a standout…

One Island Drive: Two ‘Architecturally Spectacular’ Brickell Towers Planned, Including New Mandarin Oriental

Swire Properties has unveiled plans for a two-tower project on Brickell Key called One Island Drive. The towers will be “architecturally spectacular,” designed by Kohn Pedersen Fox Associates, Swire said. The taller tower will be called The Residences at Mandarin Oriental, Miami and rise over 800 feet, with 220 residential units. The second tower will be a Mandarin Oriental hotel…

Autonomous air mobility may serve Miami in five years

Aviation experts gathered in Brickell last week to discuss the future of urban air mobility in Miami, with the more optimistic panelists predicting autonomous aircrafts could soar through the skies within five years. The Greater Miami Chamber of Commerce annual members meeting featured a presentation on smart cities and advance air mobility (AAM), an emerging field…

Construction jobs fall along with building permits

The impact of a more than 20% drop in South Florida residential construction permits issued in 2022 from the 2021 total is showing up in a declining number of Miami-Dade construction jobs this year. Miami-Dade’s construction job loss in April from April 2022 resulted in 2,500 fewer persons at work, a 4.8% job decline, according to figures from the US Bureau of Labor Statistics.

Businesses struggle as Flagler Street renovation downtown digs on

Not long before closing for the evening, Charles Zaine stood outside his sporting goods store on East Flagler and couldn’t help but notice what had brought him uncertainty for months – a renovated street in downtown Miami without foot traffic. The Flagler Street Beautification Project, designed to transform Flagler Street from Biscayne Boulevard to Northwest First Avenue…

E11EVEN Residences Beyond Breaks Ground Following $262M Construction Loan

Property Markets Group and E11EVEN Partners have secured a hefty $262 million construction loan and turned the first dirt on their second tower, E11EVEN Residences Beyond. This significant step forward paves the way for adding a remarkable 700-foot, 65-story skyscraper to Miami’s skyline, set to rise at 90 Northeast 11th Street in District 11 at Park West. Sieger Suarez…

New Design Submitted For 2000 Wynwood

New plans have just been sent to Miami’s Wynwood Design Review Committee for an apartment building in Wynwood. Previously, plans for the site were submitted to the UDRB for project with a similar unit count. The new plans show that the 12-story project is now proposed to include: 310 residential units 9,416 square feet of retail 308 parking spaces The parking garage…

Service Properties Trust Purchases Nautilus by Arlo Hotel in Miami Beach for $165.4M

Service Properties Trust, a hotel and retail REIT managed by Massachusetts-based RMR Group, has purchased Nautilus by Arlo, a 250-room hotel located at 1825 Collins Ave. in Miami Beach. Quadrum Global sold the beachfront hotel for $165.4 million. Paul Weimer, Christian Charre and Jennifer Jin of CBRE Hotels, along with Scott Ellman, Alyssa Kidd and Peter Flexner of…

Service Properties pays $165M for Nautilus Hotel in Miami Beach

Service Properties Trust dropped $164.5 million to acquire Miami Beach’s Nautilus Hotel. The Newton, Massachusetts-based Real Estate Investment Trust, or REIT, paid about $661,000 per key for the 250-room Art Deco oceanfront property, a press release states. Completed in 1950, the eight-story building at 1825 Collins Avenue was designed by Morris Lapidus. The late architect also…

Penske Buys Miami-Dade County Site For New Location In Doral

Penske Truck Leasing purchased a Doral property to establish a new location for its business. Hackney Properties LLC, managed by Robert Hackney in Palmetto Bay, sold the 4-acre property at 9200 N.W. 58th St. for $14.15 million to Reading,  The site contains a 45,015-square-foot industrial building. The site last traded for $950,000 in 1989. “Despite the higher interest rates, there…”

Newmark Arranges $91 Million Financing of Kushner Companies and Block Capital Group’s Wynwood 27 & 28

Newmark announces it 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…

Infinity Gardens Apartments Proposed for 14505 Southwest 260th Street in Homestead

Developers have proposed Infinity Gardens Apartments, a 773-unit apartment complex south of Miami-Dade County. The mixed-use venture would require more than 50,000 square feet of new construction at 14505 SW 260th Street, along with anywhere from 7,500 square feet to 10,000 square feet of retail. The Real Deal lists BSB Global Enterprises as the developer.

