Assurant Puts 79-Acre Miami Campus Up For Sale As Vacant Redevelopment Play

Insurance giant Assurant is looking to sell off its sprawling corporate campus south of Miami, which it plans to vacate as it embraces a hybrid work model. Assurant is listing its 79-acre campus in Miami-Dade County as a vacant redevelopment opportunity. The 79-acre property at 11222 Quail Roost Drive, west of Cutler Bay, has three office buildings, a warehouse and three school…

Former INS Building At 79th Street Sold for $23 Million

A development property that includes the former INS Building at Biscayne Boulevard and 79th Street has been sold. B Group Capital Management paid $23 million for the property in a court-ordered-sale, according to a press release. Around 500 residential units can be built in addition to commercial uses, with a total buildable area of approximately 889,000 square feet, the release…

B Group Capital pays $23M for Miami’s former immigration building

Miami’s former immigration building has a new owner after B Group Capital Management finalized its $23 million purchase of the troubled property. In March, a Miami-Dade judge approved the sale of the 3.5-acre site at 7880 Biscayne Boulevard to an affiliate of B Group Capital Management, led by CEO Sebastian Barbagallo. Some of the proceeds will be used to help pay…

Alonzo Mourning, Matt Rieger building affordable housing for seniors

Matthew A. Rieger, president and CEO of Housing Trust Group, is building affordable housing for seniors alongside NBA Hall of Famer Alonzo Mourning. Why it matters: Floridians on fixed incomes are struggling to cover skyrocketing housing costs. The average Social Security check covers less than 55% of a person’s average expenses in Miami-Dade County, according to one report.

Developer Assembles Wynwood Norte Property, Plans ‘Attainable’ Multifamily

A developer has announced plans for attainable multifamily development in Wynwood Norte. ABH Developer Group said in a press release that it had acquired two duplexes at 84-86 NW 32nd St. and 90-92 NW 32nd St. The acquisition completes ABH’s assemblage in the Wynwood Norte district, which includes the purchases of 3129 NW 1st Ave., 3131 NW 1st Ave., 75 NW 31st…

Developer bets on Wynwood Norte, plans 200-plus apartments

Two years after Alexis Bogomolni launched his real estate firm, he’s poised to start construction on 217 apartments in Miami’s Wynwood Norte district by year-end, The Real Deal has learned. ABH Developer Group completed a 4.1-acre non-contiguous assemblage throughout the district, with plans to develop the properties into 13 multifamily projects with 24 to 150 units each…

Miami-Dade County aims to dismiss Affordable Housing Trust Fund board

Miami-Dade County commissioners voted unanimously Tuesday to dissolve the Affordable Housing Trust Fund’s board of trustees and its revolving loan fund. “The Affordable Housing Trust Fund Board,” Commissioner Eileen Higgins told Miami Today, “has simply not been able to activate this important funding source to do what it is supposed to do – build affordable housing.”

Waterfront North Bay Village condo building Island Place targeted for potential buyout

A waterfront condo building in North Bay Village is the latest target of a possible bulk buyout. Colliers sent a letter to a unit owner at Island Place, a nearly 60-year-old building near Sunbeam Properties’ assemblage, inquiring on behalf of an unnamed “highly motivated” developer interested in acquiring all the units, according to a copy obtained by The Real Deal. Island Place…

Moishe Mana plans $20M-plus redevelopment of RC Cola Plant in Wynwood

Moishe Mana plans a $20 million-plus redevelopment of the former RC Cola Plant in Wynwood, a move forward on the long-stalled vision for his portfolio in Miami’s arts district, The Real Deal has learned. The project will include an indoor food hall with nine tenants, a bar spanning 100 feet on two sides, outdoor space for food trucks, a beer garden, retail, event space, and 10,000 square…

Miami-Dade Mayor looks beyond Doral incinerator to manage waste

The county’s waste-to-energy incinerator in Doral might not be rebuilt next door as was planned before an out-of-control February fire put it out of business. In fact, it might not be rebuilt at all, according to Mayor Daniella Levine Cava. In a memo to area commissioner Juan Carlos Bermudez last week, the mayor wrote that “my administration is looking at the spectrum of solid waste…

Miami Beach may offer density bonuses to redevelop hotels in South of Fifth

Miami Beach elected officials could soon adopt density bonuses to condominium and multifamily developers that rebuild oceanfront hotels in the city’s burgeoning South of Fifth neighborhood. On Wednesday, the city commission is scheduled to take a second and final vote on an ordinance that would grant a larger floor area ratio, or FAR, than currently allowed for residential…

65-story residential project advances in Miami Worldcenter

A new skyscraper is coming to the assemblage changing Miami’s skyline as part of Miami Worldcenter, bringing more than 700 residential units. Owner-developer Naftali Group LLC has proposed a 65-story tower, referred to as MWC Block A, at 1016 and 1044 NE Second Ave. The city’s Urban Development Review Board has recommended approval of the project. The tower will be home…

Miami-Dade Transit has most riders in 41 months

Miami-Dade’s transit operations carried almost 7 million riders in March, the most in any month since October 2019, well before the start of the Covid-19 pandemic, latest county figures show. The March passenger tally of 6,989,938 was up nearly 41% from March 2022 and was 4.1% more than March 2019. By March 2020, at the outset of the pandemic, March passengers had fallen…

Lissette Calderon proposes 1,250 apartments near Beckham soccer stadium

Lissette Calderon wants to develop a 1,250-unit apartment complex near the planned Beckham soccer stadium, marking her largest project yet, in a long-overlooked area along the Miami River. Neology Life Development Group, led by Calderon, proposes three 15-story buildings on the 7.3-acre site of a shuttered car rental facility at 2301 Northwest 33rd Avenue in unincorporated…

Consumer Price Index hikes in South Florida outpace nation

South Florida’s consumer prices rose 9% for the 12 months ended in April, the US Bureau of Labor Statistics reported last week, far faster than the 4.9% increase for the US as a whole, which has felt 10 straight months of cooling inflation since it peaked at 9.1% nationally last June. While a 9% price rise is light years faster than South Florida increases in earlier years, it is slower than…

Urban-X’s Andy Hellinger: His River Landing causing splash in emerging Allapattah

Andrew B. Hellinger is the co-founder and principal of Urban-X Group, a real estate development firm based in Coral Gables that has achieved great success in the development of River Landing Shops and Residences. The more than 2.2 million-square-foot project in 1400 NW North River Drive was completed in September 2020. It is a six-minute drive to Jackson Memorial Hospital…

Aligned, Coral Rock sue Florida over industrial megaproject outside UDB

The developers of a controversial industrial megaproject outside Miami-Dade County’s Urban Development Boundary sued Florida over a state department’s stance that the approval process needs a do-over. Aligned Real Estate Holdings and Coral Rock Development want to build the 5.9 million-square-foot South Dade Logistics and Technology District on 378 acres on the southeast…

Related And Merrimac Secure $94.2M To Construct The Crosby At Miami Worldcenter

The Related Group and Merrimac Ventures have successfully secured a substantial $94.2 million in funding for the vertical construction of The Crosby, which is poised to add more density to the ongoing developments at Miami Worldcenter. The residential tower is set to ascend 33 stories high and is expected to top off at around 377 feet above ground, or 390 feet above sea level…

Two 699-Foot Towers Approved By FAA At Brickell Gas Station Site

Two towers have just been approved by the Federal Aviation Administration in Brickell. The two towers are proposed on property currently operated as a gas station, owned by Millennium Developments of Brickell LLC. The FAA letter approving the height of the two proposed towers was sent to German Coto of Millennium on May 15. According to the approval letter, the towers are…

Interior Demolition Underway At One Bayfront Plaza Supertall Site

Interior demolition is now underway at the One Bayfront Plaza supertall site in Downtown Miami, according to new photos by Phillip Pessar. Miami’s Building Department approved an interior demolition permit on May 1. The permit is for interior demolition of 278,000 square feet of space, at an estimated cost of $400,000. County records show that the 19-story building on the site…

Miami Gardens City Center Planned With Formula One Museum

Construction is expected to begin this year on Miami Gardens City Center, developers told the Miami Herald. According to Ditman Architecture’s website, the project is planned to include: 720 multi-family units with a 2-story clubhouse 2 flag hotels with 300+ keys 100,000 GSF of retail & restaurants 160,000 GSF of entertainment 2 parking garages with 1,600 spaces…

EB-5 Partnership Nabs $19M In Construction Financing For Doral Hotel

An EB-5 joint venture scored $19.2 million in construction financing for a hotel project in Doral. Fort Lauderdale-based OptimumBank provided a $12.1 million loan for the proposed 125-key Even Hotel, an IHG brand, at 2005 Northwest 110th Avenue, according to records. Robert Bhat with Marcus & Millichap arranged the financing, according to a press release. The partnership developing…

Miami-Dade defers vote on Ross, Soffer’s $240M airport hotel proposal

A vote on billionaire developers Steve Ross and Jeffrey Soffer’s proposal to build a luxury hotel at Miami International Airport was deferred this week, as both ramp up development activity in South Florida. Miami-Dade commissioners serving on the county’s airport and economic development committee unanimously voted for the deferral on Wednesday.

Plans For Ora By Casa Tua To Go Before Miami’s Urban Development Review Board On May 17

Ora by Casa Tua, a 76-story mixed-use skyscraper planned for 1210 Brickell Avenue in the heart of Miami’s bustling Brickell financial district, is set to go before Miami’s Urban Development Review Board on May 17. Designed by Arquitectonica with interiors by m2atelier and developed by Fortune International Group, the tower is set to rise 930 feet, replacing an existing 7-story…

“A little bit more creative”: Developers seize on aging offices

For years, a four-story office building at the Beacon Station business park in north Miami-Dade County has been abuzz with Ryder System employees. The logistics firm made the beige building its headquarters 18 years ago, and it held as many as 800 staffers at one time. But the 250,000-square-foot building will soon be gone. Due to the shift towards hybrid work, Ryder is downsizing…

Miami Among Top 10 Markets for Self Storage Transactions in 2022

The self storage sector enjoyed a record-setting spell in 2022, with property values climbing in major metros. Nationally, more than 112.7 million square feet space traded totaling nearly $10.3 billion in self storage transactions, according to Yardi Matrix. While this marks a slight slump compared to 2021, when the closed deals added up to $12.4 billion, it is a considerable improvement…

Habitat Group Files Plans For Smart Brickell Luxe At 267 SW 9th Street In West Brickell

Plans have been filed for Smart Brickell Luxe, a 23-story mixed-use development proposed for 267 Southwest 9th Street in Brickell. Designed by Ginard Studio with All Landscape Data Inc. as the landscape architect and AB Engineers Inc. as the civil engineer and developed by Habitat Group, the approximately 308-foot tall structure would comprise 192,808 square feet…

CG Smile Files Plans For A 7-Story Office Building At 5591 SW 8th Street In Miami

Plans have been submitted to construct a 7-story office building at 5591 Southwest 8th Street in Miami. The project, spearheaded by CG Smile, a Miami-based cosmetic dentistry service provider, and designed by Modis Architects, aims to create an 89-foot-tall structure encompassing a total area of 52,258 square feet. The proposed building would accommodate 21,000 square feet…

CFH Group Plans Two Multi-Family Complexes in Princeton, FL

CFH Group, under the TMC Naranja 66 Holdings LLC, hopes to move forward with the Pointe at Princeton, a multi-family housing development in Miami-Dade County. The South Florida venture would rest on 12.3 acres and comprise over 500 apartments in a three-story building. Apartments.com reports that the at-market homes would range from 615 square feet to 1,092 square…

Demolition Banner Flies At One Bayfront Plaza Supertall Site

A demolition banner has just been installed at the One Bayfront Plaza site in Downtown Miami, according to new photos by Phillip Pessar. An interior demolition permit was approved by Miami’s Building Department on May 1. The permit is for interior demolition of 278,000 square feet of space, at an estimated cost of $400,000. B2 Group LLC is listed as the contractor.

76-Story Brickell Tower Scheduled For UDRB Hearing

A proposal to build a 76-story tower at 1210 Brickell Avenue is scheduled for an Urban development Review Board hearing next week. Sales for condos are already underway, with the project being marketed under the Ora by Casa Tua  name. The project is proposed to include: 540 residential units 53,841 square feet of office 24,260 square feet of commercial 955 car parking…

JBS Refis Suburban Miami Apartment Complex With $220M

JSB Capital Group refinanced an apartment complex in Doral, Fla., with $219.9 million… The Miami Beach-based firm acquired the property called Landmark South in 2021 for $255 million, just after the property had been completed, according to property records. Built across two phases in 2017 and 2021, the complex at 6055 NW 105th Court features 631 units across three…

13th Floor shrinks office space at Link at Douglas in Miami

13th Floor Investments wants to shrink the final phase of its mixed-use Link at Douglas development in Miami. The scaled-down plan calls for one-third as much office space, in response to the drop in demand due to the hybrid-work trend, according to the developer’s filings to Miami-Dade County and an interview with a 13th Floor representative. Additional design tweaks…

Nikki Beach operator sues Miami Beach, Boucher Brothers to stop no-bid takeover

Miami Beach elected officials orchestrated a backroom deal for a politically connected firm’s no-bid takeover of a popular oceanfront city-owned venue, a recently filed lawsuit alleges. On Friday, Lucia and Jack Penrod, through their company that operates Nikki Beach Club at 1 Ocean Drive, sued Miami Beach and Boucher Brothers, a family-run company of beach concessions moguls.

Plans Filed For 23-Story Smart Brickell Luxe

Plans for a project called Smart Brickell Luxe have been filed with Miami Planners. Smart Brickell Luxe is proposed to rise 23 stories, and include: 74 lodging units 53 residential and condo hotel units, along with amenities 5,945 square feet of commercial 75 parking spaces Parking is being reduced by up to 50% from zoning requirements, through payment to a transit trust fund…

$19.2M Construction Financing Secured for Doral Hotel

Marcus & Millichap Capital Corp. (MMCC) has secured $19.2 million in financing for the development of EVEN Hotel Doral, a 125-room hotel that will be located at 10770 N.W. 25th St. in Doral, a suburb of Miami. Robert Bhat of MMCC’s Miami office secured the financing on behalf of the borrower, a foreign entity that is partnering with locally based ASI Global to raise capital through…

South Florida’s Office Sector May Be Cooling Off, But the Forecast Remains Sunny

South Florida’s commercial real estate market for the first time demonstrated signs that it may be starting to feel the impacts of the Fed’s interest rate hikes to restrict inflation that began in March 2022. The region’s office supply barely outpaced demand in South Florida as a whole, but results differed across asset type, location and in urban versus suburban areas, with Class A office…

$1B Development Planned Near Seminole Hard Rock in Davie, With 5 Towers

A developer has unveiled plans for The District in Davie, just north of the The Guitar Hotel at Seminole Hard Rock Hotel & Casino. The project is expected to cost $1 billion, and will be the largest multi-family project in Davie history. The District in Davie is planned to have five towers ranging from 20–24 stories, with: 1,256 class A residential apartments, with 1.6 million square feet…

Developer Proposes 322 Residences at 4100 N. Hills Drive in Hollywood

PPG Development hopes to rezone part of The Club at Emerald Hills and transform 36.8 acres into a residential complex. In 2020, the developer initially proposed 486 units. However, recent plans call for 322 residences, including 252 condos, 40 townhomes, and 30 villas. The residences are for-sale units, although potential prices have not been released. The 300-plus homes…

A smoking deal: Baloghs sell Hallandale Beach retail site to Flanigan’s

The Balogh Family Partnership sold a Hallandale Beach retail property to Flanigan’s, the eponymous South Florida restaurant chain known for its barbecued ribs, seafood and libations. Fort Lauderdale-based Flanigan’s Enterprises paid $8.5 million for a small strip center and two outparcels at 615, 701, 707 and 715 East Hallandale Beach Boulevard, according to records. Attorneys…

OceanLand Investments Breaks Ground On Sixth&Rio In Downtown Fort Lauderdale

In the heart of a bustling downtown area predominantly filled with rental properties, Fort Lauderdale is set to welcome an exciting addition to its real estate landscape. OceanLand Investments, led by CEO Jean Francois Roy, has officially broken ground on Sixth&Rio, one of the few for-sale condominium developments in the region. The eight-story property, located…

Downtown Fort Lauderdale Office Tower Sells For $43M

The 24-story 110 East office tower in Downtown Fort Lauderdale sold for $43M, with the new owners announcing they have already secured 76K SF in new leases.An affiliate of Stockbridge Capital sold the 343K SF office building at 110 East Broward Blvd. to a partnership of Pebb Capital, Intalex Capital and CDS International Holdings. The group said the acquisition, which breaks down…

Old Town Towers Proposed for 210 N.E. Third Street in Pompano Beach

OT Property Group recently acquired a 5-acre site for $8.4 million in Pompano Beach, Florida. Now, it hopes to move forward with Old Town Towers, which will rest on 2.3 acres. Per the South Florida Business Journal, the venture will offer two stories: one measuring six stories and the other measuring 10. Connected by a pedestrian bridge, the community will offer 319 rental…

Cavache buys Pompano Beach church, plans 319-unit multifamily project

Cavache Properties bought a church campus and surrounding sites in Pompano Beach, with plans to develop a 319-unit multifamily project. Cavache paid $8.4 million for six lots totaling about 5 acres, consisting of the Christ United Methodist Church, plus adjacent lots at 210-219 Northeast Third Street; a vacant lot at 290 Northeast Second Street; two land parcels at 200 Northeast…

Cymbal DLT Companies Secures $95 Million Financing For Waterfront Oasis Pointe Residences In Dania Beach

Cymbal DLT Companies, a Miami-based real estate development and construction firm, has secured a $95 million loan from an undisclosed senior lender and Related Fund Management. The loan is intended for Oasis Pointe Residences, a 301-unit multifamily complex designed by CES Design Group located at 150 South Bryan Road in Dania Beach, a significant part…

Demolition Begins at West Palm Beach Site for Olara

Savanna, a vertically integrated real estate investment and development firm with offices in New York and West Palm Beach, has today commenced demolition of the existing building at 1919 North Flagler Drive to make way for Olara, the luxury condominium tower that overlooks the Intracoastal Waterway. Transforming the waterfront of… The post Demolition Begins at West Palm…

Madison Realty Capital Provides $340M Loan for The Ritz-Carlton Residences in Palm Beach Gardens

The Intracoastal Waterway in Florida. Image by Richard Sagredo via Unsplash Privately-owned development firm Catalfumo Companies has secured a $340 million construction loan for The Ritz-Carlton Residences in Palm Beach Gardens, Fla., from Madison Realty Capital. The Ritz-Carlton Residences will be branded as “The Estate Collection” and will be situated on an expansive…

Medical tech firm buys dev site in Palm Beach Gardens for $19M

Medical technology firm Meso Scale Diagnostics paid $18.9 million for a development site in Palm Beach Gardens that was previously approved for a hospital. An affiliate of Rockville, Maryland-based Meso Scale acquired the 9.1-acre assemblage at the southwest corner of PGA Boulevard and Ballenisles Boulevard, just east of Florida’s Turnpike, according to records and Vizzda.

How Will Florida’s ‘Live Local Act’ Impact Senior Affordable Housing Development?

Steve Protulis Towers. Image courtesy of Yardi Matrix Florida is now the nation’s fastest-growing state, according to Census data, with a 1.9 percent demographic expansion between 2021 and 2022. The expanding population is putting increased pressure on its affordable and workforce housing sector, particularly when it comes to developments that cater to low-income seniors.

