Developer Announces Plans For 111-Unit Visions At Brickell Station

Plans for a new condo-hotel have just been revealed in Brickell. Urban Network Capital Group said in a press release yesterday that it had acquired three parcels located at 1120, 1130 and 1136 SW 3rd Avenue in Miami for a combined $8.5M. The developer plans an 8-story condo-hotel called Visions at Brickell Station with 111 units. Unit sizes will range from 321 square feet studios…

More TOD: 247-Unit Merrick Parc Apartment Building Proposed At Metrorail Station

Plans were recently filed for yet another apartment building near the Douglas Road Metrorail station. The project was submitted with the name Merrick Parc Phase 1 (renderings show that there will be a second phase). Merrick Parc Phase 1 is planned to rise 20 stories, or 235 feet and include: 247 residential units and related amenities 9,485 square feet of commercial and office…

21-Story Condo Breaks Ground in North Bay Village with Design Showcasing ‘Simplicity Of Japanese Living’

In North Bay Village 7918 West Drive, a 21-story condo tower, has broken ground. 7918 West Drive is planned to include 54 residential condo units, along with 15,224 square feet of common areas, 148 parking spaces and 34 storage units. Amenities will include a swimming pool, fitness center, elevated garden, club room and fully equipped Chef’s kitchen. 7918 West Drive is said…

UDRB Unanimously Approves 54-Story Downtown 6th

A proposal to build a 54-story tower called Downtown 6th easily passed review by Miami’s Urban Development Review Board. The UDRB vote to recommend approval was at its February 15 meeting unanimous. Two recommendations were given by the board to the designers of the tower: Evaluate the relationship between the historic building (church) across the street Simplify…

ANF Group Breaks Ground on 227-Unit Affordable Seniors Housing Community in Cutler Bay, Florida

General contractor ANF Group Inc has broken ground on Sol Vista, a 227-unit affordable seniors housing community in Cutler Bay, approximately 20 miles south of downtown Miami. MRK Partners and Cypress Equity Investments are co-developers on the project. The two companies are partnering with the Housing Finance Authority of Miami-Dade County, the Florida…

Jeffrey Soffer’s Fontainebleau buys Story nightclub building

Jeffrey Soffer, who co-owns the Story nightclub with hospitality impresario David Grutman, bought the venue’s South Beach building for $23 million. Soffer’s Fontainebleau Development bought the 17,000-square-foot property at 124-136 Collins Avenue in Miami Beach from an entity managed by Patricia Kaine, according to records and real estate database Vizzda. The buyer financed…

Ryder System Sells Miami Headquarters, Will Select New Miami-Dade Location

Ryder System, Inc. announced it has sold its Miami headquarters campus, located at 11690 N.W. 105th Street, to Bridge Industrial, a privately-owned, vertically integrated real estate operating company and investment manager. The 16.8-acre property, which has housed Ryder’s 248,989-square-foot headquarters office building since 2005, was sold for $42.1 million. “Like many…”

Logistics giant Ryder sells Miami-Dade HQ for $42M

Logistics giant Ryder System sold its Miami-Dade headquarters for $42.1 million, as it plans to move to a smaller office elsewhere in the county. In a sale-leaseback deal, Bridge Industrial bought the nearly 250,000-square-foot office building at 11690 Northwest 105th Street in an unincorporated area of northwest Miami-Dade County, and rented it out to the seller for a one-year term…

South Florida Based Talkin’ Tacos to Expand Across Southeast

Talkin’ Tacos, a food truck turned fast-casual Mexican eatery based in South Florida, announced its expansion of the popular concept’s footprint throughout the Southeast. The brand has signed multi-unit franchise deals in Orlando, Tampa and Jacksonville with additional locations opening in New York. Two additional South Florida corporate locations are set to open in Coral Springs…

Constellation, Boschetti plan mixed-use project in North Beach

Constellation Group and Boschetti Group are planning to build a nine-story mixed-use project in the North Beach neighborhood of Miami Beach. The Miami Beach Design Review Board on Wednesday approved the joint venture’s proposed mid-rise building at 6940 Abbott Avenue. Miami-based Constellation and Coral Gables-based Boschetti plan to demolish an existing one-story…