Brandon Shpirt proposes 773 rentals on Miami-Dade site partly outside UDB

Developer Brandon Shpirt wants to build a 773-unit apartment project on a south Miami-Dade County site that is partly outside the Urban Development Boundary. Shpirt, who leads Miami-based BSB Global Enterprises, proposes the six-story complex on 13.8 acres at 14505 Southwest 260th Street near the Naranja neighborhood, according to an application filed to Miami-Dade…

Wynwood Crossing At 2000 North Miami Avenue Gets Updated Design By Leo A Daly

Clearline Real Estate has revealed an updated design for its proposed 12-story mixed-use development at 2000 North Miami Avenue in Wynwood. The project, now named Wynwood Crossing and alternatively referred to as 2000 Wynwood or 2000 North Wynwood, has showcased a refreshed look in recent images in a waiver application submitted to Wynwood’s Design Review…

Miami’s Hot Investment Sales Market Takes An Ice Bath

The flood of investment sales spurred by the pandemic in Miami has turned into a trickle. Commercial real estate sales in Miami fell to $194M in the first quarter, down 80% from the same period last year, according to a report from Dwntwn Realty Advisors. The decline, which was felt across all asset classes, returned transaction volume to near pre-pandemic levels as increased interest…

New York Developer Launches First Miami Project In Edgewater

New York-based SB Development kicked off sales Wednesday at a condo project in Miami’s Edgewater neighborhood, the first of multiple South Florida multifamily projects the developer has planned as it joins a wave of other New York-based developers that are looking to capitalize on the movement of residents out of the Empire State. SB Development has partnered with another…

52-Story Tower Pitched For Downtown Miami As Investor Gil Blutrich’s First South Florida Project

Plans for a 52-story multifamily tower in Downtown Miami are moving ahead after the site’s owner secured a $12M bridge loan to advance the project. The family office of investor Gil Blutrich secured the loan for the planned development on a 0.6-acre parking lot at 130 Southeast First St., according to a release. The Israeli-Canadian entrepreneur is planning a 545-unit multifamily…

Blutrich plans 52-story apartment tower in Downtown Miami

Israeli-Canadian real estate investor Gil Blutrich wants to build a 52-story apartment tower in downtown Miami, marking his first South Florida development. Blutrich Holdings, a Toronto-based family office founded by Blutrich, plans a 545-unit building on a 0.6-acre parking lot at 130 Southeast First Street, according to a news release from the firm that arranged financing for the project.

Another: Groundbreaking Announced For Second E11EVEN Tower In ‘District 11’

Developers of E11EVEN Residences Beyond have announced that they have broken ground on the 65-story tower. PMG and E11EVEN Partners said in a press release that they have secured a $262 million construction loan. Over 80 percent of the building has been sold, the release said. The area is now being referred to by the developers as District 11. Two 65-story towers are now…

Bill Fuller, Martin Pinilla win $63M verdict against Joe Carrollo

A Fort Lauderdale jury vindicated Bill Fuller and Martin Pinilla in their five-year legal fight with Miami commissioner Joe Carollo. On Thursday, jurors sided with the Little Havana developers, awarding them $63 million in damages against Carollo, court records show. The jury found Carollo guilty of violating the first amendment rights of Fuller and Pinilla, who own the popular…

Here’s When 1266′ Cranes For 100-Story Waldorf Astoria Scheduled To Be Installed

A filing with the Federal Aviation Administration yesterday provided new details on the construction cranes planned to help build Miami’s 100-story Waldorf Astoria supertall tower. Two tower cranes are planned to rise 1255 above ground level, or 1266 feet above sea level, the filing states. The work schedule for the cranes is estimated to run from October 24, 2023 to August 23, 2027.

Time Out Market Vendors Given Two Hours’ Notice of Food Hall’s Closing

The food hall, which opened in 2019, will close at the end of the day on June 30, 2023, according to a statement provided by the market The closing announcement was released on Time Out Miami’s Instagram around noon yesterday, June 1. The market’s co-CEO of operations, Sandy Hayek, said, “We want to thank our team, our chefs and restaurateurs who truly are the…

Don’t believe the hype: The true story of South Florida’s office space

A pair of sand-colored Weston Corporate Campus office buildings sit vacant, devoid of any employee chatter. That’s because tech firm Ultimate Kronos Group left the two-story complex at the start of the year and consolidated into its other South Florida space. To the south, tucked between Miami Lakes’ leafy suburban streets, a two-story, 34,000-square-foot light beige building…

Key International and 13th Floor Investments Acquire Vacant Site for New Mixed-Use Development in Coral Springs, Florida

A joint venture between Miami-based real estate developers Key International and 13th Floor Investments has acquired a 4.2-acre vacant site in Broward County’s City of Coral Springs for $8 million where the team plans a mixed-use residential and retail development. “Coral Springs has evolved tremendously in the last couple of… The post Key International and 13th Floor Investments…

Key International, 13th Floor Investments Plan Mixed-Use Project in Coral Springs, Florida

A joint venture between Miami-based Key International and 13th Floor Investments has acquired a 4.2-acre site in Coral Springs for $8 million, with plans to develop a mixed-use project at the property. Plans for the development include 377 residential units, 11,525 square feet of ground-floor retail space and a 629-space parking garage. A construction timeline was not disclosed.