Understanding agency lending for multifamily properties

While agency loans have existed for decades—Fannie Mae® was first chartered by the U.S. government in 1938, and Freddie Mac was introduced in 1970—even experienced commercial real estate investors may not have used them. “With bank and agency loans, one isn’t necessarily better than the other—it depends on the property, the client and their goals,” said Kurt Stuart…

How property technology is changing commercial real estate

While commercial real estate leaders are optimistic about the industry’s and their company’s performance for 2023, according to JPMorgan’s 2023 Business Leaders Outlook: Commercial Real Estate, they’re also concerned about inflation, rising interest rates and a potential recession. One potential solution: commercial real estate technology—property technology…

Developers In A ‘Mad Rush’ To Take Advantage Of Florida’s Live Local Act

When Condra Property Group bought the single-story motel at 2007 North Ocean Drive in Hollywood, Florida, last year, it was planning to redevelop the site into a 10-story luxury hotel. But the project required a height variance, got tied up in the approval process and never broke ground, the developer’s land use attorney said. Then in March, Florida Gov. Ron DeSantis signed Senate…

Florida immigration law could impact state’s construction industry

A new immigration law signed by Florida Gov. Ron DeSantis last week is expected to have a significant impact on the state’s construction industry. The law, which DeSantis signed Wednesday and goes into effect July 1, requires private employers with 25 or more employees to confirm workers’ immigration status through the E-Verify system, according to Construction Dive.

Investing In A Warehouse Property Can Benefit Your Company In The Long Run

Warehouse investments offer high rental yields and provide a stable income for investors. They also have low tenant turnover rates, which reduces maintenance costs and risk. However, several factors must be considered before investing in a warehouse property. For example, you should look at its size and location. You should also check the tenant potential and lease types.

David Martin’s $1.2B downtown Miami buy could rally the market

Martin and his Coconut Grove-based firm, Terra, lead SmartCity Miami, a group of undisclosed investors buying the 15.5-acre assemblage Genting Group officially listed for sale late last year. The bayfront property, in Miami’s Arts & Entertainment District, is expected to mark the priciest urban land sale in Florida and one of the most expensive in the country when it closes later this year…

Swire Properties And Related Companies Commence Demolition On The Future Site Of One Brickell City Centre, Florida’s Tallest Commercial Building

Swire Properties Inc. and Related Companies have started the demolition process for the future site of One Brickell City Centre, soon to be the tallest commercial building in Florida. A special ceremony was held yesterday at 700 Brickell Avenue to mark the occasion, with Miami Mayor Francis Suarez, Swire Properties Inc. President Henry Bott, and Related Companies Chairman…

Brickell City Center record-setting office tower nearing

Demolition crews are hard at work in the heart of Miami’s business district at the site of what will be the most spacious and tallest commercial skyscraper in the southeastern United States. On May 4, excavation equipment smashed through the windows of the former Eastern National Bank at 799 Brickell Plaza while a crowd gathered to celebrate another step toward construction…

Demolition Crews Arrive At One Brickell City Centre Supertall Site

Demolition equipment and crews have arrived at the site where the One Brickell City Centre Supertall tower is planned, according to a tweet by Brian Bandell. A full demolition permit and a tree permit are both still in review, Building Department records show. A partial electrical demolition permit was recently approved, as was a permit to install temporary toilets typically used…

Brightline And SpaceX Team Up For Enhanced Rail Travel Experience In Florida

Brightline announced it is the first passenger rail service in the world to offer Starlink’s high-speed, low-latency broadband service. The implementation of Starlink on board its trains is part of Brightline’s digital transformation, which focuses on a guest-first experience to elevate each traveler’s unique journey. Brightline chose to partner with Starlink, which is engineered…

GID buys multifamily complex near North Miami for $56M

GID bought the Windsor Biscayne Shores multifamily complex near North Miami for $56 million. Advenir sold the 240-unit garden-style apartment community that spans 9.6 acres at 12010 Northeast 16th Avenue in the Biscayne Shores neighborhood of unincorporated Miami-Dade County, according to records and real estate database Vizzda. GID assumed the seller’s $38.7 million loan…

Pantzer drops $98M for apartment building in Miami

Pantzer Properties scooped up the Milagro apartment building in Miami for $97.5 million, marking the firm’s second multifamily purchase in the city in six months. New York-based Pantzer bought the six-story building at 2263 Southwest 37th Avenue from Wafra, according to records and real estate database Vizzda. Pantzer took out a $58.5 million loan from JLL Real Estate Capital.

THE WELL Bay Harbor Islands Planned for 1160 Kane Concourse on Bay Harbor Island

THE WELL Bay Harbor Islands is slated for a 2026 delivery in Miami-Dade County. The nine-story high-rise will comprise 54 condos, ranging from one-bedroom to four-bedroom layout plans. Per Miami Condo Investments, homes measure about 924 square feet to 3,637 square feet each. All residences are west-facing and start at $1.2 million. The homes’ goal is to create a place…

New Rendering Of MIA South Terminal Expansion, With 6 Domestic Gates

Miami-Dade has released a new rendering of the South Terminal expansion project. The South Terminal has been dominated by international airlines such as Latam, Lufthansa, Air France, and Turkish since it opened in 2007, but the expansion appears domestic focused. Spirit Airlines opened a check-in area on the ground floor of the terminal in 2021. According to documents…

Electra America, BH score approval for first phase of $1B Southland Mall redevelopment

Electra America and BH Group are launching the first phase of the joint venture’s proposed Southland Mall redevelopment with an eight-story apartment building. Town of Cutler Bay officials on Wednesday administratively approved the site plan for the project, which will entail 470 rental units, 14,000 square feet of retail and a parking garage, Town Manager Rafael Casals confirmed.

Phased Permit Now Pending At 42-Story Miami Station Tower

A  phased construction permit now appears to be pending for the 42-story Miami Station tower. Building Department records show an application for a Phased Class I Full Vertical permit was created on April 26. Coastal Construction is listed as the contractor. The main construction permit for the tower was first created in December 2021, and also lists Coastal as the contractor.

Ken Griffin Dines With Jeff Bezos In Miami

Billionaire Ken Griffin was seen in photos talking with Amazon’s billionaire founder Jeff Bezos at an event in Miami Beach this weekend. The two were attending Carbone Beach, which took place in South Beach during Formula 1 weekend, according to the Observer. Griffin recently moved his company and his home to Miami, and is planning to build a supertall office tower in Brickell.

Brookfield drops $16M for Doral warehouse

Brookfield Properties bought a Doral warehouse used as the headquarters for a flower distributor and importer for $16 million. Brookfield purchased the facility at 1500 Northwest 95th Avenue from an affiliate of The USA Bouquet Company, according to records and the seller’s website. The 115,000-square-foot facility was constructed in 1988 on 6.5 acres, property records show.

New York investor QRST Properties picks up warehouse in Miami’s Liberty City for $12M

A New York investor picked up a vacant Miami warehouse for $11.5 million. QRST Properties, managed by Morty Yashar in Brooklyn, acquired the 72,477-square-foot industrial building at 3400 Northwest 67th Street, according to the buyer’s broker, Raul Pino with Wynwood-based The Hype Real Estate Group. The property is in Miami’s Liberty City neighborhood…

New Downtown Miami Courthouse Tower Tops Off

Miami-Dade’s new civil courthouse appears to have topped off.  The courthouse tower was expected to rise 25 stories, or 474 feet above ground. A private developer is building the courthouse in exchange for payment from the county. HOK is the architect. This post has a number of photos including some showing the property under construction and also renderings…

Developers plan multifamily mixed-use project in Opa-locka

A pair of development firms are partnering on a 45-unit mixed-use apartment project in Opa-locka, The Real Deal has learned. HBJ Development, led by Harry Joseph, and Q Realty Development, led by Ari Hertz, plan a six-story building that will include 1,700 square feet of retail on the northwest corner of Ali Baba Avenue and Sesame Street, Joseph told The Real Deal.

Game-changing grant bringing Tri-Rail one-third new locomotives, cars

Fueled by a new federal grant, Tri-Rail is on track to replace nearly a third of its engines and passenger cars with brand-new equipment. “I don’t use the word gamechanger often, but this is a gamechanger,” said David Dech, the veteran railroad executive who last year became executive director of Tri-Rail’s parent, the South Florida Regional Transportation Authority. The federal government…

Jeffrey Soffer-Stephen Ross joint airport hotel contract on runway

A county committee this week is to dig into a contract to build and run a new Miami International Airport four-star hotel with two national giants of the real estate business who are well known in Miami, the owners of the Miami Dolphins and the Fontainebleau Miami Beach. Reversing a firm stance she took in December, Mayor Daniella Levine Cava is now bringing the proposal to…

Residential project proposed due south of Miami International Airport

A developer has plans for a new residential project south of Miami International Airport, in the Flagami area of Miami. The Richman Group and its affiliates have proposed Parkview, a nine-story building offering 120 dwelling units, rooftop pool and amenity deck, and parking for about 194 vehicles, at 5645 Southwest Eighth St. The city’s Urban Development Review Board recommended,,,

University of Miami plans major developments

Several new developments on the University of Miami’s Coral Gables campus are to open this year and in the upcoming years, all aimed at transforming education, research, and innovation as the university is approaching its centennial anniversary. The Centennial Village at UM, which is to be the campus housing complex hallmark of the Coral Gables campus, began its second phase…

99-year Miami Riverbridge hotel lease faces city vote

Lease negotiations for the Hyatt hotel in downtown Miami are expected to be final this week, clearing the way for construction of new high-end accommodations and a reimagined riverfront. Today (5/11), the Miami City Commission is to vote on whether to amend the ground lease for the existing Hyatt Regency Hotel at 400 SE Second Ave., allowing for the proposed Miami Riverbridge…

Miami-Dade Industrial Developers: What Softening Market?

To say that the industrial market in Miami-Dade County is going gangbusters is almost an understatement. Even though the industrial sector in many parts of the country is one of the healthier components of the CRE ecosystem, some fear signs of softening. Developers in Miami-Dade, however, appear to have no such concerns. “A live poll taken during the Colliers South Florida Industrial…

The Related Group Partners With Airbnb on Project at 225 N. Miami Avenue

The Related Group of Florida has partnered with Airbnb on a 37-story venture in Miami-Dade County. District 225 will comprise 347 short-term rentals, ranging from studios to two-bedroom accommodations. Per Miami Residential, residences come with built-in smart home technology, washers and dryers, and Italian cabinetry. Floorplans range from 458 square feet to 884 square feet…

Billionaires Propose Arquitectonica-Designed Hotel At MIA’s North Terminal

A proposal has been submitted to build a luxury hotel at Miami International Airport’s North Terminal. FDR Miami Hotel, LLC submitted the proposal to the county, and is recommended as the winning bid over two other proposals. The LLC is a joint venture between Jeff Soffer’s Fontainebleau Development, LLC and Stephen Ross’ Related Companies. The hotel would be designed…

Elon Musk Recommends Miami As A Place To Live

Elon Musk is recommending Miami as a place to move to. The billionaire made his recommendation in a tweet yesterday to a Texas resident who was looking to relocate. Musk was seen in Miami over the weekend, attending the Formula One race. Billionaire Amazon founder Jeff Bezos was also in attendance. It was at least the second time in the past few weeks that Musk…

Flagler Oasis Finishes First Phase, Miami Officials to Consider Second and Third Phases

The first phase of Flagler Oasis, a 100-unit eight-story apartment complex, has finished construction in Miami-Dade County. Prior to constructing Flagler Oasis’s first phase, some already-existing structures required demolition. Now, developers hope to get approval for the community’s second and third phases, which would feature 248 homes, 70,400 square feet of office space…

Five New Tenants Join Shops at Merrick Park in Metro Miami

Five new tenants will join Shops at Merrick Park, an open-air retail center located in Coral Gables, roughly five miles outside downtown Miami. Home furnishing store Arhaus, Coco Cigars and Miami Royal Ballet Dance School will open on the property’s first level. Beverage shop Boisson and women’s, children’s, home and sleepwear retailer Splendid will also join the property on the second…

Ceremony Honored Family Who Made “Tibor and Sheila Hollo Park”A Reality For The Bustling Brickell Avenue Area

Tibor and Sheila Hollo celebrated the coveted 35,500 square foot park that so many urban Miamians have grown to love and enjoy with their families. Dignitaries from the City of Miami and Miami-Dade County officially honored Tibor and Sheila Hollo as another example of the vast amount of time and… The post Ceremony Honored Family Who Made “Tibor and Sheila Hollo Park…”

12-Story Mixed-Use Development Submitted For Review At 2100 N. Miami Avenue In Wynwood

Plans have been filed for 2100 North Miami Avenue, a proposed 12-story mixed-use development in Miami’s Wynwood neighborhood. Designed by Arquitectonica with landscape architecture by Urban Robot Associates and developed by Houston-based Bazbaz Development under the Wynwood Owner, LLC, the project encompasses approximately 503,000 square feet…

The Shore Club Residences Planned for 1901 Collins Avenue in Miami Beach

The Shore Club Private Collection is a luxury, high-end venture slated for Miami Beach, Florida. The multi-million-dollar venture will comprise 49 homes, measuring 1,900 square feet to 10,000 square feet each, according to Miami Luxury Homes. They will range from two-bedroom to six-bedroom homes, starting at $6 million. Condos come with waterfront views, floor-to-ceiling…

The Calta Group Acquires Site At 915 Palermo Avenue In Coral Gables For Residential Redevelopment

The Calta Group, a real estate powerhouse led by brothers Ignazio and Gaetano Caltagirone and Igor Blatnik, recently announced the acquisition of a Coral Gables multifamily development for an impressive $12 million. The 32-unit rental property at 915 Palermo Avenue enjoys a prime location near the iconic Venetian Pool and the historic Biltmore Hotel—two of Coral Gables…

2100 North Miami Avenue: Developer Proposes 339-Unit Residential Project In Wynwood

Plans for another major residential project have just been filed in Wynwood. The project name is listed on architectural plans as 2100 North Miami Avenue. It is proposed to include: 339 residential units (totaling 272,087 square feet) 25,653 square feet of retail 18,713 square feet of amenities 407 on-site parking spaces over 7 levels The gross building size is proposed at 513,390…

Related, Merrimac score $94M construction loan for Miami Worldcenter project

Related Group and Merrimac Ventures landed $94 million in construction financing for a planned 33-story condominium at Miami Worldcenter. Arkansas-based Bank OZK provided the loan for The Crosby, which will have 450 units, according to records. The joint venture acquired the development site at 601 North Miami Avenue in Miami in 2021 for $12 million.

Tri-Rail Train Service To Downtown Miami Expected To Begin In November

Tri-Rail train service to downtown Miami is expected to begin in November 2023, according to Miami Today. The estimate was made this week by David Dech, the Executive Director of the South Florida Regional Transportation Authority, which operates the train service. Ticket machines and signage for Tri-Rail are now being installed at MiamiCentral. In April, Dech told Miami-Dade’s…

Billionaire Tech Investor: Miami’s High Housing Prices Make It Tough To Relocate

Billionaire tech investor Peter Thiel says high housing prices in Miami are making it tough to relocate his companies here. Thiel made his comments on the Honestly with Bari Weiss podcast (at the 19:30 mark). The podcast was recorded at Thiel’s home in Miami, Weiss said. “I’ve though some about moving our offices from California to Florida,” Thiel said. “It’s a tough thing to do at…”

St. Regis Sunny Isles Converts To Contract, Will Have Photovoltaic Glass

The St. Regis Residences, Sunny Isles Beach is now converting reservations into contracts, developers announced in a press release last month. The twin-tower development has taken in nearly $750 million in reservations in less than six months, the release said. There will be two 62-story towers, with each rising 750 feet, making them the tallest in Sunny Isles. A total of 336 residential…

FAA Approves 44-Story West Eleventh Residences At 482 Feet

The Federal Aviation Administration has approved the height proposed for West Eleventh Residences in Park West. The 44-story tower is approved to rise 482 feet above ground, or 493 feet above sea level, the FAA approval letter states. The application was submitted on March 6, and approved on May 9. West Eleventh Residences is planned to include 639 residential condo units…

Restaurateurs plan condos, hotel, eateries on Fort Lauderdale beachfront

Fort Lauderdale restaurateurs Aiton “AJ” Yaari and Lior Avidor want to develop a mixed-use project on a 5-acre oceanfront site in Fort Lauderdale. Yaari and Avidor plan a condominium, hotel, retail and restaurants on their assemblage spanning nearly two full blocks from Poinsettia Street south to East Las Olas Boulevard, and from A1A east to the beach, Yaari told The Real Deal.

ROI Capital lands $52M for Fort Lauderdale Asset

The Village at Eastpointe Apartments. Image courtesy of Yardi Matrix ROI Capital has secured $51.5 million in debt and equity recapitalization for The Village at Eastpointe Apartments, a 296-unit multifamily community in Fort Lauderdale, Fla. The debt represents a $42.5 million five-year Freddie Mac loan with a fixed rate and two years of interest-only payments. RCG Longview…

Integra Investments Files Plans For The Mile Hotel West In Fort Lauderdale’s Galt Mile Neighborhood

Integra Investments has filed plans for The Mile Hotel West, a new development for a multi-site hotel project in Fort Lauderdale’s Galt Mile neighborhood. Located at 3115 Northeast 32nd Avenue, the West Tower will replace the current Bokamper’s Sports Bar and Restaurant. Designed by Nichols Architects, with landscape architecture and civil engineering by Craven Thompson…

Aimco Seeks Site Plan Amendment For 3-Towered Mixed-Use Development At Former Searstown Site In Fort Lauderdale

Denver-based real estate firm Aimco is making significant strides in Fort Lauderdale by submitting a site plan amendment application for 901 North, a proposed three-towered mixed-use development at 901 North Federal Highway in the trendy Flagler Village neighborhood. The developer aims to modify the initial approvals for the 5.64-acre property in accordance with the City…

Cordish, Caesars Reveal Plans for 223-Acre Mixed-Use Project in Pompano Beach, Florida

The Cordish Cos. and Caesars Entertainment Inc. (NASDAQ: CZR) are co-developing The Pomp, a 223-acre mixed-use development in Pompano Beach. The property’s name pays homage to the former Pompano Park racetrack on the project site, which is located 35 miles north of Miami and 10 miles north of Fort Lauderdale. Upon completion, The Pomp will feature 1.3 million square feet…

Cordish, Caesars Unveil Details of $2B Pompano Beach Mixed-Use

Rendering of Live! at The Pomp. All images courtesy of The Cordish Cos.Sports & SocialPBR Cowboy Bar The Cordish Cos., in partnership with Caesars Entertainment, has unveiled details of The Pomp, a $2 billion mixed-use development currently under construction in Pompano Beach, Fla. The Cordish Cos. first announced the 223-acre project back in 2018, and the ground breaking…

Ritz-Carlton Palm Beach Gardens developer scores $340M construction loan

The developer of the Ritz-Carlton Residences, Palm Beach Gardens, scored $340 million in construction financing for the project, marking the largest such loan to close this year statewide. Dan Catalfumo’s Catalfumo Companies secured the financing from New York-based Madison Realty Capital, according to a press release. Construction on the condominium development could begin…

Video: Industrial Investment & Development Today

Neal Moskowitz, Senior Vice President and Principal at Atlanta based real estate developer Stonemont Financial Group joins Americas Commercial Real Estate Show to to discuss industrial property demand, rents, capitalization rates (cap rates), construction costs, financing, and opportunities. The first video discusses the state of industrial investment and development today, while the second,,,

The Fed: Where Might Inflation Head?