Brightline Hits Record 130 MPH, Orders 20 More Cars To Increase Capacity

Brightline is said to have broken the speed record for trains in the region while testing its new tracks to Orlando yesterday. Brightline trains operated at 130 mph during test runs yesterday, which a company representative told Fox 35 was a record speed for a train operating in the southeast U.S. The trains will normally operate at 125 mph on the segment, but rules call…

Tech Firm Kaseya Signs 101,000 SF Office Lease at Wells Fargo Center in Downtown Miami

Kaseya, an IT and security management software firm, has signed a new 101,000-square-foot office lease at Wells Fargo Center, a 47-story office tower located on the corner of Brickell Avenue and Biscayne Boulevard in downtown Miami. The firm has already begun to move into its new space, which represents the company’s fourth office location. Ryan Holtzman…

Metropolitan Life Inks 101 KSF in Miami

Wells Fargo Center. Image courtesy of Cushman & Wakefield IT and security management software company Kaseya has signed a 101,000-square-foot lease at Metropolitan Life Insurance Co.’s Wells Fargo Center building in downtown Miami. Cushman & Wakefield brokered the lease agreement on behalf of both parties. The tenant has already initiated the move-in process…

County reverses decision to build new waste plant at Doral site of old one

As white-shirted Doral-area residents filled the front and center seats of the Miami-Dade County Commission chamber Tuesday to ask how the county planned to handle the Doral solid waste plant fire that started Super Bowl Sunday and smoldered more than a week, commissioners rescinded a decision to build a new solid waste plant at the same site. Former Doral mayor…

County courthouse nears apex, but completion date elusive

Twenty-two floors down, well, up really, and two to go. Well, technically, three to go on the new courthouse building. They’re including a 25th floor that can accommodate four additional courtrooms in the future. Completion of the new Miami-Dade County Courthouse, tentatively, is scheduled for Jan. 24, 2024, according to Alex A. Alfonso, assistant director of the Miami-Dade…

Apartment sizes shrink nationally, but in Miami they grow

Although apartment sizes in the US are shrinking, Miami has come out as an exception, where apartments have gotten larger, adding an extra 105 square feet in the past 10 years, but current growth in the city might end the trend. According to a report by RentCafe, new apartment sizes in Miami have an average square footage of 912. Ten years ago, the average rental square…

Miami’s Merrick Parc to rise near Gables’ Merrick Park

The first phase of what will be dual mixed-use residential towers in Miami’s southwest area has been presented to the city’s Urban Development Review Board. The project, Merrick Parc, was recommended for approval by the board, with conditions. Developer Merrick Parc LLC presented Phase I, a 20-story building with 247 residential units, related amenities, 9,485 square…

Miami area apartment rental market strong and stable

Local real estate experts are still predicting the Miami residential rental market will remain strong but say it has stabilized. Overall, the market is still strong and it varies by submarket, said Johnny De La Espriella, senior vice president of operations for RKW Residential. “A couple of data points are that rents are not growing in the historical levels they were in 2021 and 2022…

Wynwood Plaza Breaks Ground: New Renderings, Expected Completion Announced

A formal groundbreaking ceremony was held March 3 for the 1-million-square-foot Wynwood Plaza. Construction has actually been underway at the site for some time, beginning shortly after the developers said they obtained $215 million in construction financing from Bank OZK in January. The Wynwood Plaza will include a residential building with 509 luxury rental apartments…

Ricardo Dunin, Edifica plan Domus Brickell Park condo-hotel

Oak Capital’s Ricardo Dunin and Peruvian firm Edifica plan a condo-hotel development in Brickell, with a second site nearby under contract and more planned. North Development, a joint venture between Dunin and Edifica, is launching sales of Domus Brickell Park, a 12-story, 171-unit condo-hotel planned for 1611 Southwest Second Avenue, Dunin said. It would take about…

Urban Network plans Brickell condo-hotel

Urban Network Capital Group plans a 111-unit condo-hotel in Brickell, marking the firm’s first project in South Florida. The eight-story Visions at Brickell Station will rise on 0.3 acres at 1120, 1130 and 1136 Southwest Third Avenue. Urban Network has the property under contract for $8.5 million, said Robert Thorne, founder and CEO of the Miami-based development firm.