Construction Starts on Hanover Riverwalk at 477 S.W. First Avenue in Fort Lauderdale

Construction has officially started on Hanover Riverwalk, a mixed-use 36-story venture in Broward County. Costing more than $120 million to complete, the tower will comprise 380 apartments and 2,700 square feet of retail. Units will measure 750 square feet to 1,440 square feet, ranging from one-bedroom to three-bedroom homes. Florida YIMBY reported on this project in February 2022…

Related Group Breaks Ground on Casamar Residences in Pompano Beach, Rapidly Approaches Sell-Out

On May 23, Premier real estate developer, the Related Group (Related), broke ground on Pompano Beach’s newest beachside condominium,Casamar Residences. Set upon nearly 300 feet of pristine white sand, the boutique luxury property will house only 119 oceanfront condos with world-class designs by the award-winning Arquitectonica and The Rockwell Group.

Related, BH buy Chetrit’s Pompano Beach dev site for $48M

Related Group and BH Group can’t get enough of each other. Teaming up for the sixth time since 2001, the firms bought a Pompano Beach development site for $47.5 million, The Real Deal has learned. A spokesperson for the joint venture confirmed Related and BH acquired a 3.7-acre waterfront property at 20 North Ocean Boulevard that has site approval for a mixed-use…

Legacy @ 45th Street Planned for 3430 45th Street in West Palm Beach

Spectra Organization is working on Legacy @ 45th Street, an affordable housing development in Palm Beach County. The non-profit’s community will comprise 48 apartments, measuring about 680 square feet to 1,080 square feet each. Units will range from one-bedroom to two-bedroom layout plans, aimed at tenants making up to 80 percent of the area median income.

Legal Considerations for Commercial Real Estate Transactions: What You Should Know

Transactions involving commercial real estate can be complicated and necessitate careful attention to legal issues. Understanding the legal ramifications is essential to protecting your interests and ensuring a successful transaction whether you are buying, selling, leasing, or investing in commercial properties. The main legal factors for commercial real estate transactions will be…

The Importance of Due Diligence in Real Estate: Uncovering Hidden Risks

Thorough due diligence is essential when it comes to real estate purchases in order to safeguard your investment and minimize potential hazards. Proper due diligence allows you to find any buried problems or obligations that could affect the transaction, whether you are buying, selling, or leasing a property. The significance of due diligence in real estate will be discussed in this…

Commercial Real Estate Deal Volume Down Markedly in Florida

Following a year that saw record levels of investment sales activity across multiple sectors, total deal volume for the first four months of the year is down markedly in Florida. Comparing the period of January through April of this year to the same period a year ago shows a combined decline of 64% in overall investment sales volume for all property types in the state. While total four-month…

JP Morgan’s 2023 midyear commercial real estate outlook

Economic uncertainty remains high for commercial real estate through the rest of 2023. There are plenty of big questions—including the interest rate environment and the future of office space. But there are also positives: Multifamily and industrial continue to perform well, and the industry may have underestimated the strength of neighborhood retail. Keep an eye on these commercial…

No-buy zone: Florida’s ban on some foreign buyers has industry scrambling for response

Gov. Ron DeSantis’ crackdown on foreign investment is having ripple effects on Florida real estate. Senate Bill 264 bans nearly all purchases by Chinese nationals and China-based companies. It also bars buyers from what the state deems “countries of concern,” including Venezuela and Russia, from purchasing agricultural land in the state, as well as any real estate within…

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…

Yoram Izhak’s IMC scores $44M construction loan for West Little River 161-unit multifamily & self-storage project

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…

Video: AFIRE CEO Gunnar Branson Discusses His Organization’s Q1 2023 Investor Survey on Foreign Investment in U.S. Real Estate

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…

Potential Brickell Key Supertall Exempted From UDRB Review

A new development on Brickell Key would not need to have a hearing before Miami’s Urban Development Review Board, according to a letter issued by Miami’s Department of Zoning. The Department of Zoning letter was issued in February 2022 to a Greenberg Traurig land use attorney, who had requested a zoning verification request for property at 750 Claughton Island Drive.