In my previous post, I outlined why the current episode of high inflation has been persistent and widespread. In this post, I examine the impact of fiscal and monetary policies during this episode and provide a plausible outlook for the near future. Monetary Policy. At the onset of the pandemic, the Federal Reserve adopted an accommodative policy stance to support the…

Florida Bans Chinese Nationals, Companies From Buying Certain Real Estate

Florida Gov. Ron DeSantis signed legislation banning Chinese nationals, and those from six other countries, from owning certain types of real estate in the state. At a bill signing ceremony on Monday, DeSantis described the legislation as a “crackdown on Communist China.” When it goes into effect on July 1, the bill will prohibit citizens from China, Russia, Iran, North Korea, Cuba…

$1.2B Deal Struck For 15-Acre Development Site On Biscayne Bay

The largest piece of undeveloped waterfront in Downtown Miami has found a buyer at a record price. A partnership led by Terra Group and its CEO, David Martin, have agreed to pay $1.225B to purchase the 15.5-acre site at 1431 North Bayshore Drive on Biscayne Bay, where the Miami Herald’s headquarters once stood. Smart City Miami LLC, an entity formed this month…

Terra Acquiring Former Miami Herald Site From Genting Group For $1.225 Billion, Plans Waterfront Transformation

SmartCity Miami LLC, an investment group led by Miami-based Terra and its CEO, David Martin, has finalized terms for acquiring a 15.5-acre development site on Biscayne Bay in Downtown Miami. The group will purchase the site, previously home to the Miami Herald newspaper offices, from its owner, Genting Group, for $1.225 billion. The site is the largest undeveloped…

Terra-Led Investment Group Pays $1.2B for Miami Waterfront Site

The property formerly housed the offices of the Miami Herald. Image courtesy of Avison Young SmartCity Miami, an investment group led by Miami-based Terra, is acquiring a mixed-use property in downtown Miami from Genting Group for $1.23 billion. The deal is expected to close before the end of the year. The 15.5-acre development known as BayCity Miami, which formerly housed…

SmartCity Buying Genting Site For $1.2B, Planning ‘Something Spectacular’

SmartCity Miami has announced plans to purchase the former Miami Herald property in Downtown Miami from Genting Group. The sale is set to be completed late this year, at a price of $1.225 billion. There were a total of nine bids for the property from all over the world, and five of those bids were over $1 billion. Terra and its CEO David Martin is leading the SmartCity Miami…

Genting Group Agrees to Sell 15.5-Acre Downtown Miami Development Site for $1.2B

Genting Group has agreed to sell a 15.5-acre development site in Downtown Miami for $1.2 billion. The property is the largest undeveloped waterfront property in Miami’s urban core, according to the seller. SmartCity Miami — an investment group led by locally based Terra and the company’s CEO David Martin — will acquire the property in a transaction expected…

Terra-led group is buying Genting’s downtown Miami site for $1.2B

Genting Group is selling its bayfront downtown Miami assemblage to an investment group led by Terra for $1.2 billion, which could mark the most expensive urban land sale in Florida. The Malaysian gambling operator had secured five bidders, each offering more than $1 billion for the 15.5-acre property as of a month ago. The land, at 1431 North Bayshore Drive, hit the market…

BH scores approval for North Miami Beach apartment tower

BH Group can move forward with plans for a 400-unit apartment tower in North Miami Beach. The North Miami Beach City Commission on Thursday voted 5-0 to approve a site plan for the 32-story building that will also have 1,825 square feet of ground-floor commercial space and a 587-space parking garage, city records show. The city commission also granted 10 variances…

Church sells Palmetto Bay campus for $10M to Westminster Christian School

Westminster Christian School bought the property at 14920 Southwest 67th Avenue, according to records. Westminster, a private school that includes a preschool, as well as an elementary, middle and high school, is immediately south of the site. The property consists of multiple one-story buildings, totaling 14,600 square feet, that include the Christ Congregational Church…

New Rendering Showcases Okan Tower’s Tulip-Inspired Design, Set to Rise 70-Stories In Downtown Miami

A captivating new hero rendering has been unveiled for Okan Tower, a 70-story, tulip-shaped mixed-use tower set to become a landmark in Downtown Miami. Designed by Behar Font & Partners and developed by Okan Group, the 902-foot tall megaplex is located at 555 North Miami Avenue, at the crossroads of culture, entertainment, art, fine dining, and Miami’s waterfront.

New Renderings Released Of Riverwalk Planned Behind Hyatt Supertall Site

Developers planning a three-tower redevelopment of the Hyatt Regency site in Downtown Miami have released new renderings of public space planned, including a riverwalk. The developer are requesting city commission approval for a side yard setback waiver. Commissioners are permitted to approve a waiver if it is determined that public benefits are provided.

City To Consider License Agreement For Brickell Park

Miami commissioners are scheduled to consider a new agreement on the status of a park next to Mary Brickell Village. The commission meeting is scheduled for May 22. Below is a text of the proposed legislation: WHEREAS, the predecessor to 1000 Brickell, Ltd. (“1000 Brickell”) deeded to the City in 1974 (the, “1974 Deed”) the Parcels for use as public parks; and WHEREAS…

Atlantic Pacific proposes 124 rentals at Perrine transit village project

Atlantic Pacific Companies is taking on the next portion of its multi-phase Quail Roost Transit Village project in south Miami-Dade County. The Bay Harbor Islands-based development firm proposes a 10-story building with 124 apartments at 10235 Southwest 186th Street for its second phase of the transit village project, according to an Atlantic Pacific filing submitted…

Kushner JV plans mixed-use apartment project in Wynwood

Kushner Companies entered into a joint venture to develop a mixed-use apartment complex in Wynwood, as the New York firm completes its first projects in the neighborhood, sources told The Real Deal. The latest development, to include 325 apartments and roughly 20,000 to 25,000 square feet of retail space, would rise on the Soho Studios event space site at 2136 Northwest First…

Report: $300B AOM Guggenheim Execs Moving To Miami

A co-president of Guggenheim told Bloomberg that “there’s no formal relocation to Florida.” Guggenheim’s billionaire CEO and co-founder Mark Walter also has no plans to relocate, the report said. Crain’s Chicago is reporting that Guggenheim Partners “is on the verge of deciding to move its headquarters to Miami.” The financial services firm has over $300 billion in assets…

Photo: Downtown Miami’s Cultural Center, Planned To Be Demolished

A photo shows the Miami-Dade Cultural Center, which is expected to be demolished as part of downtown Miami’s Metrocenter redevelopment. The new Miami-Dade civil courthouse tower can be seen rising in the background. The Cultural Center was completed in 1983, with a controversial design that is reminiscent of a fortress. In addition to being pedestrian unfriendly…

Tri-Rail ready to come downtown, wants trains on the tracks

Tri-Rail is pouring on the oil as it races to serve downtown Miami Central Station and is itching to get its trains on the tracks. “We’re working with Brightline and FEC to gain physical access to the corridor,” David Dech, executive director of the South Florida Regional Transportation Authority, which runs Tri-Rail, told the Miami-Dade Citizens’ Independent Transportation Trust…

Midrise residence near Midtown and Edgewater win OK

A new midrise mixed-use residential building is planned for an area near Midtown and Edgewater in the City of Miami. Owner-developer TF Edgewater Apartments LLC has presented plans for Residence 27, a 20-story building at 2728 NE Second Ave., to be home to 247 residential units, about 7,800 square feet of retail, and liners around a parking garage podium for 347 vehicles.

Heading to Hialeah: Developers pour over $620M into project pipeline

Business is booming in Hialeah, as developers gobble up land and secure financing for a bevy of multifamily, industrial, and office projects planned for Miami-Dade County’s second most populous city. Nine developers have dropped nearly $250 million for land acquisitions and borrowed almost $378 million for projects in the “City of Progress,” according to The Real Deal’s research.

363K sf UHealth rising in North Miami

The University of Miami Health System is at work on a 363,000-square-foot facility in North Miami that would offer an extensive list of medical specialties and is to hire over 450 new staff, including physicians, nurses, technicians, and support. UHealth, which is powered by the Leonard M. Miller School of Medicine at UM, broke ground last September on this new medical center…

52-story Miami Worldcenter tower adding to project as it rises

The plan to build a new hotel and condo tower in Miami Worldcenter, already under construction, is changing due to the purchase of an adjacent property. Miami Worldcenter Legacy Hotel will rise at 938 NE First Ave. with 52 stories, home to a 218-room hotel and 308-unit residential condominium, along with office space for a medical facility. The project was first approved…

In southern Miami-Dade Costco site debate, four pivotal county concerns at stake

Four classic government dilemmas converged as county commissioners debated the sale of South Dade land they had dedicated two decades ago to vital water and sewer use to developers of a big-box Costco store. Clashing were concerns of have-not areas versus areas that do well economically, the need of government to be a good steward of its properties versus private…

End of the line for Nikki Beach?

Miami Beach elected officials are laying the groundwork to find a new operator for the Nikki Beach property, the longtime restaurant and outdoor club on prime waterfront in the city’s South of Fifth neighborhood. On Friday, commissioners voted 5-2 to authorize City Manager Alina Hudak to enter into a non-binding term sheet with Boucher Brothers to take over the two-story…

Industrial Landlords More Willing To Negotiate Lease Terms, Report Says

Although demand for industrial space remains strong, rising interest rates and a looming recession has offered some prospective tenants more room to negotiate. Uncertainty about the overall economy is making credit even more important to landlords, and tenants with strong credit will have increased negotiating power – within reason. The post Industrial Landlords More Willing…

Dolce & Gabbana Planning Major Residential Project In Miami

Dolce & Gabbana announced plans recently for a “large-scale operation” in Miami’s real estate market. Miami will see a “major residential project,” Dolce & Gabbana said in a social media post. An exact project location was not revealed. The company is partnering with JDS Development Group, according to the announcement. JDS is building the massive 1 Southside Park…

Adapting to challenging market: Developer retools planned Aventura condo tower

The developer of a planned Aventura luxury condo project that launched sales in the fall is expanding the number of units and lowering prices to adjust to the challenging market, The Real Deal has learned. Matthew Rosenblatt’s 2151 Development Group and Efrem Gerszberg’s 2020 Acquisitions will add more than 50 units to Tal Aventura, with less expensive prices…

The Edition Residences Edgewater Planned for 2121 N Bayshore Dr., Miami, Florida, 33137

The Edition Residences Edgewater is slated for a 2026 delivery in Miami-Dade County. It’s the first private residence under the Edition brand. Designed by Arquitectonica, the 55-story tower will offer 185 units, ranging from $1.9 million to $8 million each. Miami Residence notes that homes will measure 1,952 square feet to 3,864 square feet, comprising one-bedroom…

Miami’s Lotus House Breaks Ground on Children’s Village In Overtown, Miami

In a groundbreaking ceremony attended by hundreds of neighbors and community stakeholders, Lotus House, the country’s most extensive women’s shelter, marked the commencement of construction on their Children’s Village. Set in Miami’s historic Overtown District, the five-story facility aims to extend the organization’s impact on the community by focusing…

Redwood pays $30M for townhouses near Opa-locka, plans conversion to workforce rentals

Redwood Dev Co paid $30 million for 75 nearly completed townhouses near Opa-locka, with plans to convert them to workforce rentals. Redwood bought the townhomes on the northeast corner of Northwest 119th Street and West Golf Drive from the developer, Lennar, according to the buyer’s news release. Redwood took out a $23 million loan for the purchase…

Miami Historic Preservation Board Considers Hotel Proposal at 6747 Collins Ave., Miami Beach, Florida

In 2019, Urbanica Management purchased a .98-acre site in Miami-Dade County for $40 million––the last vacant site in the area at the time. Now, nearly three years later, the organization hopes to move ahead with plans for a 16-story hotel. The venture is under review from the Miami Historic Preservation Board. If approved, the multi-million-dollar venture could offer…

Forman Capital Acquires $24.1M Loan Secured by Development Site in Miami

Forman Capital, a South Florida-based lender owned by Brett Forman and Ben Jacobson, has acquired a $24.1 million loan secured by a development site in Miami. Charles Foschini of Berkadia arranged the transaction. Located at 2301 N.W. 3rd Avenue, the site was acquired in September of last year by an affiliate of Neology Life Development Group for $32.1 million, with plans…

Forman Capital Acquires $24 Million Note Secured by Miami-Dade County Development Site

Forman Capital, a creative and entrepreneurial direct lender based in South Florida owned by veteran real estate financing professionals Brett Forman and Ben Jacobson, has acquired a $24.1 million fully performing loan secured by a 7.3-acre development site at 2301 NW 33rd Ave. in Miami, Florida. The transaction closed on…

Robert Finvarb and Hidrock plan Wynwood hotel

Robert Finvarb Companies and Hidrock Properties are planning a 115-room branded hotel in Miami’s Wynwood, marking the joint venture’s third project in the artsy neighborhood. An affiliate of Aventura-based Robert Finvarb and New York-based Hidrock bought a 0.2-acre site at 160 Northwest 28th Street for $6.7 million, records show. The seller, an entity managed…

Dude, Where’s My Truck? Parking Shortage Pushing Up Price For Big Rig Real Estate

In the U.S., 18-wheeler big rigs are synonymous with commerce, barreling down the country’s interstate system to deliver goods of all shapes and sizes to stores or straight to buyers’ doors. But while everyone is familiar with these hulking haulers, their role as a demand driver for a class of commercial real estate is more covert. The need for expanded and updated logistics…

Taurus Development Group Proposes 28-Unit Multi-Family Project In Goulds, Miami-Dade County

New plans submitted to Miami-Dade County for an Administrative Site Plan Review reveal Taurus Development Group LLC’s proposal to develop a multi-family residential building in the Goulds Community Urban Center District (GCUC), designed by Conconcreto Designs LLC as the architect, structural engineer, and MEP engineer, and Fecttech Consult, LLC as the civil engineer.

Foreign Direct Investment Resurgent in Miami

Leading the nation in employment recovery, vaccination rates, travel recovery, and leasing rate activity, Miami topped the global real estate brokerage firm JLL’s Most Recovered Market Scale in 2021. This was a welcome indication of the transformation underway. But this initial recovery phase lacked one conspicuous component of Miami-Dade’s historic economic growth…

Demand For Brightline So High That It Just Earned A South Segment Profit: ‘Never Really Intended’

Brightline’s trains are in such high demand that the company’s South Segment was profitable on an operating basis for the first time ever last month, according to the company’s chairman. “We never really intended to make money on that segment on a standalone basis,” Brightline chairman Wes Edens told CNBC. “A year ago we did about 70,000 rides in March, this year…

Socialist Wave Sends Money Flying Out of Latin America; Miami Real Estate Benefits

At the four-star Hotel Estelar la Fontana in Bogotá, a hundred wealthy Colombians are learning how to send their money to the US—and fast. Crammed shoulder to shoulder on leather chairs, the crowd admires slides of waterfront properties in Miami. The real estate could be an investment, a second home or the start of a new life. A one-­bedroom sells for $1 million, more than 300 times…

As New-To-Market Tenants Drive Up Costs In Miami, The ‘Sticker Shock’ Is Real

The continued wave of corporate migrations washing ashore in Miami, partly driven by lower costs than traditional business hubs, is pushing those costs up at a rate that has shocked local operators. “Our clients that have come from New York and Chicago and Latin America, they get sticker shock,” Juliana Fernández, who founded an architecture firm called AEI Spaces…

Companies focusing on Florida as a smart place to invest in commercial real estate

Florida continues to be a top destination for investors from all parts of the world. After the pandemic, Florida became a desired place to start a business, thanks in part to the more relaxed Covid restrictions, and being one of the first states that was re-open for business. A total of 318,855 people relocated to Florida in 2022, according to the National Association of Realtors…

Related, Merrimac score $94M construction loan for Miami Worldcenter project

Related Group and Merrimac Ventures landed $94 million in construction financing for a planned 33-story condominium at Miami Worldcenter. Arkansas-based Bank OZK provided the loan for The Crosby, which will have 450 units, according to records. The joint venture acquired the development site at 601 North Miami Avenue in Miami in 2021 for $12 million.

Residences at Shell Bay in Hallandale Beach to Offer Area’s First Golf Course in 25 Years

Twenty stories. One-hundred and eight homes. These are just some words to describe Residences at Shell Bay, a pre-construction residential complex in Hallandale Beach, Florida. Sources report that units start at $2.5 million, with delivery slated for either 2025 or 2026. Condos & Condos notes that homes will measure 1,250 square feet to 2,600 square feet each, ranging…

Nine-Story Salato Pompano Beach Planned for 305 Briny Ave., Pompano Beach, Florida

What’s nine stories and 40 residential units? Salato Pompano Beach in Broward County. The oceanfront venture is “the ultimate expression of coastal luxury living,” offering homes ranging from 2,106 square feet to 3,354 square feet each, per Condos and Condos. Each home comprises three bedrooms and 3.5 bathrooms, costing $1,268 per square foot. Vickie Real Estate notes that…

Developer Seeks Partner With $250M To Launch Massive Project Near Sawgrass Mills

Developer Joseph Kavana is looking to raise more than $250M to construct a master-planned development adjacent to the Sawgrass Mills outlet mall in Sunrise. Kavana is looking for a joint partner to build the project, called Metropica, which is being marketed as a “city-within-a-city” and is expected to include 2,500 residential units, 240 hotel rooms, 480K SF of retail…

Kavana seeks equity partner on stalled Metropica project in Sunrise

The developer of a massive mixed-use community in Sunrise is seeking an equity partner to move the long-planned 4 million-square-foot project forward. Joseph Kavana’s Metropica Development tapped Avison Young and Karson & Co. to find and structure a joint venture partnership for the roughly 48-acre site at 1800 Northwest 136th Street, according to a press release.

Sixth & Rio Planned for 2024 Delivery at 501 SE 6th Avenue, Fort Lauderdale, Florida

Meet Sixth & Rio, a boutique residential venture along the New River. Per Condos & Condos, the multi-million-dollar project will offer 100 homes in a nine-story building. They measure from 930 square feet to 2,300 square feet each, comprising one-bedroom to three-bedroom units. In-home amenities include nine-foot-high ceilings, front desk security, and move-in-ready units.

FoxRock Properties Refinances West Palm Beach Office Building

Courthouse Commons. Image courtesy of JLL Capital Markets FoxRock Properties has received $16.7 million in refinancing for Courthouse Commons, an 85,660-square-foot office building in West Palm Beach, Fla. A JLL Capital Markets team led by Senior Director Jonathan Schneider worked on behalf of the borrower to secure the five-year, fixed-rate loan from Rockland Trust Co.