L&L Holding, Oak Row Break Ground on 1 MSF Wynwood Project

L&L Holding Co. and Oak Row Equities have commenced construction on The Wynwood Plaza, a 1 million-square-foot mixed-use development in Miami. The companies have teamed up with co-investor Claure Group and project partner Shorenstein Properties to develop the campus, which is expected to be completed in 2025. The groundbreaking comes shortly…

Subway Opens 2nd HQ in Miami

1000 NW 57th Court or “1000 Sub Way.” Image courtesy of Yardi Matrix Fast food chain Subway has opened a Miami office to act as a second headquarters alongside its counterpart in Connecticut. The new property’s address at 1000 NW 57th Court will be known by the custom name 1000 Sub Way, a street name sanctioned by Miami-Dade County and situated within the…

“Generational real estate”: Family office buys Wawa in Miami-Dade’s Fontainebleau

Ferber Company sold a recently completed Wawa in Miami-Dade County’s Fontainebleau neighborhood. Kit Realty, a New York-based family office managed by Diane Macari, paid $9.8 million for the gas station and convenience store at 7870 West Flagler Street, records and Vizzda show. Patrick Nutt with SRS Real Estate Partners listed the property on behalf of Ferber…

Developers Breaking Ground Soon On Two Additional 39-Story Towers At Metrorail Station

The developers of Link at Douglas announced that they are now moving forward with plans for the second and final phase of the project. 13th Floor Investments and Adler Group are partnering on the project. In a press release this week, the developers said they plan to break ground in late 2023. Miami-Dade records show that the second phase received planning approval last year.

Brightline’s Tracks To Orlando Nearly Complete: Testing Begins At 125 MPH

Brightline has begun testing its brand new tracks, as it prepares to begin operations to Orlando. Test trains on the newly built tracks are running at 125 miles per hour, the company said. The new segment is around 35 miles, running from Cocoa to Orlando International Airport. The tracks are fenced off, with no public road or other grade crossings, allowing the high speeds.

Breaking down Florida’s proposed affordable housing legislation

Florida’s proposed affordable housing legislation, aimed at incentivizing developers with major tax breaks and hundreds of millions of dollars in funding, is advancing in the state legislature. Senate Bill 102, known as the “Live Local Act,” and related legislation would be a boon for developers of attainable and workforce housing, real estate attorneys and developers say. 1.

JP Morgan: A Primer Historic Tax Credit certification

Through the federal Historic Preservation Tax Incentives program, commonly known as the Historic Tax Credit (HTC) program, real estate developers can transform buildings. The program can help convert office buildings and shuttered factories into apartments, or turn former hospitals into schools and community centers. A growing number of affordable housing projects…

Royal Senior Care Lands $27M for Luxury Senior Community in Davie

Oakmonte Village. Image courtesy of BHI Royal Senior Care has refinanced Oakmonte Village, a 199-unit luxury senior housing community in Davie, Fla., offering independent living, memory care and assisted living services. According to Broward County records, BHI Healthcare provided the $27 million loan; the financing pays off the outstanding balance of a $30 million note…

$13.9M Sale of Retail Center in Sunrise Brokered

Azor Advisory Services 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…

Topgolf to Anchor 223-Acre Mixed-Use Development in Pompano Beach

Topgolf is underway on the construction of a three-level venue located at the intersection of Powerline Boulevard and Race Track Road in Pompano Beach, roughly 35 miles north of Miami. Scheduled to open late this year, the new location will anchor Live! Pompano Beach, a 223-acre, mixed-use project currently being developed by The Cordish Cos. and Caesars Entertainment.