Miami Commission Unanimously Approves Waivers At Hyatt Supertall Site: New Renderings

Miami commissioners voted unanimously on May 11 to approve waivers needed for the Hyatt Regency redevelopment in downtown Miami. New renderings of the supertall tower have also been released. The $1.7B development is planned to include three towers, with the tallest at 95 stories, or 1,049 feet. There will be 1,806 apartments, a 615-room Hyatt Regency hotel…

New Renderings Emerge of Hyatt And Gencom’s Planned Miami Riverbridge Development In Downtown Miami

New renderings have surfaced for Miami Riverbridge, an ambitious, three-tower mixed-use venture designed by Arquitectonica to redefine Downtown Miami at 400 Southeast 2nd Avenue. The colossal development will rise from the grounds of the existing Hyatt Regency Miami and James L. Knight Convention Center, making way for a new era in Miami’s real estate…

Moishe Mana pays $74M for Museum Tower in downtown Miami

Moishe Mana, downtown Miami’s biggest property owner, bought the Museum Tower office building for $73.8 million. Mana purchased the 28-story building at 150 West Flagler Street, with a plan to lure attorneys and others in the legal profession, he confirmed to TRD. Although he declined to disclose the price, social media real estate firm Traded reported it as $73.75 million.

Lodging, condo hotel due in trio of West Brickell towers

Plans for the third in a trio of mid-rise residential buildings planned for a site in West Brickell have been filed with the City of Miami. Owner-developer Smart Corner LLC plans a 23-story mixed-use residential building, Smart Brickell Luxe, at 885 SW Third Ave. The new building will become home to 74 lodging units and 53 residential and condo hotel units. The city’s Urban…

Casa Tua condo tower, Smart Luxe condo-hotel and Wynwood mixed-use project score approvals

Fortune International Group, Habitat Group and Bazbaz Development scored key approvals for three separate projects in Miami’s Brickell and Wynwood neighborhoods. Last week, the Miami Urban Development Review Board gave its seal of approval for a 70-story Casa Tua-branded tower at 1210 Brickell Avenue; a 23-story condo-hotel called Smart Brickell Luxe at 885 Southwest Third Avenue…

76-story Brickell tower will raze office building parking garage

A new mixed-use residential skyscraper is coming to the Brickell neighborhood in Miami. The owner-developer, 1210 Brickell LLC, plans to build a 76-story mixed-use tower with 540 residential units and 955 parking spaces at 1210 Brickell Ave. The project will also include an additional 53,841 square feet of office uses, in addition to the existing 231,500 square feet of office use…

Doug Levine lists Wynwood dev site for $30M

Doug Levine is listing three Wynwood retail buildings primed for redevelopment, with an asking price of $30 million. The Crunch Fitness founder and real estate investor is looking to sell the fully leased properties at 2324-2328 North Miami Avenue and 36-38 Northwest 24th Street, according to an offering. Dwntwn Realty Advisors is handling the listing. Levine paid a combined $5.9M…

Brightline Construction Project 93% Complete, Substantial Completion Expected In June

Brightline has provided a construction update on its project that will bring fast train service between Miami and Orlando. The project is now over 93% complete, according to a report issued to investors in Monday. Substantial completion is expected in June 2023. Ticket sales recently launched for dates starting September 1 and beyond (but the service start date could come…

830 Brickell Office Tower Nearing Completion, Over 90% Leased

Brickell’s first new standalone office tower in over a decade is nearing completion, with over 90 percent of space leased. According to a February press release, global financial firm Rothschild & Co. signed a lease for 5,000 square feet of space. Rothschild will join a roster of tenants at 830 Brickell that includes Microsoft, Citadel, Kirkland & Ellis, Sidley Austin, Winston & Strawn LLP…

OKO Group And Cain International File FAA Permits For Another 649-Foot-Tall Tower In Edgewater

Developers are looking to further reshape Miami’s skyline with plans for another high-rise in the city’s burgeoning Edgewater neighborhood. OKO Group, the Miami-based development firm established by international real estate mogul Vladislav Doronin, and its partner, Cain International, have filed with the Federal Aviation Administration (FAA) to construct a 649-foot…

Another 649 Foot Tower Planned In Edgewater

Developers have filed to build yet another 649 foot tower in Edgewater. The filing was made with the Federal Aviation Administration on May 17, records show. According to the filing, the tower will rise 645 feet above ground or 649 feet above sea level, which is the maximum permitted by aviation rules in the area. The project site is located at the end of 27th Street. Currently, the property…

Codina Partners Acquires Former Sears Site at Westland Mall in Hialeah

Codina Partners has acquired the former Sears site at Westland Mall in Hialeah for an undisclosed price. The 15-acre parcel has been vacant since February 2020. The locally based buyer, following the closure of the sale, formed a joint venture with Westland Mall owner, Centennial, to redevelop the site and add a mixed-use concept with a residential component. Centennial…