Judge Rules Commission Was Wrong To Reject Warehouses At Palm Beach Raceway

The Palm Beach County Commission’s decision to deny warehouse development on the site of the former Palm Beach International Raceway was unreasonable, a special magistrate judge ruled Tuesday. The nonbinding decision gives the commission until June 16 to reconsider the issue of whether to approve a plan from the property’s owner, IRG Sports & Entertainment…

Mast Capital JV Breaks Ground on Palm Springs Community

Mast Capital, The Spear Group and Rockpoint have broken ground on a 264-unit multifamily community in Palm Springs, Fla. In November 2022, Santander Bank provided $42.5 million in construction financing for the development. Designed by MSA Architects, the garden-style community will rise on the former 18-acre site of the YMCA of the Palm Beaches. Upon completion…

The Fed on the uneven cooling of the real estate market

There are lots of ways to measure how hot the real estate market is. One is how long houses remain on the market. FRED has such measures for the median house in each state. Above, the FRED map displays this measure for March 2023, the latest month available at the time of this writing. Instead of displaying the raw measure, we show how it changed compared with…

Mila founder to open restaurants, hotel on Miami River

Mila restaurant founder Gregory Galy and his partners plan to open Casa Neos with a boutique hotel and three eateries along the Miami River this year. Riviera Dining Group, led by Galy, along with Pacific Star Capital and a Spanish investor are completing interior and exterior renovations at the four-story building at 40 Southwest North River Drive, Guillaume Vidallet of Riviera Dining…

The Pool of US Commercial-Property Lenders Shrank (Again)

The acquisition of First Republic Bank by JPMorgan Chase & Co. will lead to the consolidation of two of the top 25 commercial-real-estate lenders in the U.S., which may further complicate asset pricing due to changing competition to fill the debt portion of the capital stack. If one is shopping around for a loan and 20 lenders are competing for your business, the likelihood is you…

JP Morgan 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…

Pointe, Allaire pay $31M for Hialeah senior housing, nursing care complex

Pointe Group Care and Allaire Health Services scooped up Epworth Village Retirement Community and Susanna Wesley Health Center in Hialeah for $30.9 million. Affiliates of nonprofit Epworth Village, led by Madelyn Lozano, sold the adjacent properties at 5300 West 16th Avenue and 5345 West 18th Avenue in two deals, according to records and real estate database…

Developing innovative financing strategies for affordable housing

The housing crisis facing our industry and cities continues to grow, with a national housing underproduction of 3.8 million units annually (as of 2019). Addressing and resolving this issue will require collective ingenuity and collaboration of public and private participants at every level. Moderated by Hill, the roundtable included Catherine Buell, former director, Amazon Housing Equity…

The future of the traditional office space is unclear as vacancy rate hits record high

Office spaces continue to struggle as work-from-home trends persist, according to a report from the National Association of Realtors. The office vacancy rate rose to a record high of 12.9% in the first quarter from 12% a year ago, representing 72.9 million more square feet available to lease. “The future of the traditional office space is unclear due to the ongoing impact of COVID-19…

Sun Starts to Set on Once-Hot Sunbelt Office Markets

Office markets in popular Sunbelt cities are showing signs of fatigue, succumbing to economic uncertainty and the persistence of remote work that had already upended major coastal office markets. Fast-growing cities from Miami to Phoenix are still benefiting from businesses moving south, drawn by lower taxes, warmer climates than in the Northwest and Midwest…

Industrial Outdoor Storage: Higher Rents Than Traditional Industrial But Weaker Tenants

Although IOS is seeing growing demand in line with the broader industrial property boom, it is still a volatile market with demand and rents accelerating faster in upcycles but also performing worse during economic downturns. And one of the reasons IOS tends to suffer disproportionately is the overall weaker tenant profile. The post Industrial Outdoor Storage: Higher Rents…

Florida lawmakers tackle affordable housing, condo safety, foreign investment

Against the backdrop of controversial measures regarding permitless carry, a six-week abortion ban and Gov. Ron DeSantis’ feud with Disney, Florida state lawmakers have advanced a number of bills this session that could alter the landscape for developers, brokers and property owners in the Sunshine State. Among the most consequential real estate bills to pass this session…

Miami board approves designs for Alta condos, Trilogy apartments

A pair of residential projects near the Miami River and in Edgewater are closer to moving to the permitting phase. The Miami Design Review Board on Thursday approved plans for River District 14, a proposed condominium by Alta Development on a six-parcel site at 1451 Northwest 14th Street less than half-a-mile from the Miami River. The board also gave the green light…

Owner Of Kayak-Branded Miami Beach Hotel Faces Foreclosure

The owner of the hotel that served as a guinea pig for online travel search company Kayak’s foray into operating hospitality properties is staring down a foreclosure lawsuit. An affiliate of lender Varde Partners filed suit in Miami-Dade Circuit Court this month after claiming the owner of the Kayak Miami Beach at 2216 Park Ave. failed to pay off a $13.7M mortgage when it matured in December…

Varde files foreclosure against Kayak Miami Beach hotel owner

Two years after opening the Kayak Miami Beach, the hotel’s owner is facing foreclosure over an allegedly unpaid $13.9 million mortgage debt. Minneapolis-based Varde Partners sued New York-based and Santa Monica, California-based Raven Capital Management last week in Miami-Dade Circuit Court, according to Vizzda and court records. The complaint alleges Raven’s hotel ownership…

The Standard Residences Breaks Ground In Midtown Miami With 228 Units

A groundbreaking ceremony was held last week for The Standard Residences in Midtown Miami. It is the first stand-alone residential project for The Standard, a hotel brand. The Standard Residences in Midtown Miami is planned to include: 228 residential condo units 11,000 square feet of retail 34,000 square feet of amenity space, rooftop lounge The project experienced rapid…

UDRB Approves 283-Unit Residential Project Near Metrorail

A proposal to build a residential project near a Metrorail station was approved 6-0 by Miami’s Urban Development Review Board last week. The project is proposed to rise 16 stories and include: 283 dwelling units 326 parking spaces (using a 30% waiver from zoning requirements due to transit proximity) The project site is at 1428 NW 14th Ave. Metrorail’s Civic Center station…

Prologis Raises Outlook Amid ‘Healthy’ Industrial Property Demand, Rising Warehouse Rents

The world’s biggest industrial developer said rents are rising and warehouse demand is holding steady even as the softening economic picture starts to weigh on some of its customers. The San Francisco-based real estate investment trust reported 98% occupancy in its massive global portfolio in the first three months of the year — a slight increase from the same time in 2022…

Videos: Janney Montgomery Scott’s Chris Marinac Provides Bank & Lending Outlook for Real Estate

Chris Marinac, Director of Research at wealth management firm Janney Montgomery Scott, joins Americas Commercial Real Estate Show to discuss the outlook for US banks and the effects of that outlook on commercial real estate. Chris leads the Bank Research Team at his firm. This is an excellent discussion of banks overall from balance sheets to commercial real estate loan exposure…

Residences in the Grove Requires Hotel Redevelopment at 2855 Tigertail Avenue, Miami, Florida

Residences in the Grove is a boutique high-end community headed for Miami, Florida. The $40 million could start construction in July 2023, with the Terra Group and AB Asset Management serving as the developers. Upon completion, the five-story building will offer 174 residences. Per Miami Residential, these homes will vary from studios to three-bedroom apartments…

Planners envision grand global boulevard along US 1

The Miami-Dade Transportation Planning Organization (TPO) has wrapped up a US 1 multimodal and roadway intersection analysis in Coral Gables and has presented recommendations with the grand vision of transforming US 1 into a boulevard. Similar to many of the grand boulevards around the world, US 1 connects Miami’s urban core with dense mixed-use suburbs, the study…

Centners buy assemblage for teacher housing, as private school expands in Miami

Private school owners David and Leila Centner bought an assemblage near their Edgewater campus where they plan to build teacher housing, The Real Deal has learned. The controversial owners of Centner Academy paid $6.1 million for the nearly half-acre contiguous properties at 125 to 145 Northeast 20th Street in Miami, according to their spokesperson. The Centners could develop…

The Rise of Real Estate: Despite doubts about the U.S. economy, Miami real estate still attracts billions of foreign dollars

Like an incoming tide, billions of dollars are flowing into Miami’s residential and commercial real estate market from foreign investors. Last year, foreign spending on residential properties crested $6.8 billion, rising sharply from the previous year. Overseas capital for the commercial sector – the money used to build not only residential high-rises but office, retail, and mixed-use…

Consulates of Paraguay, Guatemala, Mexico move to Coral Gables

Since its founding almost a century ago, Coral Gables has been known for its international appeal. Today, the city is the home of thriving consular operations with 23 consulates and foreign government offices making Coral Gables its home, Mayor Vince Lago told Miami Today. “Consulates help us attract businesses and executives to the city,” he said. “They strengthen our…”

46-story tower with 430 units planned for Park West

A new mixed-use residential skyscraper is planned for the Park West neighborhood of Miami, right next door to the rising Miami Worldcenter district. The developer refers to the project as Project NMA, and it is to include 46 stories, 430 residential units, about 7,510 square feet of ground floor commercial and parking for 455 vehicles, at 1018 N Miami Ave. The city’s Urban…

Tri-Rail offered to lead new Miami-Dade rail plans

As transportation planners seek more rail service in Miami-Dade County, the board chairman of tri-county Tri-Rail says it, rather than the county, should be driving the train. “I think that Tri-Rail should be the operator” of new Miami-Dade rail service, Raquel Regalado, board chair of the South Florida Regional Transportation Authority, which runs Tri-Rail, told the Miami-Dade…

More CSX freight trains seen as route to add passenger rail too

Planners who had been spotlighting transit passenger solutions to Miami-Dade’s road congestion are suddenly shifting their focus to freight, but with the same objective. For years commissioners looked to dormant freight rail lines to carry passenger transit but had no success in dealing with owner CSX rail system. But recent discussions have uncovered a desire by CSX…

Plan OK’d for 20-mile-long pedestrian and bicycle trail along South Dade TransitWay

The state and the county are splitting the cost of planning and designing a pedestrian and bicycle trail running the full 20-mile length of the South Dade TransitWay, where high-speed bus service is expected to begin next year. Each of the two is to provide $3 million for the planning of the South Dade Trail Shared-Use Path, which is to sit within the TransitWay’s 100-foot right-of-way.

Michael Lewis: Vital downtown mobility plan gets on the road decades late

Our Better Late Than Never Award goes to last week’s Transportation Planning Organization vote to revamp the Miami Downtown Transportation Master Plan to meet current and future needs. That’s a very smart move – but decades late. The last time planners focused on transportation downtown was 20 years ago, meaning that for two decades we’ve based mobility…

Standard International And Rosso Development Break Ground On The Standard Residences, Midtown Miami

Hospitality and real estate innovators Standard International, Rosso Development, and Midtown Development have started construction on The Standard Residences, Midtown Miami. Situated at 3100 Northeast 1st Avenue in Midtown, nestled between the Design District and Wynwood, the 12-story building is a collaboration between the internationally acclaimed architecture firm…

Different Takes on US Commercial-Property Sales in Q1

Deal activity for U.S. commercial property in the first quarter could be viewed as a sign of a calamitous market downturn ahead or a simple return to long-run averages after a period of excess liquidity. One’s viewpoint may differ across property types. Relative to Q1 2022, which was the most active first quarter on record, sales across property types fell 56% to USD 85 billion.

Metro Station Gets Approval for 2691 East 11th Avenue, Hialeah, Florida

Metro Station recently got the green light from Miami-Dade officials, the South Florida Business Journal reports. The 0.2-acre build site was rezoned from industrial/retail use to multifamily use just a few days ago. The residential venture will comprise 55 units in an eight-story building. This is MG Developers’ third apartment complex in the area, with the other projects being…

The Multi-Family Game: How real estate developer from Lebanon Ziyad Mneimneh found new success in Miami

For Polaris Realty Capital CEO Ziyad Mneimneh, his firm’s investment strategy is both simple and profound: There will always be demand for decent, non-nonsense housing for America’s workforce, regardless of other economic factors. People will always need somewhere to live and the demand for multifamily housing will not disappear,” says Mneimneh, whose firm has structured…

County Considering New Metromover Systems, Commuter Rail To South Dade

Miami-Dade’s Transportation Planning Organization voted on Thursday to study the possibility of several new mass transit options in the county. The first resolution authorized a study on adding new People Mover systems similar to Metromover throughout the county. The consultant running the $120,000 study will be asked to identify the top five feasible areas suitable for a People…

MG Developer scores approval for Hialeah apartment complex

Hialeah is getting another apartment project near a major public transit facility. This month, the Hialeah city council approved on second reading the rezoning of a 0.2-acre industrial and retail parcel at 2691 East 11th Avenue for multifamily use. The property owner, Miami-based MG Developer, is planning to replace a gas station and convenience store with Metro Station…

Miami Unemployment Rate Hits 1.7 Percent, Lowest Nationwide

Miami has the lowest unemployment rate in the nation, according to an April 5 release by the U.S. Bureau of Labor Statistics. The agency said that Miami-Miami Beach-Kendall metropolitan division unemployment rate stood at 1.7 percent in February, which was the lowest of any metropolitan division nationwide. The unemployment rate for the entire Miami-Fort Lauderdale-West Palm…

BH3 Management and Merrimac Ventures Join Forces to Realize Vision  for New Development on Watson Island in Miami  

BH3 Management and Merrimac Ventures, two of South Florida’s leading development firms, have teamed up to execute the City of Miami’s long-held vision of a thriving destination on Watson Island. The joint venture will draw upon their deep local roots and collective expertise to bring to life 10.7 acres of land on the island,… The post BH3 Management and Merrimac Ventures…

South Florida office leasing slows, rents rise in first quarter

Office leasing activity fell across South Florida in the first quarter, a recent report shows. Landlords experienced a drop in newly signed leases in Miami-Dade and Palm Beach counties, compared to the same period of last year, while new tenants in Broward wanted smaller spaces, according to Avison Young. Despite the softening market, office property owners continued to raise…

CMC Group Breaks Ground On Vita At Grove Isle In Coconut Grove, Miami

Prominent Miami developer, Ugo Colombo of CMC Group, has recently broken ground on Vita at Grove Isle, a boutique condominium at 5 Grove Isle Drive on the 20-acre gated private island just off the shore of the city’s Coconut Grove neighborhood. Collaborating with global architecture and design firm CallisonRTKL, local architectural firm S & E Architects, and Italian designers…

Skybridge Connected E11EVEN Residences Beyond Planned for 60th NE 11th St., Miami, FL, 33132

E11EVEN Hotel & Residences hasn’t even opened yet, and it’s already sold out. This has prompted developers to move forward with E11EVEN Residences Beyond, an adjoining tower connected by a skybridge. Per Miami Residence, the 65-story tower will comprise at least 380 residences, starting in the mid-$400,000s. Units range from studios to three-bedroom layout plans…

Calta buys Coral Gables apartments from Shoma co-founder Maria Lamas

The Calta Group is quickly expanding its multifamily division after acquiring a Coral Gables apartment complex from Shoma Group co-founder Maria Lamas. A Calta affiliate paid $12 million for Venetian Flats, a two-building property with 32 units at 915 and 920 Palermo Avenue, according to records and Vizzda. The buyer obtained a $7.8 million mortgage from Terrabank.

Residential Development Plunges In South Florida As Rising Costs Hold Back Construction

Despite South Florida’s status as one of the fastest-growing regions in the United States, its pipeline of housing units is slowing sharply. New residential housing permits in South Florida dropped 21% in 2022 compared to 2021, the Sun Sentinel reported, citing data from Point2Homes. The high cost of land, stubbornly high construction costs, rising interest rates and tightening…

Ugo Colombo’s CMC Group Breaks Ground on Vita at Grove Isle in Miami’s Coconut Grove Neighborhood

Miami’s most renowned luxury developer, Ugo Colombo of CMC Group, has broken ground on Vita at Grove Isle, his most sophisticated residential development to date. The ultra-luxe boutique condominium is located on the exclusive Grove Isle, a 20-acre gated private island situated just offshore of the city’s trending Coconut Grove neighborhood. The…

Developers propose 630-unit rental complex outside Miami-Dade’s UDB

A group of developers wants to build a 630-unit multifamily complex outside Miami-Dade County’s Urban Development Boundary — an invisible greenbelt that’s meant to restrict suburban sprawl. Legacy Residential Group, CD Group and Fenix Contractors propose 14 three-story and four-story buildings on 20 acres at the southeast corner of Southwest 252nd Street and Southwest 145th Avenue…

Conway Commercial Real Estate Collects $13M for Parcel in Miami’s Little River Neighborhood

Conway Commercial Real Estate has sold 2.2 acres in the Little River neighborhood of Miami, FL for $13.2 million. Alfredo Riascos of Gridline Properties represented the seller. Tony Arellano of DWNTWN Realty represented the unidentified buyer. “Developers are recognizing the growth and the emergence of strong fundamentals, finding opportunities to appeal to the creatives…

Residence 27 Proposed Between Midtown & Edgewater, With 247 units

Plans for a building called Residence 27 have been submitted to City of Miami planners. Residence 27 is proposed to rise 20 stories and include: 247 residential units 7,800 square feet of ground floor retail space 374 parking spaces TF Edgewater Apartments LLC is the developing entity. The company is an affiliate of Chicago-based developer Trilogy. SB Architects is the architect.

Florida Bills Put Tens Of Thousands Of Historic Properties At Risk Of Demolition

A pair of bills quickly moving through the Florida state legislature could open up tens of thousands of historic properties across the state to demolition by stripping local governments of authority to preserve buildings from redevelopment. The bills, SB 1371 and HB 1346, would block local governments from prohibiting the demolition of any property that is within a half-mile…

Brickell’s ‘Chicken Lot’ Could Get Rapid Transit Zoning, Allowing High Intensity Development

Brickell’s “chicken lot” is among those proposed to be added to Miami-Dade’s Rapid Transit Metromover Subzone, hinting that a high intensity development is in the works for the property. Brazilian developer Galwan won approval in 2016 for a 44-story hotel on the site, designed by Arquitectonica. In 2017, the company announced it would be managed by Wyndham…

Waterfront North Bay Village condo building deemed unsafe

A waterfront condo building in North Bay Village undergoing its 60-year-recertification was deemed unsafe by the city on Thursday. Residents have until Tuesday to evacuate the property. Part of the ceiling collapsed last week due to significant rainfall, which inspectors say was caused by a leak from a roof drain of the historic three-story, 36-unit Art Deco building at 7946 East Drive…

Apartment Market Comparison: The South Florida Trio

Miami is a coastal metropolis and the second-most populous city in Florida. West Palm Beach is known for its natural beauty and palm trees, while Fort Lauderdale boasts affordable beach vacations and boating canals. These neighboring apartment markets combine to make up the South Florida region. While very similar in demographic makeup and economic strength…

Florida bill restricting foreign real estate purchases a “slippery slope,” brokers say

A proposed bill in Florida that would dramatically restrict investment in real estate from Chinese buyers and those from other communist countries could have ripple effects on the rest of the foreign buyer market, experts say. Florida lawmakers are advancing controversial House Bill 1355, which would ban Chinese nationals from purchasing real estate anywhere in the state. Chinese…

Q1 2023 Major U.S. Hotel Sales Survey

With continued elevated levels of inflation and interest rates, and fears of an impending economic recession, the U.S. commercial real estate industry continues to find itself in choppy waters. The recent stunning and swift collapse of Silicon Valley Bank (SVB), and subsequent failures of Signature Bank (SB), and Credit Suisse Group AG (CS) has created a perceived credit crunch…

Stranded Assets: Climate Change Could Put CRE In A Precarious Position

Commercial real estate (CRE) owners who want to preserve the value of their assets must ensure they reach certain sustainability levels within the next 10 years or risk losses. While many municipalities and states are mandating compliance with laws aimed at reducing greenhouse gas emissions, prudent property owners are responding to demand from tenants and their own…

Miami named the No. 1 city in the U.S. for Gen Z tech workers

Miami was recently named the top city in the nation for Gen Z techies by online form builder Jotform. The study examined the 150 largest U.S. cities and scored them on Gen Z friendliness, tech friendliness, internet connectivity and affordability. Miami was cited for its percentage of Gen Z residents, 22.7%, average tech salary of $105,790 and overall internet connectivity.