Codina Acquires Vacant Sears In Hialeah, Plans Redevelopment

Codina Partners acquired the site of a former Sears at the Westland Mall in Hialeah, the latest in a wave of development projects for the rapidly growing city. The Coral Gables-based developer paid an undisclosed price for the 15-acre site at 1625 West 49th St. that includes the former Sears, surrounding parking lots and commercial outparcels. Codina is partnering with the…

Harry Macklowe Is Piecing Together A Waterfront Development Site In Miami

New York developer Harry Macklowe is assembling a large development site in Miami’s North Bay Village. An affiliate of his development firm, Macklowe Properties, is in the process of acquiring two sites for more than $58M in the island neighborhood between Miami and Miami Beach, The Real Deal reports. While no plans have been announced, the sites’ likeliest future…

Macklowe assembling waterfront development site in Miami’s North Bay Village

New York developer Harry Macklowe is assembling a large waterfront development site in North Bay Village, where his firm could build hundreds of condos, The Real Deal has learned. The purchases could total more than $58 million. An affiliate of Macklowe Properties is expected to pay $47.7 million for the 3-acre Biscayne Sea Club co-op at 8000, 8010 and 8020 East Drive in…

Florida Number 1 in Self-Storage, $1.6B in Transactions

According to a recent report, Miami’s hyperactive real estate market has created an opportunity in a niche segment of the commercial real estate market. Miami’s commercial real estate had a busy year in 2022, as spending on self-storage space surged to $110 million. StorageCafe’s most recent industry sales report in which analysts gauged the state of the sales market and…

Miami ranks 7th in the US in key commercial real estate segment; Florida ranks #1 with $1.6 billion in transactions

One sector of Miami’s commercial real estate had a busy year in 2022, as spending on self-storage space surged to $110 million. That’s according to StorageCafe’s most recent industry sales report in which analysts gauged the state of the sales market and sought to identify the top self-storage markets based on investment volume in 2022. The Bronx, N.Y., led the way with $235 million…

Northeast Miami-Dade Corridor Commuter Rail Completes Development Phase; Request to Begin Engineering Submitted

Miami-Dade County has completed the Project Development phase of the New Starts program for its Northeast Corridor commuter rail service between downtown Miami and Aventura, Brightline told investors yesterday. The Project Development phase was completed in April, the investor report said. The County submitted its request to the Federal Transit Administration for entry…

36-Story 2000 Biscayne Tower At Top Off ~ Pics

The apartment tower being built at 2000 Biscayne Boulevard in Edgewater is at or near top-off, a new photo shows. The planned top-off height for 2000 Biscayne is 36 stories, or 408 feet above ground. The tower will include 393 rental apartments, 455 parking spaces, and 4,569 square feet of retail. Kushner Companies is the developer.

Rishi Kapoor scores approval for Miami Beach co-living, micro-unit project

Miami Beach commissioners tweaked city development regulations to benefit Rishi Kapoor’s planned co-living and micro-unit project on Washington Avenue. Commissioners voted 6-1 on Wednesday to give final approval to an ordinance that allows for the development of co-living units on the east and west side of the North Washington Avenue district between 15th and 16th…

International visitors send Miami travel industry soaring

Miami-Dade County welcomed more than 26.5 million visitors last year, generating over $20.8 billion, an increase of 8% in tourism revenue over 2021. The Greater Miami Convention and Visitors Bureau stated in its 2022 Visitors Industry Overview report that a total of 26.5 million visitors came to the county last year, with 19.2 million coming for overnight stays and 7.3 million,,,

Commission looks again at big-name airport hotel bids

A mayoral bid for development giants Stephen Ross and Jeffrey Soffer to jointly get a 50-year lease to build and run a four-star hotel at Miami International Airport was pulled off the runway at a committee meeting as Chairman Keon Hardemon called it “one of the most peculiar processes I’ve ever seen.” Reversing a firm stance she took in December against the lease with…

CP Group, Monarch Ink 50,000 SF of Office Leases at Citigroup Center in Downtown Miami

CP Group and Monarch Alternative Capital have announced more than 50,000 square feet of office leasing activity at Citigroup Center, a 34-story office tower in downtown Miami. All four leases at the 810,000-square-foot property closed in the first quarter. The deals include wealth management firm Larch Capital Partners signing for 5,466 square feet; real estate development…

Development Plans Revealed for 20-Story Arquitectonica designed Mixed-Use Tower in Ojus

Plans for a new high-rise are making waves in Ojus, Miami-Dade County, with a 20-story tower designed by Arquitectonica poised to bring an array of apartments, office space, and retail outlets. The developer, Coral Gables-based 18050 W Investments LLC, has set the gears…  The 0.92-acre site, located at 18050 West Dixie Highway and 2560 Northeast 181st Street near…