‘Frightening Tsunami’: Office Investment Nose-Dives In Q1 To Lowest Point Since 2010

Investment in office properties across the country fell 68% in the first quarter to $10.7B, the lowest level since 2010 and an indicator of the degree of deep freeze property markets plunged into after their most challenging year in more than a decade. Sales of all property types declined, according to Colliers, citing new MSCI data. But in the face of rising interest rates, shriveled office…

Supreme Court: Mall Of America Owner Can Challenge 100-Year, $10 Lease For Vacant Sears Box

The U.S. Supreme Court has granted the owner of the largest mall in the U.S. another chance to get out from under a deal it made with Sears that looks more regrettable every year. In a unanimous vote, the nation’s high court ruled that Mall of America owner MOAC Mall Holdings LLC can challenge the transfer of a lease it signed in 1991 with Sears for a 120K SF anchor box…

Grant Cardone faces tenant uproar over rain damage at Las Olas apartment building

A Grant Cardone-owned apartment building in Fort Lauderdale is at the center of a tenant uproar over water damage caused by historic rainfall this month. On April 12, when the city was hit with 26 inches of rain that flooded streets, single-family homes and shut down Fort Lauderdale International Airport, dozens of units in the south tower of 10X Living Las Olas were inundated with…

Town Council Unanimously Approves 2.8-Million-Square-Foot Mixed-Use Development In Davie, Florida

The Town Council of Davie, Florida, unanimously approved the largest multifamily project in its history on Wednesday, April 19. The groundbreaking development, The District in Davie, collaborates with esteemed developer El-Ad National Properties, a subsidiary of Elad Group, acclaimed architecture firm Cooper Carry, and renowned landscape architect EDSA. Located at 4801–4999…

El-Ad National Properties Plans $1B District in Davie Mixed-Use Project Near Miami

El-Ad National Properties, a subsidiary of Elad Group based in Boca Raton, has released plans for a 2.8 million-square-foot mixed-use project in Davie, 24 miles north of Miami. The Town of Davie has approved the development.  The project, called The District in Davie, is expected to cost approximately $1 billion, according to El-Ad. At full build-out, the property will comprise 1,256…

El-Ad National Properties Unveils Plans for The District in Davie, a Vibrant 2.8 Million-Square-Foot Rental Residential Apartment, Dining and Retail Project

Award-winning developer El-Ad National Properties, an El-Ad Group company with a South-Florida based team, is bringing its expertise and exceptional reputation to Davie, Florida with its upscale 2.8 million-square-foot mixed use rental residential apartment and commercial project named The District in Davie. This is the largest multi-family project in Davie’s…

El-Ad plans $1B mixed-use multifamily project in Davie

El-Ad National Properties plans a 2.8 million-square-foot mixed-use multifamily project in Davie. The development, called The District in Davie, will have roughly 1,256 apartments in five towers ranging from 20 stories to 24 stories at 4801-4999 South State Road 7, according to an El-Ad news release. It also will have 36,000 square feet of retail and restaurants, and 2,650 parking…

Miami Jewish Health, McDowell Housing Break Ground on $137M Affordable Seniors Housing Project in Pembroke Pines

Miami Jewish Health (MJH) and McDowell Housing Partners have broken ground on Douglas Gardens Residences, a 410-unit affordable seniors housing community in Pembroke Pines, approximately 20 miles north of Miami. Development costs for the project, which will combine healthcare and housing, are estimated at $137 million. Of the total units, 390 will be reserved for age…

Time Equities pays $44M for Boynton Beach Town Square assemblage

A new developer is taking over the buildout of the commercial portions of Boynton Beach Town Square. Affiliates of New York-based Time Equities paid a combined $44 million for 8.8 acres at 117 Northeast First Avenue, 120 Southeast First Avenue, 125 Southeast Second Avenue and 130 East Boynton Beach Boulevard, according to records and Vizzda. The buyer obtained a $40 million…

Developers Breaks Ground On 18-Acre Multifamily Development in Palm Springs, Florida

South Florida real estate development and investment firm Mast Capital has joined forces with Boston-based Rockpoint and The Spear Group to break ground on an 18-acre multifamily development in Palm Springs, FL. With $42.5 million in construction financing from Santander Bank, the project, located at 2085 S. Congress Ave., will rise on the site of the former YMCA…

Mark Bellissimo And NEXUS Luxury Collection Partner To Develop 600-Acre Residential Club Community In Wellington, Florida

Wellington resident and entrepreneur Mark Bellissimo has announced a partnership with NEXUS Luxury Collection, founded by Joe Lewis and his Tavistock Group, Tiger Woods, Justin Timberlake, and Ernie Els, to create The Wellington, a luxury residential club community in the heart of Wellington that celebrates the best of South Florida and equestrian sport. Through their new partnership…

Tiger Woods, Justin Timberlake Back 600-Acre Palm Beach County Project

An international hospitality and real estate company backed by investors including Tiger Woods and Justin Timberlake has struck a deal to develop a multibillion-dollar, 600-acre community around a renovated golf course and expanded equestrian showgrounds in Palm Beach County, Florida. Nexus Luxury Collection — a celebrity-backed development group that counts Woods, Timberlake…

Bellissimo taps Tiger Woods, Justin Timberlake for massive proposed Wellington development

Developer Mark Bellissimo unveiled his latest version of a massive planned luxury community in Wellington — and he’s proposing to build it with golf greats Tiger Woods and Ernie Els, singer-songwriter Justin Timberlake, billionaire Joe Lewis’ Tavistock Group and founding eBay president Jeff Skol. Now called The Wellington, the more than 600-acre development would be completed…

Celebrity-Backed Venture Plans Wellington Club Community

The golf course at the property. Image courtesy of Wellington Lifestyle Partners A partnership between the Tavistock Group’s NEXUS Luxury Collection and entrepreneur Mark Bellissimo is developing the Wellington, a 600-acre luxury residential club community near West Palm Beach, Fla. The project will be located in Wellington, Fla., in Palm Beach County. Other venture partners…

Residents Reject Kolter Group’s $500M Offer for Palm Beach County Oceanfront Trailer Park

Residents of an oceanfront mobile-home park in South Florida rejected a $503 million buyout offer from The Kolter Group. Nestled between some of the country’s most expensive ZIP codes, the Briny Breezes community spans 43 acres, housing 488 mobile trailers on a barrier island in Palm Beach County. Structured somewhat like a co-op, each homeowner owns between 20 and 80…

GL Homes revives controversial 1,000-home proposal for Ag Reserve

GL Homes is pursuing a controversial development proposal for a 1,000-home age-restricted community in Palm Beach County’s Agricultural Reserve. Next week, the Palm Beach County Commission is expected to consider the Sunrise-based homebuilder’s plan that includes a land swap. Under GL Homes’ proposal, the firm would be allowed to build out 682 acres…

‘Meticulously Designed’ 24-Story Tower With Micro Units Proposed In Brickell

Plans have been filed for a 24-story residential tower in Brickell. According to a letter sent to City of Miami planners, the developer is proposing an urban infill, mixed- use project, in a structure that is “meticulously designed.” The project is proposed to include: 240 dwelling units (of which 70  will be micro-units) 43,920 square feet of commercial space on the ground…

Empira plans 310-unit tower in Brickell

Empira Group bought a Brickell development site with plans to build a 26-story multifamily tower, marking the Swiss company’s second project in Miami after its debut last summer. The firm, in partnership with Grand Peaks Properties, purchased the 1-acre site at 901 Southwest Third Avenue and 244 Southwest Ninth Street, according to an Empira news release.

Empira Group Acquires Brickell Development Site, Plans 26-Story Multifamily High-Rise

Swiss real estate investment powerhouse, Empira Group, has made headlines with its recent acquisition of the 901 Southwest 3rd Avenue development site for $21.5 million, previously referred to as Empire Brickell, in the bustling Brickell neighborhood of Miami. This marks the firm’s second foray into greater downtown Miami’s development landscape in just under a year, with the…

Developers Announce Lease Takeover On Watson Island, With Plans To Build

Two Miami-area developers have reached a deal to take over a portion of the former Island Gardens development at Watson Island. BH3 Management and Merrimac Ventures said in a press release that they acquired the lease and development rights to 10.7 acres of land on the island (not including the marina area). In a press release, the developers said that initial site work at the property…

Turkish investors plan Midtown Miami mixed-use project

A group of Turkish investors paid $10.5 million for a commercial building in Midtown Miami, with plans to develop a mixed-use tower. Furkan Bayoglu and other investors bought the two-story, 12,500-square-foot building at 175 Northeast 36th Street from David Feinberg, according to records and real estate database Vizzda. The buyers took out $6.2 million…

Renderings Show Potential Apple Store At Miami Worldcenter

Plans were filed with City of Miami planners last year for a potential Apple Store at Miami Worldcenter, newly released documents show. The application seeking warrant site plan approval for the store is dated June 2022, so it’s possible the design may have changed since then. Building Department records show that a construction permit was applied for at the same site…

Merrimac, BH3 take over lease on Miami’s Watson Island to develop mixed-use project

Merrimac Ventures and BH3 Management partnered to take over the lease of a long-stalled development site for a mixed-use project on Miami’s Watson Island. After a series of delays and controversy, Flagstone Property Group, led by Mehmet Bayraktar, sold the lease for nearly 11 vacant acres to Merrimac and BH3. The two firms plan to finish what Flagstone started more than…

BH3 Management, Merrimac Ventures to Develop Mixed-Use Project on Miami’s Watson Island

South Florida-based developers BH3 Management and Merrimac Ventures have acquired development rights for a 10.7-acre site on Watson Island, an island within Miami city limits. The land is owned by the City of Miami and fronts Biscayne Bay midway between downtown Miami and Miami Beach. Alex Zylberglait of Marcus & Millichap brokered the transaction.

EDEN Multifamily, Dermot Plan Miami High-Rise

Miami-based EDEN Multifamily and the Dermot Co. are developing their first residential project together, a 44-story, 430-unit Class A luxury multifamily tower in Miami’s Park West district. The high-rise, which will offer 8,000 square feet of ground-floor retail space, is designed by prominent local architect Kobi Karp. The partners are still…

Eden and Dermot team up to build Park West apartment tower

A pair of multifamily developers are planning a luxury apartment tower in Miami’s Park West neighborhood. A joint venture between Eden Multifamily and The Dermot Company is under contract to buy a 0.7-acre site at 1018 North Miami Avenue owned by Park West investor Michael Simkins, according to Miami-Dade records. A spokesperson for the partnership declined comment…

EDEN Multifamily and The Dermot Company Unveil Plans for Downtown Miami High-Rise Residential Project

EDEN Multifamily, the prolific South Florida developer, is partnering with multifamily developer and investor The Dermot Company to bring a Class-A, luxury rental residential tower to downtown Miami’s Park West district. EDEN and Dermot plan to develop a 44-story, 430-unit high-rise designed by the award-winning architect Kobi Karp. This development represents the first…

Lululemon, Sephora Open Stores at $4B Miami Worldcenter Development

Retailers lululemon athletica and Sephora have opened stores at Miami Worldcenter, a $4 billion mixed-use development in downtown Miami. The stores are located adjacent to one another along the development’s 7th Street pedestrian promenade that overlooks World Square Plaza, a 20,000-square-foot park. CIM Group, a co-developer of Miami Worldcenter, is leading…

Empira Group Acquires Development Site in Miami’s Brickell Area for 26-Story Apartment Tower

Empira Group, a Switzerland-based institutional real estate investment firm, has acquired a development site at 901 SW Third Ave., formerly known as Empire Brickell, in Miami’s Brickell area. The firm plans to build a 26-story apartment tower comprising 310 market-rate units with roughly 2,500 square feet of retail space on the ground floor. Construction is scheduled to commence…

Developer Seeks UDRB Approval For 24-Story Mixed-Use Project At 296 SW 7th Street In Brickell, Miami

Development plans have been filed for a 24-story mixed-use building at 296 Southwest 7th Street in Brickell, Miami. Designed by Beilinson Gomez Architects P.A., with Gardner + Semler Landscape Architecture (GSLA) as the landscape architect, and developed by Rockville Hospitality LLC, led by Amit Patel and Chris Desai, the proposed development aims to create an urban…

Gears shifting from buses to rail for East-West Transit corridor

Plans for East-West Corridor rapid transit in Miami-Dade County, which since 2020 had officially been targeting express buses in partnership with the Miami-Dade Expressway Authority (MDX), now are focusing again on an older plan to use CSX tracks and run rail instead. The topic is on today’s agenda (4/20) of the Miami-Dade Transportation Planning Organization…

Metromover-like transit targeted in five systems countywide

Transportation planners are looking to add automated people mover lines like downtown’s Metromover system in as many as five Miami-Dade County locations. The Transportation Planning Organization today (4/20) is to vote on a contract to pinpoint the top five places to add automated people movers to “provide a safe, convenient and effective connection to major transit…

Michael Lewis: What must we do to get our affordable housing plan right?

A plan to tally Miami-Dade’s affordable housing needs impresses us, but we question what assumptions will shape the results. County Commissioner René Garcia’s detailed proposal reported on Miami Today’s front page last week is impressive because it looks holistically at a vital problem that has to date been dealt with piecemeal, almost unit by unit. Sen. Garcia seeks quantified…

Electrical union could redevelop Miami headquarters

A union representing electrical workers could rezone its headquarters in Miami’s Allapattah neighborhood to set up a mixed-use development. The city’s Planning, Zoning and Appeals Board will consider… concerns the 1.83-acre site at 1544, 1649 and 1650 N.W. 16th Terrace; 1657, 1601 and 1667 N.W. 17th Ave.; and 1700 N.W. 15th Street Road. The IBEW has owned the property since 1948.

South Florida’s Industrial Asking Rents Climb In First Quarter

Industrial asking rents in Broward and Palm Beach counties climbed at least 40 percent in the first quarter, year-over-year, while Miami-Dade County saw a 14 percent jump, according to a newly released report. The first quarter findings show the South Florida industrial market remains on a stable trajectory, as demand continues to outpace supply, said Tom O’Loughlin…

Revealed: 65-Story Tower Proposed At Miami Worldcenter

Developer Naftali Group has formally filed plans to build a 65-story tower at Miami Worldcenter’s Block A. Nafatali purchased the property at 1016 Northeast Second Avenue last year for $40.5 million. The developer requested height approval for a new tower on the property from the FAA in September. Approval by the FAA for a 691-foot tower was issued in January.

New York’s Naftali Group Unveils Downtown Miami Condo Development

Two more residential towers are set to rise in Downtown Miami, according to two separate proposals filed to Miami’s Urban Development Review Board. In the largest of the two proposals, New York’s Naftali Group unveiled plans to develop a 65-story condo high-rise. The development, designed by Arquitectonica, is set to include 723 units, 2,187 square feet of commercial space…

Revealed: 46-Story Residential Tower Proposed In Park West

Plans have been filed with City of Miami planners for a 46-story residential tower in Park West. The development is referred to as Project NMA by the Planning Department. Project NMA is planned to include: 430 dwelling units 7,510 square feet of commercial use 455 parking spaces The development will feature a robust landscaping plan incorporating native trees that…

Related Group, partners score $165M refi for Wynwood project

Related Group and its partners scored a $165 million refinancing for the Dorsey mixed-use project in Wynwood, even as the market nationwide for loans remains challenging, The Real Deal has learned. New York-based MF1 Capital, a lender for multifamily properties in the U.S., provided the financing, sources said. It’s a 30-month, interest-only loan, according to Related.

Video: How Contractors Are Building Foundation At 100-Story Waldorf Astoria Supertall

The Wall Street Journal has published an in-depth feature showing how contractors are building the foundation at the 100-story Waldorf Astoria supertall tower in Downtown Miami. A technique called “deep soil mixing” is being used to make the onsite soil much stronger than normal. The process also seals out nearly all water. The technique was previously mainly used…

Pinnacle nabs $89M in construction financing for Princeton affordable rentals

Pinnacle scored $88.6 million in construction financing for an affordable apartment complex in south Miami-Dade County’s Princeton neighborhood. The development firm has started building the 215-unit garden-style community on 6.5 acres at 25155 Southwest 136th Avenue in an unincorporated area of the county, according to a Pinnacle news release. Dubbed Pinnacle…

Proposal For Tower At 2600 Biscayne Submitted To FAA At 529 Feet

Plans for a tower at 2600 Biscayne have been submitted to the Federal Aviation Administration. According to the April 13 filing with the FAA, the tower is proposed to rise 521 feet above ground, or 529 feet above sea level. In July 2022, a partnership of developers announced they had closed on the purchase of 2600 Biscayne, and have unveiled development plans…

Rental Asset Management pays $28M for Hialeah apartment complex

Rental Asset Management acquired a recently completed apartment complex in Hialeah for $27.5 million. An affiliate of the Oakland Park-based multifamily investment firm acquired Station 21 Lofts at 102 East 21st Street in Hialeah, according to records and Vizzda. Rental Asset Management, or RAM, assumed the seller’s $13 million mortgage from Boca Raton-based Amzak Capital Partners.

Berkadia Arranges $165M Refinancing for The Dorsey Mixed-Use Development in Miami

Berkadia has arranged a $165 million loan to refinance the construction loan for The Dorsey, a recently completed mixed-use development located in Miami’s Wynwood neighborhood. The property — which was co-developed by Related Group, LNDMRK and Tricera Capital — features 306 apartments, 73,000 square feet of offices and 36,000 square feet of retail space.

Eden Multifamily, Dermot Plan 44-Story Apartment Tower in Miami’s Park West District

Locally based Eden Multifamily and New York-based The Dermot Co. have teamed up to develop a 44-story apartment tower in Miami’s Park West district. Construction is set to begin at the site, located at 1018 N. Miami Ave., in 2024. The project will be situated near Miami Worldcenter and a Brightline station. Kobi Karp is designing the unnamed high-rise, which will feature…

JV Tops Out 1,201-Bed Student Tower in Miami

Terrazul topping out ceremony. Image courtesy of Gonzalo Rodriguez and Coastal Construction A joint venture between AARE Sunbelt, an affiliate of Adam America Real Estate and JW Capital Management has topped out Terrazul, a student housing development near Florida International University in Miami, which will total 1,201 beds. The project is subject to a $147 million…

Video: Inside storied past of Jeffrey Soffer’s Story nightclub in Miami Beach

Story nightclub is a popular party venue in Miami Beach, and a property with a storied past and contentious present. The two-floor, white building on the southwest corner of Collins Avenue and Second Street was developed by Lawrence Kaine in 1994. Shortly after, nightlife impresario André Boudou opened Amnesia nightclub, bringing the brand to the shores of South Beach…

Story Nightclub’s Last Stand: Venue Fights Miami Beach to Stay Open

Champagne bottles were popping, the bass was booming, and confetti was flying as rapper French Montana performed at Story nightclub. The dancefloor stayed packed shoulder-to-shoulder while the liquor flowed, seemingly business as usual at the Miami Beach venue just 10 days ago. The club is now eerily quiet — shuttered until further notice as its future hangs…

Miami condo association on the hook for $1M-plus tied to unusable commercial space

More than 16 years after buying a five-story commercial space at the bayfront Miami condo Blue, the Atlanta-based owner is one step closer to gaining access to basic utilities that would make it operational — including central air conditioning, a must in South Florida. An affiliate of Goddard Investment Group, Blue Grouper Ventures, won at jury trial more than $1 million…

CMC Group Breaks Ground on Coconut Grove Luxury Condo Project

Vita at Grove Isle. Rendering courtesy of CMC Group Ugo Colombo’s CMC Group has broken ground on Vita at Grove Isle, a 65-unit luxury boutique condominium project on the private island of Grove Isle in Miami. Three separate architecture firms are involved in the project: CallisonRTKL, S&E Architects and A++ Architecture. Delivery is expected in the second or third quarter of 2025.

South Florida business boom expected to outlive pandemic-era boost

Florida was the top destination for people fleeing Northern states for the South during the pandemic, bringing a big business boost. Three years in, that boom is extending even as storm clouds form over the national economy. Population data released late last year from the U.S. Census Bureau showed that Florida is growing quicker than any other state, with its population growing…

The Fed’s Beige Book: Southeast Banking Conditions Remain Steady

The Southeast economy grew modestly in the six weeks through the end of March, and banks in the region reported strong loan growth despite concerns about liquidity following the failure of two banks in the West and Northeast, according to the Federal Reserve Bank of Atlanta’s Beige Book report of economic conditions in the Southeast. Banking contacts also reported they…

Florida Senate tweaks bill amending condo safety law. Here’s what that could mean

Florida lawmakers made changes to a bill that aims to clarify aspects of the condo safety law passed last year, after it resulted in condo association boards scrambling to meet looming deadlines for financial and structural repairs. State senators voted unanimously to approve Senate Bill 154 on Wednesday. It’s now in the Florida House, and if it passes as expected, would then…

The lender of last resort : Data on bank loans made by the Fed

The Federal Reserve System serves as a “lender of last resort” for insured financial institutions in the US by providing liquidity to commercial banks, thrift institutions, credit unions, or US branches and agencies of foreign banks. The liquidity provided by the Fed takes the form of loans, which are collateralized and have historically been paid back in full, on time, and with interest.

Tracking monetary policy’s effects on access to financing

The federal funds rate (FFR) is a key instrument through which the Federal Reserve conducts monetary policy in the US. When inflation is high, the Federal Reserve typically raises the FFR to mitigate aggregate demand, easing pressure on prices. One channel through which monetary policy achieves these goals is by increasing borrowing costs for banks and, in turn…

Food Hall Okeydokey Opens in Brickell with Local Food and Cocktails

A new food hall that blends fast-casual and full-service experiences is coming to Miami. The new venue is Okeydokey, a project that is several years in the making, according to cofounder and CEO Stephane Benkemoun. Born and raised in France, Benkemoun tells New Times he decided to take his entrepreneurial passion from Europe to Miami to take the food hall fast-casual…

Cortland Opens New Phase of Development in Kendall

Cortland, a multifamily real estate investment, development, and management company, has opened its newly built phase of Cortland South Kendall, an upscale apartment community in one of the fastest growing areas of Miami. The Atlanta-based multifamily firm bought the community, formerly known as Mareas, along with the nearly 10-acre site for the second phase from Ram…

Concord Summit Capital Arranges $60M Construction Financing for Multifamily Development in Hollywood, Florida

Concord Summit Captial LLC has arranged a $50 million construction loan and $10 million of preferred equity for the development of a 180-unit apartment community in Hollywood. David Larson, Keegan Burger and Daniel Rojo of Concord Summit’s Miami office served as advisors and sourced the financing on behalf of the borrowers, The Calta Group and Gilu Holdings and Development.

Memorial Healthcare pays $49M for dev site in Hollywood

Memorial Healthcare System bought a development site in Hollywood for $49 million, with preliminary plans for a health and wellness center. Memorial Healthcare bought 8.2 acres on the southeast corner of Hollywood Boulevard and State Road 7 from the Ben-Shmuel family, according to records and real estate database Vizzda. The property at 101 South State Road 7 consists…

JV Secures $60 Million for South Florida Apartments

Hollywood Entertainment Center. Image courtesy of Concord Summit Capital A joint venture between The Calta Group, a Miami-based luxury apartment developer, and Gilu Holdings has secured $60 million in construction financing for the development of Hollywood Entertainment Center. The seven-story, 180-unit luxury apartment community will be located at 2215-2233 Hollywood…

Estate Cos. to Develop 321-Unit Multifamily Property in Downtown West Palm Beach

The Estate Cos. has received site plan approval for Soleste Palm Station, a 321-unit apartment development in downtown West Palm Beach. The City of West Palm Beach’s Downtown Action Committee voted unanimously to approve the project, which is scheduled to break ground in July. Soleste Palm Station will deliver a mix of studio, one-, two- and three-bedroom…

Estate scores approval for downtown West Palm rental project

Estate Companies scored approval for its first apartment project in downtown West Palm Beach. The 321-unit development will consist of a pair of eight-story buildings at 520 North Rosemary Avenue, a half-mile walk from the Brightline station, according to an Estate news release. Dubbed Soleste Palm Station, the 298,000-square-foot project will offer studios, as well as…

The Estate Companies Obtains Unanimous Site Plan Approval for Soleste Palm Station Luxury Rental Community in Downtown West Palm Beach

The Estate Companies (EIG), a leading developer of luxury multi-family projects throughout South Florida, has obtained site plan approval for Soleste Palm Station, featuring two 8-story buildings with 321 luxury rental apartments, located at 520 N. Rosemary Ave. in downtown West Palm Beach.  “We’d like to thank the City of West Palm Beach…” Jeffrey Ardizon, principal, The Estate Companies.

Neology Tops Off $100M Luxury Tower in Miami’s Allapattah Neighborhood

Development Group Neology Life Development Group has topped off The Julia, a 323-unit luxury multifamily tower in Miami. Designs were provided by Behar Font Architects, and JAXI Builders serves as general contractor. Completion is scheduled for February 2024. Lissette Calderon led Neology broke ground on the $100 million project in 2021, financing its construction…

Citadel, Sterling Bay part ways on planned $1B waterfront Miami tower

Billionaire Ken Griffin’s hedge fund Citadel cut ties with Chicago developer Sterling Bay to build its new headquarters in Miami. Citadel, which moved to Miami from Chicago, where it still has a large presence, is no longer working with Chicago-based Sterling Bay to build its planned $1 billion tower on Miami’s Biscayne Bay, Crain’s Chicago reported. Instead, Griffin’s firm will handle…

Citadel Breaks Off Partnership With Sterling Bay For Planned Miami HQ

When hedge fund giant Citadel announced plans last summer to move its headquarters from Chicago to a new skyscraper in Miami, it tapped one of its longtime Chicago corporate neighbors to build it. But that partnership is now off. While Citadel and Citadel Securities are still planning to move into a $1B new development in the coming years, Sterling Bay will no longer be involved…

Redwood scores $24M construction loan for Opa-locka rental project

Redwood Dev Co scored a $24 million construction loan for an Opa-locka multifamily complex. The deal marks the developer’s continued bet on the city and on apartment demand from South Florida’s middle class. The five-story, 98-unit Mosaic Apartments, under construction at 13800 Northwest 22nd Avenue, isn’t formally workforce or affordable housing, as it doesn’t…

Sabal sells waterfront apartment building in Miami Beach’s Normandy Isle

Sabal Development sold a recently completed apartment building on Miami Beach’s waterfront… entity managed by Jason and Amanda D’Herin.. couple who own a facility management company in Detroit, paid $13.5 million for the five-story boutique building at 1930 Bay Drive in Normandy Isle… In 2015, the Sabal entity paid $1.9 million for the property, and completed the four-unit…

Dolce & Gabbana to brand Michael Stern’s condo tower in Miami

Dolce & Gabbana is partnering with developer Michael Stern to brand a condo tower in Miami. The Italian designer is the latest fashion house to work with a developer on branded condos in South Florida, as it expands into real estate worldwide. Dolce & Gabbana announced this week it planned two residential… including one in Miami with Stern’s JDS Development Group…

Sales of Three Walgreens-Occupied Properties – One in Metro Miami – Totaling $22.6M Arranged

Hanley Investment Group Real Estate Advisors has brokered the sales of three single-tenant properties totaling $22.6 million. Each of the properties is leased to Walgreens.  Kevin Fryman and Ed Hanley of Hanley, in association with ParaSell Inc., arranged the sale of the first property, located in Minneapolis, on behalf of the seller, a California-based private investor. A New York-based…

Carlos Rodriguez: $1 billion in hospitality assets on new syndication model

Carlos Rodriguez is founder, CEO and chairman of Driftwood Capital, a hospitality investment firm that has provided the foundation for development of hotels in South Florida and across the US, with more than $5 billion in hospitality assets in its portfolio. Its real estate syndication model, launched in 2015, was proven a lifesaver during the pandemic. His goal is now to continue…

EB-5 investors allege ex-developers of Miami immigration property diverted $70M

The failed redevelopment of the former U.S. immigration building in Miami’s Upper Eastside sparked another lawsuit… for allegedly misappropriating more than $50 million. Chun Liu… filed the March 16 complaint…against Fu Jing “Leo” Wu and Wai Kin “Benny” Lam. Wu and Lam… entity that owns… 7880 Biscayne Boulevard. Liu… seeking a court… 8500 Biscayne Boulevard, the new lawsuit…

Sunstone Hotel Investors scores approval for 339-Key Confidante Miami Beach revamp

Sunstone Hotel Investors can move forward with a planned $60 million revamp of the oceanfront Confidante Miami Beach. The Miami Beach Historic Preservation Board on Tuesday unanimously approved the Irvine, California-based real estate investment firm’s proposed renovation of the Art Deco hotel. Last year, Sunstone paid $232 million for the 339-key hotel, records show.

Notable Retail Leases Signed in South Florida Q1 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 2021. 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…

Coming of age: Distress player Fuse enters the development arena

The South Florida real estate party that began two years ago is over. High interest rates, coupled with exorbitant insurance and construction costs, have halted the investment and development bonanza, and left some projects exposed to distress. But for Fuse Group Investment Companies, the real estate party is only getting started. Beginning in the third quarter, the firm…

French investors buy MiMo motel Biscayne Inn, Blue Collar restaurant

A French… family bought a long-closed motel in the MiMo Biscayne Boulevard Historic District, with ground-floor commercial space that is home to Blue Collar restaurant. Eric Shea…  sold the 52-key Biscayne Inn at 6730 Biscayne Boulevard… The buyers… Armand and Ledicia Amsellem… sons Eric and Stephane Amsellem… daughter Sylvie Amsellem-Mouyal… her husband, Eric Mouyal — paid…

Pinnacle Obtains $72.3M in Financing for Affordable Housing Development in Miami’s Princeton Neighborhood

Locally based developer Pinnacle has obtained $72.3 million in construction financing for an affordable housing development located in Miami’s Princeton neighborhood. The 215-unit community, called Pinnacle at Tropical Pointe, will be located at 25155 S.W. 136th Ave. in an unincorporated area of Miami-Dade County. Bank of America, Citibank, Miami-Dade County, Miami-Dade…

Lender sells Wynwood dev site for $26M a year after foreclosure

Lender Gamma Real Estate sold a Wynwood development site for $26 million, marking a new chapter for the 1-acre assemblage that went through a foreclosure last year. New York-based Gamma, led by the Kalikow family, sold the properties at 2825 Northwest Second Avenue, 169 and 179 Northwest 28th Street, and 166 and 172 Northwest 29th Street, according to records. The buyer is…

Lease roundup: Hollo family, Asana score tenants

The Hollo family’s Florida East Coast Realty signed four tenants at its 1101 Brickell office towers for a combined 12,000 square feet. The British Consulate General will move its Miami office into a 7,300-square-foot penthouse at 1101 Brickell Avenue in Miami, according to Florida East Coast representatives. The consulate, now at 1001 Brickell Bay Drive, will move later this year.

RFR and Tricap settle legal battle over W South Beach

Aby Rosen’s RFR and David Edelstein’s Tricap reached a truce in their dogfight over the W South Beach, The Real Deal has learned. The New York-based firms dismissed dueling lawsuits accusing each other of trying to sabotage negotiations over control of the condo-hotel at 2201 Collins Avenue in Miami Beach, according to court filings in New York Supreme Court and…

Soaring Insurance Costs Could ‘Paralyze’ CRE, So Investors Are Calling For Reform

The price of commercial property insurance has risen so dramatically in the last two years that it has reached a crisis point, real estate players, who are calling for lending reform and government support to alleviate the pressure it is putting on the market, say. “Something’s got to give or it’s just going to paralyze the industry,” said Kevin Keane, the chief operating officer at Bainbridge…

Great investment potential in industrial warehouses in key areas in Miami

The South Florida industrial market has been one of the best performing sectors in commercial real estate. This is attributed to Miami’s robust economy, increased tourism, new businesses relocating to Florida, and the growth of e-commerce. The demand for industrial warehouses has exceeded the supply. Even with the new properties under construction, there are still not enough…

Inside the Mind of Miami’s Retail Visionary; Terranova President Mindy McIlroy

As we celebrate Women’s History Month, Commercial Property Executive is highlighting the inspirational accomplishments of a wide range of female leaders. Mindy McIlroy is a visionary in the restaurant and retail sector, currently serving as the president of Coral Gables, Fla.-based Terranova Corp. With a keen eye for spotting trends and passion for creating unique experiences…

Stripe report: Miami among top hubs for new startups

Move over, Austin. Miami is officially a prime location for new startups. The Miami-area ranks No. 4 in an analysis of U.S. startups hubs, according to Stripe, a financial services platform headquartered in San Francisco and Dublin, Ireland. The region came in behind the San Francisco Bay Area, New York City and Los Angeles and ahead of Austin, Texas. Stripe reports Miami has gained…

CRE Values Keep Sliding Nationally, Down 15% From Last Year

Commercial real estate property prices are down sharply compared with a year ago, according to Green Street, with its commercial property price index down 15.2% from March 2022. The index is off 0.2% compared with February 2023. Some property types have been hit harder than others year-over-year, but according to Green Street, all property types have lost some…

Video: Carl Whitaker with RealPage Analytics Discusses Multifamily Performance 2023

Carl Whitaker, Director of Research and Analysis with RealPage Analytics, joins host Michael Bull to share market performance, investment strategies, and forecasts for United States domiciled apartments / multifamily properties. Among the topics discussed are apartment rent and occupancy updates, new multifamily supply levels as compared to corresponding demand, and opportunities…

What Does History Reveal about Reducing the National Debt Burden?

The U.S. has once again reached its debt ceiling in the first month of 2023, a limit that Congress last set at $31.4 trillion in 2021. If no action is taken, the Congressional Budget Office estimates that the U.S. could potentially face yet another debt-ceiling crisis sometime between July 1 and Sept. 30. The current debate surrounding the national debt limit is not a new one. In fact…

Commercial-Property Debt Not Just a Small Bank Story

Recent industry chatter suggests that smaller banks are behind 70% of all commercial-real-estate lending in the U.S. Such exposure would have worrying implications for commercial real estate’s performance as these financial institutions face new challenges. That figure, however, is likely a misread of Federal Reserve data showing smaller banks are behind roughly 70% of the existing…

Fixing the Hated Open-Design Office

In 1967 chemical company DuPont gutted a floor of an office building in Delaware and rebuilt it. The firm put almost everyone into one big room with low partitions. In one corner, they provided a lounge with armchairs and Eero Saarinen end tables. This was the first major corporate adaptation of an “open-plan” office in the U.S., following the latest thinking by German architectural…

Azor-Led Partnership Breaks Ground on Wawa Gas Station in Plantation

A partnership led by South Florida-based shopping center owner and developer Azor Advisory Services has begun construction on a Wawa gas station and convenience store located in Plantation, roughly 30 miles north of Miami. The partnership, which is doing business as FLA BPI LLC, broke ground on the project April 4. Located at 100 South Pine Island Road, the property…

Brookdale Group Pays $38M for Plantation Office Asset

The Brookdale Group has acquired Cornerstone Corporate Center I, a 170,172-square-foot, Class A office building in Plantation, Fla. Public records show that the asset changed hands for $37.9 million. JLL Capital Markets brokered the deal on behalf of the seller, AFL-CIO Building Investment Trust, advised by PNC Realty Investors, and also procured the buyer. According to…

BH Group, PEBB Buy Boca Raton HQ for $104M

The ODP Corp. has sold its 639,830-square-foot headquarters in Boca Raton, Fla., for roughly $104 million. BH Group and PEBB Enterprises acquired the asset in a partial sale-leaseback deal: The parent company of Office Depot and OfficeMax will maintain its headquarters in a portion of the building, totaling some 285,000 square feet, for at least two years. CommercialEdge information…

Pebb, BH buy Boca Raton’s Office Depot HQ for $104M

Pebb Enterprises and BH Group picked up a national retailer’s headquarters, in the first office deal to break $100 million in South Florida this year. The joint venture paid $104 million for the Office Depot campus at 6600 North Military Trail in Boca Raton in an off-market transaction, BH principal Isaac Toledano told The Real Deal via email. Toledano said Pebb and BH obtained…

Attainable Housing Community Opens in Miami

Douglas Enclave, a 199-unit attainable housing community in Miami, has opened its doors to residents. The Astor Cos. received the development’s temporary certificate of occupancy from the City, expecting a final one in the next 60 days. Douglas Enclave comprises a mix of workforce and affordable units, as well as 3,265 square feet…

CP Group, PCCP Add 14 New Tenants at Downtown Miami One SE Third Avenue Tower

CP Group and PCCP LLC have added 14 new office tenants to join One Southeast Third Avenue, a 31-story office tower in downtown Miami. The new tenants span multiple industries, including real estate, legal and tech, and combined represent 47,533 square feet in new leases. Additionally, Bohler, a civil engineer firm, has expanded its footprint at the 440,000-square-foot…

Unused Miami International Airport hub for Amtrak needs upgrades

A 5,355-square-foot building the Florida Department of Transportation (FDOT) completed more than a half-decade ago to Amtrak specifications is still shy a few renovations and one more thing: Amtrak. The “beautiful building,” as it was described last week by several members of the county’s Citizens’ Independent Transportation Trust, has remained unused by Amtrak…

Wynwood-Edgewater mixed-use midrise wins backing

A developer plans to build a midrise mixed-use residential building with ground floor retail on land near where Edgewater meets Wynwood in the City of Miami. Owner-developer Wynwood 21 Apartments LP proposes property at 100 NE 21st St. for the 11-story building. The project, named Wynwood 21, is to be home to 97 dwellings, about 3,550 square feet…

Signature Bridge megaproject now delayed to fall 2027

The vast highway project downtown budgeted at $818 million is steadily progressing, says the Florida Department of Transportation, as the monumental new I-395 Signature Bridge reshapes Miami’s skyline. But completion has now been pushed back to late 2027, years behind earlier schedules. “Supply chain issues, among other factors, including weather and holidays…

Arena heads for Kaseya branding for $117 million

“Kaseya Center” is the new name Miami-Dade County commissioners chose unanimously Tuesday for the county-owned arena at 601 Biscayne Blvd. Pending approval after a public hearing, the county will assign naming and sponsorship rights to Kaseya US LLC for a 17-year term and a payment of $117.3 million. The Miami-based company is a global provider of IT management…

Salmon producer Atlantic Sapphire with ops in Homestead swims toward global primacy

A Norwegian fish-farming complex that plans to produce at full build-out about 1 billion servings of salmon a year near Homestead at what would then be the world’s largest aquaculture facility is getting a $250 million loan boost with industrial revenue bonds approved by Miami-Dade commissioners. Atlantic Sapphire USA is in expansion mode at its 22275 SW 272nd St. operation…

A World of His Own; The Saga of Nitin Motwani and the Miami Worldcenter

The pool deck on the top floor of the new Paramount building in Downtown Miami is no place for anyone with a fear of heights. Here, from the 60th floor, the views are breathtaking – and harrowing for any acrophobic – with only a clear glass railing around the deck. “I didn’t realize this was the highest elevation for a swimming pool in the City of Miami,” says Nitin Motwani…

Island Gardens May Have New Co-Developer

The Island Gardens project appears to have a new development partner. Last week, the Federal Aviation Administration issued a height approval letter for a portion of the development. The March 31 approval letter was issued to BH3 TCO Sub, which shares an address with BH3 Management. Previously, the only known developer was Flagstone. Last week’s FAA approval letter…

Related scores partial victory over development of future Baccarat site

The Pérez family’s Related Group scored a partial victory with the future of a three-tower development site along the Miami River, where artifacts and human remains dating back thousands of years were discovered. The Miami Historic & Environmental Preservation Board unanimously voted on Tuesday evening to withdraw its proposed designation of 77 Southeast Fifth Street…

HEPB Meeting Scheduled Today On 444 Brickell Archaeological Dig

A presentation to Miami’s Historic and Environmental Preservation Board is scheduled today on the 444 Brickell archaeological dig. The main architectural finding to date is postholes in the ground, and “one or possibly two circles,” the presentation shows, according to Local10. The postholes represent a foundation of homes, the report said. Hundreds of archaeologists have…

Wealth manager adds to waterfront assemblage with $49M purchase on Brickell Ave

A company led by a wealth manager paid $48.5 million for a waterfront home on Brickell Avenue in Miami’s Coconut Grove, adding to a multi-acre assemblage. Records show Paul Morelli, a managing partner at San Francisco-based Vernal Point Advisors, heads the LLC that acquired the 1.5-acre property at 3007 Brickell Avenue. Alan Richter and Mary Widel sold the 7,800-square-foot…

French Apparel Retailer Etam to Open First US Store at Dadeland Mall in South Florida

Etam, a French apparel retailer founded in 1916, plans to open its first U.S. store at Dadeland Mall, a shopping mall in the Miami suburb of Kendall. Simon, the mall’s landlord, expects to debut the new Etam store this summer. The store will carry Etam’s line of lingerie, bras, underwear, sleepwear and swimwear. The retailer currently operates more than 850 stores throughout Europe…

58-Story Villa Residences Announced In Edgewater

Developers have announced plans for a 58-story tower in Edgewater called Villa Residences. The project was officially launched on March 31, according to an Instagram post by Louis Birdman, a co-developer. There will be roughly 60 to 70 units in the tower, with a rooftop helipad and baywalk. A restaurant by Major Food Group is also planned. ODP Architects is the architect.