Approval Requested for Project at 18050 West Dixie Highway in North Miami Beach

18050 W Investments hopes to get approval for a 20-story mixed-use development in Miami’s Ojus neighborhood. The unnamed development will comprise 120 studio apartments and one-bedroom apartments, along with five two-bedroom units. Additionally, plans call for more than 90,000 square feet of office space and 5,580 square feet of commercial space. There is also…

Walker & Dunlop Arranges $140M Refinancing for Soho Beach House Club, Hotel in Miami Beach

Walker & Dunlop Inc. has arranged a $140 million loan for the refinancing of Soho Beach House, a private members club and hotel in Miami Beach. Located along Collins Avenue, the property includes a seven-story main building with 35 suites and amenities and a 16-story beachfront tower comprising 15 full-floor suites. JPMorgan Chase Bank NA…

Soho Beach House Secures $140M Refi From JP Morgan Chase, Citi

Soho Beach House in Miami Beach has secured $140 million to refinance its Miami Beach facility. Situated in a 1940s tower overlooking Miami Beach, the club’s design is inspired by the city’s Art Deco and Cuban heritage, with a pool and ocean-facing rooftop among the highlights. The seven-story main building includes 35 suites and has dedicated amenity space on the first three floors…

Major Biscayne 79 Site Sells For $23M, Paving Way For Mixed-Use Development In Miami

Avison Young’s Florida Capital Markets Group has brokered the sale of a pivotal development opportunity at 7880 Biscayne Boulevard, Miami, known as Biscayne 79. The property, spanning an impressive 3.5 acres, was formerly occupied by the Immigration and Naturalization Service. The transaction was made under the guidance of court-appointed receiver Michael…

Resia Looks To Leverage Live Local Act For Swift Approval Of 948-Unit Project

Miami-based multifamily development firm Resia is asking Miami-Dade County for administrative approval of a 948-unit workforce housing project in Medley, citing rules under Florida’s new Live Local Act that the developer says allow it to skip the public approval process. The application marks one of the first instances in South Florida of a developer seeking administrative…

Resia proposes 948 workforce units in Medley under new Live Local Act

Resia wants to build a 948-unit workforce housing complex in Medley under the Live Local Act, marking one of the first South Florida developers to seize on new legislation that allows them to bypass local approval for projects. The Miami-based firm proposes four 12-story buildings on an 18-acre site at 7701 Northwest 79th Avenue that now consists of a Miami-Dade County…

New Renderings Of Legacy Miami Worldcenter, With Soaring Spire On Top

Developers building the Legacy Miami Worldcenter tower recently submitted revised renderings after acquiring more land for the project. The newly acquired parcel created an opportunity to expand the medical office component, according to a letter from the developers. Legacy will have some of the most unique, high-end design elements in Miami, with a sleek…

MIA’s First Private Terminal Coming Soon: Get Driven To Your Plane, Even On Commercial Flights

Passengers at Miami International Airport will soon be able to avoid the main terminals and be driven directly to their planes, even when flying commercial. The service includes a new private terminal known as PS Miami. The historic Pan American Airways Regional Headquarters will be renovated to create the new terminal, with architect Richard Heisenbottle…

Top 10 Markets for Multifamily Construction; Miami at #3

Image by Russell Holden via Pixabay Key Highlights The top 10 most active metros in the country by volume of units under construction account for 40 percent of the national figure, amounting to 421,972 units. Texas maintained the lead in multifamily construction, with three metros—Austin, Dallas and Houston—making the top 10. Shifting and moderating demand is…

Thor Equities sells Wynwood dev site for $28M

Thor Equities sold a Wynwood site that was previously approved for a mixed-use hotel development for $28 million to a mystery buyer. An affiliate of Thor, led by Chairman Joe Sitt, unloaded the 0.7-acre assemblage at 2724 Northwest Second Avenue, 208 Northwest 28th Street and 229, 235 and 245 Northwest 27th Street in Miami, according to Vizzda. The buyer traces…

Edgewater condo owners sue developer Two Roads over termination

Ten unit owners are fighting Two Roads Development’s termination and planned demolition of their waterfront condo building in Miami’s Edgewater. The owners of eight condos at Biscayne 21 filed the lawsuit in mid-May in Miami-Dade Circuit Court. They allege they were “manipulated, bullied, deceived and pressured” to sell their units to the developer, an affiliate of Miami and…