Dark-store theory is still an issue

The dark-store theory is increasingly becoming more about practice than theory since emerging during the Great Recession in the late-2000s. The concept is relatively simple – the value of warehouse space, big-box retail building or other commercial property should be determined by the value of the building when it is empty. The owners complained that they were over-taxed…

Brickell Gateway Tower Submitted To FAA At 761 Feet

Plans have just been filed with the Federal Aviation Administration for the 61-story Brickell Gateway tower. According to the March 28 FAA filing, the Brickell Gateway tower is planned to rise to a height of 761 feet above ground, or 772 feet above sea level, making it one of the tallest rental apartment buildings in the city. Construction is estimated to run from January 2024…

Kaseya Center: Miami Heat’s Arena Proposed To Be Renamed Through 2040

The Miami Heat’s arena is proposed to be renamed the Kaseya Center for the next 17 years, under a deal set for a vote by Miami-Dade commissioners. Kaseya would pay just $117,370,000 for the naming rights through 2040, the terms of the deal show. The deal is similar in value to one made by the county with FTX, before it filed for bankruptcy. By comparison, the naming rights…

Revealed: 930-Foot Tower Proposed At 1210 Brickell Avenue

Plans have been filed with Miami City Planners for the 76-story Ora by Casa Tua tower at 1210 Brickell Avenue. A 7-story parking garage will be demolished to make way for the new tower. A 20-story office building on the site will remain. The new tower is proposed to rise 930 feet, short of supertall status (supertalls are defined as being 300 meters, or 984 feet). The development…

Mystery 709-Foot Tower Proposed In Brickell

An application was filed yesterday with the Federal Aviation Administration for a previously unannounced tower in Brickell. According to the filing, the tower is proposed to rise 709 feet above ground, or 711 feet above sea level. Location data attached to the filing shows it will be located on riverfront land next to the under-construction Lofty Brickell tower. The Lofty tower was previously…

$39M Sale of Biscayne Centre Office Building in North Miami Brokered

CBRE has brokered the $39 million sale of Biscayne Centre, a 156,446-square-foot office building located at 11900 Biscayne Blvd. in North Miami. Totaling eight stories, the property — which was 81 percent occupied at the time of sale — features ground-floor retail space and an attached multi-level parking garage. Amenities include front desk security, an in-house café and a day spa.

North Miami Office Asset Biscayne Centre Changes Hands for $39M

11900 Biscayne Blvd. Image courtesy of CBRE Biscayne Real Estate Holdings LLC has acquired Biscayne Centre, a 156,446-square-foot office building in North Miami, Fla. According to public records, the buyer is an entity tied to Atlantic Coast Automotive Inc. CBRE Senior Vice President Benjamin Silver and Vice President Charlie Manuel brokered the $39 million transaction on behalf…

Contingencies provide a safety net in commercial real estate contracts

As with residential real estate contracts, commercial real estate contracts often need contingencies to avoid unnecessary risk. Adding a few carefully crafted contingency plans are safety measures that can be helpful or provide peace of mind to buyers and sellers and perhaps be the difference between catastrophe and triumph. While no deal is risk-free, an attorney who…

Miami Beach seeks end to spring break as we know it

Next year’s spring break in Miami Beach may not look the same, as city officials said they will work the police and the business community to end spring break as we know it. After two people were fatally shot in South Beach on March 17 and 19, the city commission on Monday passed an ordinance declaring an intent for curfews from Thursday to Monday during the most intense weeks…

Mixed-use tower planned at busy Coral Way corner

A new mixed-use residential development is coming to a high-profile corner of the Coral Way neighborhood in Miami. Owner-developers 27th Avenue and Coral Way LLC and 27th Avenue and Coral Way 2 LLC plan the 10-story building at 2200 SW 27th Ave., where it intersects Coral Way. The building will be home to 166 residential units, about 10,100 square feet of retail…

Miami unemployment lowest in history

Employers struggling to find candidates to fill jobs now know why: Miami-Dade’s unemployment in February was the lowest on record at 1.7%. The previous record low was 1.8% unemployment in the condo boom – before the condo bust – in December 2005 and February 2006, according to US Bureau of Labor Statistics records that stretch back to 1990. The new record 1.7% that…

Excel Miami plans 216 micro housing units near Metrorail

A new mixed-use residential development planned near a Metromover station will include more than 200 micro units among 424 residential units. Owner-developer Clearline Real Estate plans the 26-story Excel Miami at 1550 NE Miami Place, north of the School Board Station, near the northwestern end of Downtown Miami, and west of the Arts & Entertainment District.

Bids Are In: Former Miami Herald Site Could Sell For Nearly $1.5B

The former Herald site in downtown Miami is attracting significant interest from developers, according to Bloomberg. Bids are coming in at prices which could set a U.S. record for a development site, listing broker Michael Fay told the news service. The highest bid came in at just under $1.5 billion. A total of five of the bids exceeded $1 billion, Fay said. Based on those bids…

Genting scores 5 offers, each over $1B for downtown Miami dev site

Five bidders are willing to wager on a prime assemblage of waterfront land in downtown Miami, each offering more than $1 billion for the 15.5-acre site. Malaysian gambling operator Genting Group secured nine offers for the property at 1431 North Bayshore Drive in downtown Miami’s Arts & Entertainment District. Five exceeded $1 billion, and those could advance…

Catch restaurant, Sunset Harbour mixed-use project head for design approval

Developers of a South of Fifth seafood restaurant and a planned Sunset Harbour mixed-use project are aiming to reel in design approvals from the city of Miami Beach next week. On Tuesday, the Miami Beach Design Review Board will consider approving a renovation plan by New York-based Catch Hospitality Group. It is proposing…  at 200 South Pointe Drive, adjacent to the Continuum…

How Terra’s proposed $500M Miami Beach condo buyout could play out

The fate of one of the largest oceanfront sites in Miami Beach could play out in the coming months, as developer David Martin is offering $500 million for the Castle Beach Club condo building. The move comes months after condo giant Related Group and partner 13th Floor Investments pulled their bid for the property. Though Martin’s Terra is offering the same amount for the 4-acre…

Signature Bridge Project Completion Pushed To Late 2027; Double Deck Highway Poured

The completion date for the massive Downtown Miami Signature Bridge and highway reconstruction project has been pushed back to late 2027, according to the project website. The project budget remains listed at $840 million, as it was last year. Last year, the project website listed a completion date of Summer 2026. Before that, the completion date was listed as Fall 2023.

Atlantic Pacific proposes affordable rentals in Perrine

Atlantic Pacific Companies wants to build an affordable housing complex in south Miami-Dade County’s Perrine area. The project would consist of a six-story building and a seven-story building with a combined 270 units at 10060 West Evergreen Street in unincorporated Miami-Dade, according to a development application filed to the county last week. Atlantic Pacific would lease…

TA Builders scores $18M construction loan for Coral Gables rentals

TA Builders scored an $18 million construction loan for a 25-unit luxury apartment project in Coral Gables. The firm has started demolishing an existing eight-unit condominium and duplex on the development site at 701 and 711 Valencia Avenue to make way for the planned seven-story building, TA co-owner Luis Arevalo told The Real Deal. The project, called 701 Valencia…

TA Builders plans 126 apartments in two Coral Gables projects

TA Builders plans a pair of multifamily projects with a combined 126 units in Coral Gables, marking the developer’s continued bet on the city’s residential market. First on tap will be a nine-story building with 69 units at 211 Santillane Avenue, followed by another nine-story building with 57 units at 1008 East Ponce de Leon Boulevard, TA co-owner. Luis Arevalo told…

Auto dealer picks up North Miami office building for $39M

Auto dealer Ali Ahmed bought a North Miami office building for $39 million. An entity managed by Ahmed, owner of Miami Lakes Automall and other dealerships across Florida, acquired Biscayne Centre at 11900 Biscayne Boulevard, according to a press release. Benjamin H. Silver and Charlie Manuel with CBRE represented both sides in the sale of the eight-story…

$7.3M Sale Arranged of Doral Store Leased to CVS

Franklin Street has arranged the $7.3 million sale of a 14,900-square-foot, single-tenant retail store located at 3750 NW 87th Ave. in Doral, a suburb of Miami. The property was triple-net leased to CVS. Greg Matus, Adam Tiktin and Alex Lazo of Franklin Street, along with Norman Matus of Red Rock Realty, represented the seller, Illinois-based Curfin Property US…

L. Milton proposes 274-unit rental complex in Naranja

Family owned development firm L. Milton Construction wants to build a 274-unit apartment complex in south Miami-Dade County’s Naranja neighborhood. The proposal is for the second phase of the company’s Lanai Landings project, and marks continued development appetite for south Miami-Dade. L. Milton proposes two nine-story buildings that will include 2,700 square feet…

Crescent buys Colonnade Hotel in Coral Gables for $63M

Crescent Real Estate is planting a flag in South Florida, acquiring the Colonnade Hotel in Coral Gables for $63 million. The Dallas-based real estate development and investment firm is the buyer of the property at 180 Aragon Avenue, according to three sources familiar with the transaction, including Crescent’s partner in the deal. The hotel operates under Marriott’s Autograph…

Walgreens drop-off: Retailer sells another South Florida store

Walgreens is on a South Florida selling spree, shedding more than a half dozen stores since December for a combined $64.3 million. But don’t expect any to close. The national retailer signed five-year leaseback deals with different buyers for each. Most recently, the drugstore chain sold a Walgreens at 791 Northeast 167th Street in North Miami Beach. An entity managed…

Rivani’s Black Lion buys SLS Brickell restaurant space from Qatari royals

Robert Rivani’s Black Lion is on the prowl again, snatching the restaurant space at Brickell SLS Miami from a family of royals. A Black Lion affiliate paid $10 million for the 13,500-square-foot, indoor/outdoor commercial unit in the condo-hotel at 1300 South Miami Avenue, Rivani told The Real Deal. The seller is a Delaware entity managed by Francois Faber of Fiduciaire Fernand Faber…

Giovanni Bertolotti, Abiel Ballesteros and Rene Sanchez of SAR Apartment Capital, and Michael Mallory pay $13M for Ocean King property

A partnership of four investors scooped up an aging North Miami apartment building, with plans to fix it and raise rents. Giovanni Bertolotti, Abiel Ballesteros, Rene Sanchez and Michael Mallory bought the Ocean King Apartments at 14500 Northeast Sixth Avenue from an affiliate of Miami-based Ezkanda Group for $13 million, Bertolotti told The Real Deal. Ballesteros and Sanchez…

Florida’s $711M affordable housing bill becomes law

Florida Gov. Ron DeSantis signed affordable housing legislation that will pump $711 million into housing programs and incentivize developers with major tax breaks. DeSantis signed Senate Bill 102, known as the Live Local Act, on Wednesday, days after the legislation passed in the Florida House of Representatives. In addition to setting aside funds for affordable housing…

Florida’s affordable housing law could “change the look of coastal cities”

Developers are analyzing how to take advantage of Florida’s new legislation, which will set aside over $700 million in funding, create tax breaks, and provide zoning-related incentives for affordable and workforce housing developments. The law could contribute to a new boom in housing development, from entirely affordable buildings to mixed-income towers on commercial…

DeSantis Signs $711M Housing Bill, Rent Control Ban Into Law

Florida lawmakers on Wednesday signed into law the largest state government investment in housing in the state’s history. Gov. Ron DeSantis signed SB 102, legislation that directs $711M toward programs that would fund the development of affordable and workforce housing throughout the state. The law also forbids municipal governments from enacting rent control…

Videos: MSCI’s Jim Costello Presents Retail Sales & Investment Update, Advice for Retail Property Investors

In these videos, the big question for retail in 2023, whether post-COVID “revenge spending” will continue to fuel high sales, or will instead inflation and higher interest rates overpower demand to slow consumers down, is address. Jim Costello, Chief Economist with MSCI – Real Estate, joins Michael Bull of America’s Commercial Real Estate Show to consider retail performance and how…

Why Miami’s Retail Scene Is Hotter Than Ever

While many cities are still facing major challenges, the Miami retail scene is having a moment. After years of pandemic-fueled tourism and population increases, retailers — many new to the city — are following their wealthy customers to the South Florida hot spot in droves. In fact, recent openings like Kith in the Design District and Nike’s new Rise concept shop in Aventura mall…

Fewer Lenders Active in US Commercial Mortgages

The debt markets have come into sharp focus with the failures of Silicon Valley Bank and Signature Bank. The upheaval highlights a fluid situation as lenders come to grips with an environment of higher interest rates. Borrowers in the commercial real-estate market themselves have faced challenges, with higher mortgage costs repressing some investment activity. The increase…

How the threat of a U.S. debt default could impact multifamily real estate

As of January 2023, the Treasury Department began taking “extraordinary measures” to prevent the United States from defaulting on its debt. Although past congressional debt-ceiling talks have come to resolutions at the last hour, it’s important to understand what happens if the U.S. defaults on its debt and what’s at stake. What is the debt ceiling? The debt ceiling is the total amount…

Medical group plans four-story surgical center in Kendall

A retail/medical plaza in the Kendall area of Miami-Dade County could be redeveloped into an outpatient surgery complex plus a medical office building. Majorca Investment Properties, managed by orthopedic surgeon Dr. Jorge L. Orbay of the Miami Bone & Joint Institute, filed a pre-application with county officials concerning the 4.3-acre site at 8100 S.W. 81st Dr./Kings Creek Drive…

After Amazon’s Pullback, The Future Of Multistory Warehouses Is In Question

It’s been less than five years since Prologis built the first multistory warehouse in the country, and the number of these pricey properties has taken off since. But with millions of square feet of multistory industrial under construction and seeking tenants, questions remain about how deep the demand for this space goes. There are five multistory properties under…

Slowdown in warehouse construction will keep rents on the rise

The bumpy economic conditions have pushed many transport rates to pre-pandemic lows, but warehouse rents remain stubbornly high. And what’s worse is they are predicted to continue rising – albeit at a reduced pace. The market will struggle with economic headwinds, according to the latest outlook by commercial real estate services firm…

Despite U.S. Economic Slowdown, Industrial Sector Remains Strong

According to the CommercialEdge latest U.S. industrial market report, despite elevated levels of new supply coming online over the past few years, the continued demand for industrial space is keeping market fundamentals healthy across the U.S. The national average rent for in-place leases stood at $7.12 per square foot in February, growing 6.9% over year-ago figures. While most industrial…

WSJ: Apartment-Building Sales Drop 74%, the Most in 14 Years

Sales of rental apartment buildings are falling at the fastest rate since the subprime-mortgage crisis, a sign that higher interest rates, regional banking turmoil and slowing rent growth are undercutting demand for these buildings. Investors purchased $14 billion of apartment buildings in the first quarter of 2023, according to a preliminary report by data firm CoStar Group.

Miami Developers Court New York Restaurateur to Help Sell Luxury Condos

Major Food Group, the proprietor of trendy Manhattan restaurants such as Dirty French and the Italian eatery Carbone, is extending its brand into the booming Miami residential real-estate business. The hospitality company, which opened its first restaurant in 2011, is joining two Miami-based developers to build a 58-story luxury condominium tower on the southern Florida…

Apartment Sales Plunge Nationally As Lower Values, Cost Of Financing Stop Deals In Their Tracks

Apartment sales have plummeted to their lowest point in 11 years, signaling hesitance among investors who once viewed the sector as commercial real estate’s golden child. Investors purchased $14B worth of apartment buildings in the first quarter of 2023, a 74% drop year-over-year and the largest decline since Q1 of 2009, according to a Wall Street Journal report citing…

Developer Nets $55M Madison Realty Loan for West Palm Beach Property

A rendering of Olara in West Palm Beach. Image courtesy of Madison Realty Capital and Binyan Studios Real estate investment firm and developer Savanna has obtained a $55.1 million in debt to construct Olara, a luxury waterfront condominium tower in West Palm Beach. Fla. Private equity firm Madison Realty Capital provided the loan. Situated at 1919 N Flagler Drive, Olara…

Watermark, ZOM Open 154-Unit Seniors Housing Community in West Palm Beach

Watermark Retirement Communities and ZOM Senior Living have opened The Watermark at West Palm Beach, a 154-unit seniors housing community in the South Florida city of West Palm Beach. The community is the latest addition to Watermark’s luxury Élan Collection of communities. Spanning over 245,000 square feet, The Watermark at West Palm Beach encompasses studios…

Steve Ross’ Related plans more office towers in West Palm

Stephen Ross’ Related Companies plans a pair of towers at The Square mixed-use complex in West Palm Beach. The projects would mark the firm’s seventh and eighth office buildings in downtown, as it bets on an influx of businesses to the area. Related wants to build the East Tower and West Tower, each with 430,000 square feet of office space, on the northeast corner of South…

Federal Reserve raises interest rates by a quarter point, keeping inflation in crosshairs

The Federal Reserve is raising its key interest rate by 0.25%, continuing on its crusade against inflation while warning that recent instability in the banking sector could weigh on the economy. In announcing their ninth consecutive rate hike — which increases the benchmark federal funds rate to a range of 4.75% to 5% — Fed officials said in a statement Wednesday that…

Miami board approves three rental, condo projects in Overtown, Wynwood and Edgewater

A pair of mixed-use projects and a mega-condominium development scored Miami board approvals for their designs, a key step toward breaking ground. The Miami Urban Development Review Board on Wednesday gave the green light to three condominium towers, including an Edition-branded condominium in Edgewater, despite protests from neighborhood residents.

Four-Story Time Century Jewelry Center Nears Completion

The Time Century Jewelry Center in downtown Miami is nearing completion, new photos show. The New York Times ran a report on the project in January, which said that more than 60 leases have already been signed in the new complex. Opening was expected to begin last month, phased over a 12 month period, the report said. The former Metro Mall building, which dates to the 1920s…

CC Homes pays $13M for church’s dev site near Coral Gables

CC Homes, the joint venture between powerhouse developers James Carr and Armando Codina, paid $13.2 million for a development site near Coral Gables, after scoring zoning approval for a residential community. A CC Homes affiliate bought 13.5 acres of vacant land at Southwest 72nd Street, also known as Sunset Drive, near the Palmetto Expressway, according to Vizzda and records.

Industrial Real Estate Market’s New Demand Driver Changing Space Requirements

Industrial became the belle of the commercial real estate ball after the pandemic supercharged e-commerce demand and led Amazon to accelerate its already-voracious warehouse expansion. But that party couldn’t last forever. “That was a one-time event. That’s like laying down the railway tracks for the rest of time because you’re building an infrastructure for transportation…

Brickell Megaproject Will Proceed, Developer Says

A proposed three-tower complex in Brickell will proceed as planned following the completion of archaeological exploration, the project’s developer said. Jorge Perez, founder of developer Related Group, wrote in the Herald that they will build a “world-class” residential complex on the Miami River in Brickell. Hundreds of archaeologists have been working to excavate…

To ease rent crisis, Miami looks to co-living development zones

After gaining notoriety as the center of the housing crisis in the US, Miami is looking to co-living developments to calm soaring rent prices. Today (3/23), the Miami City Commission is considering changes to the zoning code to establish regulations regarding co-living. If adopted, the amendment will allow for communal living developments to rise in Miami’s bustling central…

Pickleball tossed into Crandon Park Tennis Center pickle

Pickleball aficionados seeking to use Crandon Park Tennis Center on Key Biscayne are following the same required administrative path as the Miami Open, which tried to expand there and finally was forced to Hard Rock Stadium, where annual tournament play began this week. Commissioners this month voted 12-0 with no discussion to direct Mayor Daniella Levine Cava…

On hold: Miami-Dade’s partial demo of Grove Playhouse foiled by neighbors

Miami-Dade County’s plan to demolish a portion of the Coconut Grove Playhouse in preparation for its redevelopment and restoration is on hold. A Miami board revoked the county’s demolition permit issued administratively by city staff. The Miami Planning, Zoning and Appeals Board on Wednesday sided with Coconut Grove residents Anthony Vinciguerra and Courtney Berrien…

Three-tower Edgewater residences to replace older condos

A large three-tower mixed residential project is planned for property on Biscayne Bay in Edgewater. Called Biscayne 21, when completed the towers will offer about 705 multi-family dwelling units, ground floor commercial space, and more than 800 linear feet of new waterfront promenade. Miami’s Urban Development Review Board recommended approval of the project…

Decade after approval, Overtown project reworked, advances

Significant new housing is coming to Miami’s Overtown neighborhood in the form of a 25-story building with 413 multi-family apartments. Developer RNG Overtown LLC plans to build the project, Overtown Block 19, at 105 NW 11th Terrace. The city’s Urban Development Review Board recommended approval of the project. Along with the new apartments, the building…

Industrial Outdoor Storage Can Be A Siren’s Song, And The Inexperienced Should Beware

Investors today are finding it difficult to resist the siren song of industrial outdoor storage, that alluring array of fenced-in parking lots for trucks. IOS has rapidly become one of commercial real estate’s hottest asset classes as a flood of new money has sent prices sky-high. “You create a buzzword, make it sound sexy and interesting, and everybody wants to have it,” Blau & Berg…

FAA Approves 700-Foot Height For Proposed Worldcenter Project

The Federal Aviation Administration has issued approval for a development at the former Miami Arena site. The determination was made on March 19. According to a letter sent to developer WG 700 North Miami LLC, a proposed maximum height of 685 feet above ground, or 700 feet above sea level would not be a hazard to air navigation. Tower cranes rising up to 794 feet above sea…

New Joint Partner On Beckham Overtown Site Where Stadium Once Planned

A developer appears to have joined as a joint partner on David Beckham’s Overtown property. A stadium was once planned on the site, before the developers decided to build it elsewhere. 8th Street Connections Holdings LLC is said to be a new joint partner on the Overtown land, according to a letter sent to Miami-Dade’s Dept. of Regulatory and Economic Resources…

Centner Academy owners assemble land in Wynwood

The controversial owners of Centner Academy in Miami are assembling land in Wynwood Norte, The Real Deal has learned. Entities tied to David and Leila Centner acquired the adjacent parcels at 3442 and 3490 Northwest Second Avenue for $4.7 million in January, records show. The lots total 0.2 acres and include a 7,660-square-foot building the Centners have been using as storage…

Shoma Bay Planned With 333 Condos & North Bay Village’s First Publix

North Bay Village is getting its first ever Publix. The Publix will be located within the Shoma Bay development, with construction planned to begin in summer 2023. Shoma Bay will rise 24 stories. A total of 333 condos are planned, to be delivered fully furnished. The Publix will be 35,037 square feet. There will also be another 6,325 square feet of retail space, which includes a rooftop…

9 Reasons to Invest in South Florida Commercial Real Estate

On a national and global level, Florida and particularly the South Florida CRE markets has been among the strongest globally, with continually solid returns and safety for the capital of international & domestic investors. US News & World Report currently ranks Florida #8 in fiscal stability and #8 with its economy nationwide. South Florida commercial…

Doral Warehouse/Distribution Facility Within Westport Corporate Park Sold For $6.895M

The Easton Group arranged the sale of a 21,890-square-foot warehouse/distribution facility in Doral at 10655 NW 29th Terrace, just off 107th Avenue, north of the Florida Turnpike. Andrew Easton and Michael Foxwell of Easton represented the seller, PL Developments, a manufacturer and distributor of over-the-counter (OTC) pharmaceuticals and consumer healthcare goods.

Miami Multifamily Report – February 2023

Miami rent evolution, click to enlarge With substantial investment activity and steady rent gains, South Florida’s multifamily market had a solid run in 2022. Rents increased 8.1 percent year-over-year, with the metro ranking fourth nationally for rate improvement. In the last quarter however—as the U.S. economy began to decelerate—rent growth flattened, and the average rate…

Triarch Capital picks up Doral retail plaza for $18M

Triarch Capital Group picked up a fully leased retail plaza in Doral for $18 million. An affiliate of Aventura-based Triarch acquired Shoppes at 41st Street, a two-building complex at 10355 Northwest 41st Street and 10405 Northwest 41st Street, said Ernesto Pentenero with GP Global Group, who brokered the sale. The deal breaks down to roughly $580 a square foot. Spanning nearly 31,000…

Terra offers $500M for aging oceanfront Miami Beach condo building

David Martin’s Terra is offering half a billion dollars to buy out the Castle Beach Club condominium building in Miami Beach, The Real Deal has learned. The offer comes months after condo giant Related Group and 13th Floor Investments withdrew their $500 million bid for the 57-year-old property 5445 Collins Avenue. Castle Beach Club, an 18-story, roughly 570-unit condominium…

Mast Capital, Rockpoint Underway on Nine-Story Multifamily Project in Miami Beach

Mast Capital, in partnership with Rockpoint, is underway on a nine-story, 178-unit multifamily development located at 3900 Alton Road in Miami Beach. Designed by Arquitectonica, the unnamed apartment community will consist of units ranging from studios to three-bedroom apartments sized from 560 square feet to 1,410 square feet. Amenities will include an elevated…

Commercial Borrowers Seek Flexibility Amid Volatile Lending Landscape

By Taylor Williams After eight interest rate hikes totaling 450 basis points over the last 10 months, courtesy of the Federal Reserve’s war on inflation, commercial borrowers can only hope that the fundamental law of gravity — “what goes up must come down” — will start to become reality in 2023.  But the economic clarity that the commercial lending community seeks…

Agreement Signed: ‘Iconic’ 80-Story Brickell Avenue Tower Moves Forward

Brickell Avenue’s First Miami Presbyterian Church has signed an agreement with a developer on a deal that could lead to one of Miami’s tallest buildings being built. The leader of the church has previously said the new tower would be “iconic.” According to a memorandum recorded with Miami-Dade’s Clerk of Court on March 2, the terms of the agreement include: the developer’s…

Miami Population Surge: Traffic Jams Up Sharply Since 2019, Study Says

Traffic has gotten significantly worse in Miami since 2019, according to data published by Inrix. The study is another indicator of Miami’s population surge since the start of the pandemic. According to the data, Miami drivers lost 105 hours to traffic jams in 2022, up 30% since 2019. Miami now ranks worse than Los Angeles – coming in at 9th worst for traffic congestion worldwide…

AMC Development proposes 512-unit apartment complex in Princeton

AMC Development Group wants to build a 512-unit apartment complex in south Miami-Dade County’s Princeton neighborhood. The proposed project, called AMC Park – South Dade, would include four eight-story residential buildings and two four-story garages with 656 spaces, combined, on land at 12501 Southwest 236th Street in unincorporated Miami-Dade, according to an…

Personal injury law firm pays $21M for Miami Lakes offices

The Ward Law Group paid $21 million for a Miami Lakes office complex, with plans to move the personal injury firm’s headquarters. The Kislak Organization, the Kislak family’s real estate investment and brokerage firm, sold the nearly 77,000-square-foot, two-building property at 7900 Northwest 154th Street, according to records. The Ward Law Group provided the purchase price.

How multifamily investors can prepare for a recession

More than half of commercial real estate leaders—including those with multifamily property rentals—believe a recession is likely this year, according to JPMorgan Chase’s 2023 Business Leaders Outlook: Commercial Real Estate. We asked three experts—Al Brooks, Head of Commercial Real Estate for JPMorgan Chase, Victor Calanog, Head of Commercial Real Estate Economics…

Miami ranks as nation’s second most competitive rental market

Miami-Dade County’s rental market ranked as the nation’s second most competitive, according to a newly released report. North Jersey was the most competitive rental market in the nation at the start of the year, according to the report from RentCafe. The North Jersey market includes Jersey City, Newark, Hoboken and Hackensack. The report analyzed 134 markets, calculating…

Atlantic Pacific Opens $34M Fort Lauderdale Affordable Project

Atlantic Pacific Cos. has opened Poinciana Crossing, a 113-unit affordable community in Fort Lauderdale, Fla. The $34 million project was realized in collaboration with the Housing Authority of the City of Fort Lauderdale and Wells Fargo. Michael Marra, director for Well Fargo’s Community Lending and Investment group stated that the bank provided a $25 million construction loan…

NR Investments Lands $51M for Oakland Park Mixed-Use Development

Sky Building rendering. Image courtesy of Walker & Dunlop NR Investments has obtained $51 million for the construction of Sky Building, a mixed-use development in Oakland Park, Fla., that is slated to include 136 affordable and workforce units. A Walker & Dunlop team secured the non-recourse financing execution above 80 percent loan-to-cost. Sky Building is the result…

$13.9M Sale of Retail Center in Sunrise Brokered

A Firm has brokered the $13.9 million sale of The Sawgrass Home Design Center, a retail center located at 13001-13191 W. Sunrise Blvd. in Sunrise, approximately 30 miles northwest of Miami in Broward County. The 45,000-square-foot property was 83 percent leased at the time of sale to tenants including DXL Casual Male, Bella Salon Suites, Lighting Outlet, Compass Research…

PGA Sells Longtime Palm Beach Gardens Headquarters After Move To Texas

After the world’s largest professional golf organization picked up its ball in South Florida and dropped it in Frisco, Texas, it has sold the spot where it landed more than 50 years ago. The PGA of America sold its longtime headquarters in Palm Beach Gardens for more than $12M, but it is keeping a small office space in the building, which sits next to the PGA National Resort…

Ruger proposes 76-room hotel near Miami Beach Convention Center

Ruger Holdings KG plans to convert an apartment building near the Miami Beach Convention Center into a hotel, The Real Deal has learned. On Monday, the Miami Beach Preservation Board will consider Cologne, Germany-based Ruger’s proposal to renovate and partially demolish Riviera Plaza, a Mediterranean Revival building at 337 20th Street. Completed in 1926…

Mast Capital JV Breaks Ground on Luxury Miami Project

Mast Capital and Rockpoint have begun construction on a 178-unit luxury community in Miami Beach, Fla. Nine stories tall, the development is anticipated to deliver in the fall of 2024. Construction began in February. Last November, the partnership landed $64 million in construction financing for the project from PNC Bank. Situated at 3900 Alton Rd., the community…

Logistics firm pays $17M for Brownsville industrial site

Miami-based logistics firm Bulk Express Transport snagged an industrial site in the city’s Brownsville neighborhood for $17 million. A Bulk Express affiliate paid $3.8 million per acre for the 4.4-acre site with a 14,000-square-foot warehouse, according to Vizzda. The buyer obtained a $13 million mortgage from Banesco USA. The seller, CUSA Investments managed…

In Miami Population Surge, Brickell Zip Codes Rank Highest

Two Brickell zip codes are the top ranked for people moving from out of state, according to a new analysis of Miami’s population surge by moveBuddha. The study analyzed searches by individuals who were either planning to move themselves or hire a moving company in the subsequent year. Brickell had significantly more inbound moving demand than outbound. Brickell’s 33131 zip code…

New Jersey investor proposes Miami Overtown mixed-use project

A New Jersey investor is proposing a 25-story mixed-use project in Miami’s Overtown neighborhood. The Miami Urban Development Review Board on Wednesday will consider… 413 apartments, 23,000 square feet of ground-floor retail and a parking garage. The 1.3-acre vacant development site is at 1135 Northwest First Court… An entity managed by Mitchell Newman in Morganville…

“A phenomenon”: What’s holding up South Florida projects?

Developer Jerry Aguirre has plans for a 220-unit apartment complex in West Kendall. But until next year, or maybe even 2025, the community will exist only on paper, as the site remains untouched by construction crews. “We want to start construction,” said Aguirre, co-founder of Miami-Dade County-based SH Communities. “But we need to hold it.” The project is on pause…

Brickell Area Street Proposed To Become One-Way Due To ‘Large Amounts Of Pedestrian Traffic’

Miami commissioners are set to vote on a resolution that could see a busy Brickell Street reconfigured. The change is proposed for a 338 foot stretch of Southwest 9 Street, from Brickell Plaza to South Miami Avenue. The buildings on that stretch include: the 58-story SLS Lux (completed in 2018), a multi-level Chabad Shul and community center (completed 2014), and the…

LeFrak, Turnberry Break Ground on Miami Luxury Tower

Oleta Partners, a joint venture between LeFrak and Turnberry, has broken ground on 2400 Laguna Circle, a 328-unit luxury multifamily community in North Miami, Fla. The 30-story tower is the fourth residential project at SoLe Mia, a $4 billion master-planned development. Designed by Arquitectonica and Stantec, the high-rise is expected to deliver in 2025. The property will encompass…

Club Studio Fitness Concept Signs 38,400 SF Lease at Grove Central Mixed-Use Development in Miami

Club Studio, a fitness retail concept and part of Fitness International LLC, has signed a 38,400-square-foot lease at Grove Central, a mixed-use development underway in Miami’s Coconut Grove neighborhood. A joint venture between Miami-based developers Terra and Grass River Property is developing Grove Central, which is expected to open in 2024. The project will feature a 23-story…

Sports bar Bru’s Room wins $6M judgment against former landlord

A South Florida sports bar won a $6.1 million judgment against its former landlord at a Miami-Dade County shopping center. Miami-Dade Circuit Court Judge Charles Johnson ruled last week that Bru’s Room Sports Grill was wrongfully evicted from 84 Shopping Plaza at 8358 Southwest 40th Street in the unincorporated Miami-Dade neighborhood of Westchester.

Retail Real Estate 101: 6 Questions and Answers

Whether you want to invest in commercial real estate (‘CRE’ sectors, such as retail real estate) or get the best deal on a lease, understanding the fundamentals of commercial real estate can help you make the best decisions. Let’s begin with a definition: what exactly is commercial real estate? Any real estate utilized solely for…

Way cleared for Miami Fire Station 4 inside 64-story tower

The City of Miami amended an agreement with the developer of a 64-story tower in Brickell to expedite the project and a complementary fire station included in the deal. Commissioners last week unanimously approved an amendment to the public benefits agreement with 191 SW 12 Owner LLC, an affiliate of the New York-based JDS Development Group behind One Southside Park.

PortMiami builds team for billions in new projects

A total of $17.6 million was divided equally among four contractors by county commissioners last week, a step forward in Miami-Dade County’s masterplan for Port Miami. “The current magnitude of the Seaport’s Capital Improvements Program (its 2035 master plan) and its complexity,” Mayor Daniella Levine Cava explained in a report to the commission, “requires teams of qualified…”

Two Roads seeks approval for Edgewater mega-project

A mega-project that would add another 705 condos to Miami’s Edgewater neighborhood is up for a key city vote tied to its design. The Miami Urban Development Review Board on Wednesday will consider approving a three-tower development that includes an Edition-branded condominium at 2121 North Bayshore Drive. Two Roads Development, a Miami-based and…

One Biscayne Tower seeks zero setback makeover

One of Downtown Miami’s longstanding and high-profile skyscrapers is planning a major new look and other exterior improvements. One Biscayne Tower, at 2 S Biscayne Blvd., is a 40-story multi-tenant office and mixed-use project owned by CP Group. The city’s Urban Development Review Board recommended approval of its modification plans to the planning director.

Chilean developer launches Artefacto-branded condo project

A Chilean developer is launching sales of a waterfront condo project planned for Bay Harbor Islands, adding to the pipeline of new developments in the town, as well as the trend of branded buildings across South Florida. VDA | Origin Miami, led by Mauricio Moya and Sergio Guzmán, is developing Origin Residences by Artefacto, a 27-unit condo building planned…

With $215 million funding, vast Wynwood Plaza gets moving

The owner-developer behind one of the largest mixed-use residential and office projects to rise in Wynwood, The Wynwood Plaza, held a groundbreaking after announcing it has secured major funding for the… development. The milestone was announced by L&L Holding Company and Oak Row Equities, along with project partner Shorenstein Properties and co-investor Claure Group…

310 Apartments Proposed Across From Kush In Wynwood

Plans have just been sent to Miami’s Urban Development Board for an apartment building in Wynwood. The 11-story project is proposed to include: 310 residential units 9,909 square feet of commercial 311 parking spaces There are 5 walk-up residential units on the ground floor, in addition to commercial space. Zoning would normally require 431 parking spaces. The developer…

166-Unit Apartment Building Proposed On Coral Way

Plans have just been sent to Miami’s Urban Development Board for an apartment building on Coral Way. A gas station is currently on the property. The 10-story project is proposed to include: 166 residential units 10,100 square feet of commercial 283 parking spaces The proposed number of parking spaces is exactly at the minimum required by the Miami 21 zoning code.

Urban Network Capital Group to Develop $50M Condo-Hotel Project in Miami

Urban Network Capital Group (UNCG) has announced plans for Visions at Brickell Station, a 111-unit condominium/hotel project in Miami. Upon completion, the community will feature residences in studio and one-bedroom layouts, with no rental restrictions. Owners of the units will be able to rent them out through a booking platform or participate in a professionally managed program.

Oleta Partners Breaks Ground on 30-Story Residential Tower in North Miami

Oleta Partners, a joint venture between developers LeFrak and Turnberry, has broken ground on 2400 Laguna Circle, a 30-story residential tower in North Miami. Situated within the 184-acre master planned community SoLé Mia, the multifamily development will feature 328 rental residences ranging in size from 686 to 1,315 square feet. Arquitectonica and Stantec are the architects…

Plans Submitted For Three Towers At Biscayne 21 In Edgewater, Rising 649 Feet Each

A developer has submitted plans to Miami’s Urban Development Review Board for a three tower project in Edgewater called Biscayne 21. Sales for one of the towers, known as Edition Residences, is already underway. All three of the towers are proposed to rise 649 feet above sea level, which is the maximum permitted by aviation rules in the area. Two will have 56 stories, and one…

New: Building With 424 Residential Units Planned Near Metromover Station

Plans have just been sent to Miami’s Urban Development Board for a 26-story residential project near a Metromover station. Renderings in the submittal show the name of the project as Excel Miami. The project is proposed to top off at 474 feet and include: 424 residential units (of which 216 will be micro-units) 128 off-street parking spaces No retail is shown in the plans.

LeFrak & Turnberry Break Ground On ‘World Class’ Luxury Apartment Tower At SoleMia

A 30-story luxury apartment tower has just broken ground in North Miami. Oleta Partners, a joint venture between LeFrak and Turnberry, said in a press release that they had begun construction on 2400 Laguna Circle at SoLé Mia. “We are creating a world class, luxury residential tower within the vibrant, growing community of SoLé Mia which will set a new standard…”

Florida commercial property in for big insurance hikes this year

Florida commercial property owners that have been dealing with escalating insurance costs for years are in for more bad news. This year, insurance rates in the state are expected to go up by 45 percent to 50 percent, and a doubling of premiums won’t be out of the question, according to a new Yardi Matrix report. While coastal regions are most susceptible to hurricane damage…

Video: Costar’s National Director of Office Analytics Phil Mobley Provides 2023 Office Market Update, Outlook

In these America’s Commercial Real Estate Show videos, Phil Mobley, National Director Office Analytics at CoStar Group, provides an office market update, then offers his thoughts on the office market moving forward to 2023 and 24. The office market update is particularly interesting given that the COVID-19 experience has largely been put behind us. Discussions include office…

The Fed’s Beige Book: Housing, Child Care Continue to Constrain Labor Supply

Economic activity across the Southeast grew modestly in January and early February as employers reported some easing of labor shortages despite continued reports that scarce affordable housing and child care discouraged some low-wage workers from seeking full-time jobs, according to the Federal Reserve Bank of Atlanta’s new Beige Book report of economic…

TPA pays $36M for industrial dev site in Palm Beach County

TPA Group bought an industrial development site west of Loxahatchee Groves for $36 million. The Atlanta-based firm bought nearly 60 acres of land at 20305 State Road 80, in an unincorporated area of west Palm Beach County, from an affiliate of mining company Palm Beach Aggregates, according to records and real estate database Vizzda. TPA took out a $10 million loan…

Bucking the trend: Mega church plans to convert Jupiter gym to house of worship

While churches across South Florida are selling off properties to developers, a mega church in Palm Beach County is planning to convert a gym into a house of worship. Christ Fellowship Church has applied for a special exception to convert the 20,000-square-foot Jupiter Fitness Center at 1200 West Indiantown Road to a church with seating for 368, according to Jupiter…