JSB Lands $220M Recapitalization for Doral Multifamily The Landmark South

The Landmark South. Image courtesy of Yardi Matrix JSB Capital Group has obtained a $219.9 million recapitalization for The Landmark South, a 631-unit multifamily community in Doral, Fla. The capital stack comprises a five-year, $154.1 million senior Freddie Mac loan and $65.8 million in preferred equity from Pensam. JLL Capital Markets arranged the financing. JSB acquired…

JLL Arranges $219.9M Recapitalization for Landmark South Apartment Community in Metro Miami

JLL Capital Markets has arranged the recapitalization of Landmark South, a multifamily community featuring 631 units in the Miami suburb of Doral. The financing comprises a five-year, $154.1 million senior loan through Freddie Mac Multifamily, which JLL Real Estate Capital LLC will service, as well as a $65.8 million preferred equity investment from Pensam.

Miami Beach commissioners approve density bonus in South of Fifth

In Miami Beach’s South of Fifth neighborhood, more density is the carrot. And three hotel owners are the rabbits. And at least one of those hospitality landlords, an affiliate of Miami-based Key International, is eyeing that carrot. The Miami Beach City Commission on Wednesday approved a measure that would encourage South of Fifth hotel owners to redevelop their properties…

Atlantic Pacific plans 116 affordable housing units in Naranja

Five months after scoring a deal to redevelop four public housing complexes in south Miami-Dade County with 605 income-restricted units, Atlantic Pacific is aiming to start a portion of the project. The Bay Harbor Islands-based company proposes 116 affordable units on the 4-acre site of the Heritage Village II public housing complex on the northeast corner of Southwest 270th…

Alta proposes 18-story condominium in North Miami

Alta Developers wants to build a 96-unit condominium on the site of an aging waterfront apartment building in North Miami. The Miami-based development firm, led by Raimundo Onetto, proposes an 18-story building on a 0.8-acre site that is now home to the closed Mid Bay Club Apartments at 11950 North Bayshore Drive, according to an Alta application to Miami-Dade County.

MGM Construction Group Starts Phase 3 of Hallandale Mixed-Use Towers

A rendering of the completed Oasis project. Image courtesy of MGM Construction Group South Florida-based MGM Construction Group has broken ground on the third phase of Oasis Hallandale, a mixed-use luxury project in Hallandale Beach, Fla. This phase of the project will feature 500 condominiums across two 25-story towers. MGM is the general contractor for the $370 million…

Mill Creek plans 395-unit apartment complex in Hollywood

Mill Creek Residential Trust plans to build Modera Hollywood, an eight-story apartment complex with 395 units on the southwest fringe of downtown Hollywood. The Boca Raton-based developer unveiled plans for the project at the company’s preliminary meeting on Monday with the city’s 11-member Technical Advisory Committee, or TAC. Mill Creek will respond to comments by members…

MGM Construction Group Commences Construction On Oasis Hallandale Towers

South Florida’s renowned commercial and residential firm, MGM Construction Group, has announced the commencement of construction on Phase 3 of the highly anticipated 10.8-acre Oasis Hallandale project in Hallandale Beach. The project, developed by Hallandale Oasis 2019 LLC, led by Giuseppe Iadisernia, and spearheaded by MGM as the general contractor, is set to bring…

Staybridge Suites Proposed for 1531 SW 26th Street in Fort Lauderdale

Fort Lauderdale could be home to the first Staybridge Suites in the region. Designed by Adache Group Architects, the eight-story venture would comprise 124 rooms, offering “clean lines and minimalistic and functional features.” The rooms would include king studio suites to two-bedroom double queen rooms. Each one would come with a kitchen and access to a shared laundry…

Spectrum Management Files Plans For 6-Story Development With 81 Multifamily Units And Commercial Space In Fort Lauderdale

In addition to Fort Lauderdale’s evolving real estate market, The Austin, a mixed-use multifamily development, is poised to make its mark at 1201 Northwest 6th Street. Spectrum Management, renowned for its prowess in facilities, construction management, and real estate development based in Washington, D.C., is listed as the developer and seeks approvals from Fort Lauderdale’s…

Kolter’s 100 Las Olas sells out for $178M

Kolter Urban sold its last unit at 100 Las Olas this week, marking a $178 million sellout for Fort Lauderdale’s tallest condo tower. The 113-unit, 46-story tower at 100 East Las Olas Boulevard completed construction in early 2020, and sales have closed since then, records show. The final unit to sell was the tower’s two-story penthouse, closing at $5 million, sources confirmed.

Rausmans sell Lauderdale Lakes apartment/condo complex for $77M

A 612-unit complex with both apartments and condos in Lauderdale Lakes traded for $77.1 million. An entity tied to Juda Klein purchased the 36-acre property at 2690-2770 Somerset Drive from limited liability companies led by Henry and Norman Rausman, according to records and real estate database Vizzda. The buyer secured a $70 million loan from Valley Bank.

The Strada Shopping Plaza at 1019 Lyons Road in Coconut Creek Slated for Expansion

In October 2022, MMG Equity Partners and Mouhalis Capital sought approval for an expansion of Strada shopping center, a mixed-use complex in Coconut Creek, Florida. Now, nearly six months later, they’ve secured approval from city officials. As it stands, the Strada shopping plaza has a Regions bank and 30,000-square-foot medical facility. With the expansion…

Developers win approval to expand Coconut Creek shopping center with Sprouts and more

A joint venture of developers is under contract to buy a Coconut Creek shopping center and won approval to expand it with a Sprouts Farmers Market and more. Strada Plaza, a 7.1-acre retail center near the intersection of Lyons Road and Coconut Creek Parkway, also will add a 1,500-square-foot Cali Coffee shop and a five-story Sentry Self Storage facility with about 120,000…

Construction on the Pearl at 123 S Ocean Avenue in Palm Beach Shores Planned for 2024

The Atlantic Group of Cos. hopes to break ground on the 18-unit Pearl in the first quarter of 2024, with completion planned for the fourth quarter of 2025. The development will measure six stories above grade, ranging from two-bedroom to four-bedroom homes. They range from 2,400 square feet to 7,000 square feet each. They come with oceanfront views. Per a report from the…

Maryland investor Blake Smith scoops up West Palm Beach office complex

Maryland investor Blake Smith bought Northpoint Business Plaza in West Palm Beach, bringing his total South Florida real estate purchases to about $63 million. It’s a portfolio he amassed largely off the radar during the past eight years. Smith, through his Angler Properties, paid $15.5 million for the fully leased complex at 901 Northpoint Parkway in an off-market deal…

Video: National Multifamily Housing Council VP of Research Caitlin Walter Shares Insights on Multifamily Real Estate; Rent Trends, Occupancy, & Supply

In this video, host Michael Bull engages in a captivating conversation with Caitlin Walter, the Vice President of Research at the National Multifamily Housing Council (NMHC). Caitlin provides expert analysis on the current state of the multifamily real estate market, covering essential topics such as rent growth rates, vacancy rates, supply and demand dynamics, and the transformative…

Sam Zell Remembered: Jon Gray, Stephen Ross Among CRE Leaders Reflecting On Death Of A Titan

Sam Zell, the legendary investor who pioneered the modern real estate investment trust and has been a leading voice in commercial real estate for decades, has died. He was 81. The multifamily REIT he founded, Equity Residential, announced Zell’s death in a press release Thursday. The company said Zell died at home due to complications from a recent illness. Equity’s board…

9 Reasons to Invest in Miami Multifamily Real Estate

Known for its beautiful sandy beaches, tasty cuisines, diverse culture, and favorable climate, Miami has earned its rightful place as one of the best tourist destinations in the world; however, this sparkling seaside city is more than a hub for tourists. Miami has become a leading investment destination thanks to its growing economy, favorable tax…

The Curtain Fell For Thousands Of Movie Screens. Survivors See Opportunity

The United States has lost more than 2,165 movie screens since 2019, more than 5% of the country’s total inventory, as theater operators were forced to close or adjust programming during the pandemic. Now, as the summer blockbuster season gets into full swing, some operators see those vacant spaces as an opportunity to quickly grab market share at a discount from landlords…

65% Of Companies Now Requiring Some Office Attendance, Survey Finds

Although hybrid work schedules seem to be here to stay, more companies are requiring office attendance for workers. Of the 207 corporate real estate executives who participated in CBRE’s Spring 2023 U.S. Office Occupiers Sentiment Survey, 65% said their companies now require employees to return to the office at least some of the time. That is a sharp increase from last year…

Moody’s Analytics: 84% Of Office Loans Maturing Nationally Could Have Trouble Refinancing

The vast majority of the office CMBS loans that come due this year will have problems at refinancing, according to a new study, as questions over asset values in a heightened-rate environment continue to plague the industry. A total of $7.8B worth of fixed-rate CMBS loans on offices will mature this year, and Moody’s Analytics data suggests about 84% of them will face…

Dan Kodsi launches $250M equity fund for Florida multifamily projects

Amid high construction financing costs, developer Dan Kodsi is launching an equity investment fund for his Florida multifamily projects, including towers he plans in Aventura and Miami. Participant Capital, a real estate investment firm founded and led by Kodsi, is launching a $250 million equity fund targeting multifamily developments in the Sun Belt, mostly in the Sunshine State.