Related, BH Group submit plans for two-tower project near Diplomat resort

Related Group and BH Group’s latest project entails building a pair of luxury high-rises adjacent to the Diplomat Beach Resort in Hollywood. The joint venture on Friday submitted a site plan application with the city of Hollywood to build a 38-story condominium with 350 units, and a 43-story condo-hotel with 500 units. The two-tower project would rise on a pair of vacant parcels…

Lynd Begins Construction on 401-Unit Luxury Apartment Community in Royal Palm, Florida

Lynd Development, a subsidiary of San Antonio-based Lynd Group, has broken ground on The Villas at Tuttle Royale, a 401-unit luxury apartment development in Royal Palm. Situated on the west side of South Florida’s Palm Beach County, the property will feature 26 three-story, garden-style buildings and 55 townhomes. Lynd and partner Tuttle Land Investments recently…

24M-Square-Foot Downtown Miami Metrocenter Moves To RFQ Phase

The massive Metrocenter project in downtown Miami has moved to the Request For Qualification phase, according to the SFBJ. RFQ packages were issued February 10, the report said. After development teams are selected in the RFQ, a Request For Proposals will be issued to get detailed development plans and terms from those teams. The winning bidder will have the right…

Related, BH unveil plans for Icon Aventura

Related Group and BH Group submitted a site plan for their joint venture’s proposed mixed-use project in Aventura. The developers plan Icon Aventura as a 26-story tower with 308 apartments, 12,000 square feet of ground-floor retail and a garage on a 4-acre development site at 2999 Northeast 191st Street, according to an application submitted to the city of Aventura.

North Miami Beach Laurenzo’s Italian Food Market site could be replaced with 3 towers (Photos)

The former home of Laurenzo’s Italian Market in North Miami Beach could be redeveloped into a mixed-use project with three towers. May NMB LLC, an affiliate of Lakewood, New Jersey-based Accurate Builders, filed a municipal pre-application with Miami-Dade County concerning the 3.03-acre site at 16445 and 16385 W. Dixie Highway, plus 2255 N.E. 164th St. The site…

Terreno closes on $174M Countyline Corporate Park dev site

Terreno Realty closed on its purchase of a 123-acre development site at Countyline Corporate Park in Hialeah. The real estate investment trust paid $173.6 million for land on the northern edge of the industrial campus, with plans to develop 10 distribution facilities spanning up to 2.2 million square feet, according to real estate database Vizzda and the buyer’s filings to the Securities…

Chart: Adjusting Value Perceptions for the Recent Inflation Surge

We had an exceedingly long stretch of low inflation. In the five years that ended five years ago (2012 to 2017), prices as measured by the CPI increased a mere 7.17% total, a 1.39% annualized rate. It had been this way for so long, people in general forgot how to adjust their valuation perceptions. We intuitively consider value to be largely set, i.e. to not generally move over time.

LVMH & Jungle Island? Talks Reportedly Underway, New Renderings Released

LVMH is said to be in talks with the owners of Jungle Island to partner on dining and entertainment at the resort, according to World Red Eye. New renderings of the project have also been released. In December, plans were submitted to Miami’s Urban Development Review Board for an expansion of the complex, including a 12-story, 300 room resort hotel, and a 7-story parking…

Rickenbacker Causeway master plan on fast track

Expediting a Rickenbacker Causeway upgrade, Miami-Dade Mayor Daniella Levine Cava told commissioners last week that the administration is selecting a consultant for a causeway master plan due early next year. The master plan, her memo said, is geared for causeway improvements “to work to aggressively prioritize pedestrians’ and cyclists’ safety” along the only…

Miami’s Pull As A Corporate Relocation Magnet Is Only Getting Stronger

Most of the corporate headlines in 2023 so far have focused on layoffs and cost-cutting, but just like in 2022, the news in Miami is playing a different tune. This month alone, global banking giant Rothschild & Co. signed a lease for its first Miami office, Silicon Valley tech firm LeverX moved its global headquarters to the Magic City, and local IT company Kaseya announced…

DXD Capital Harnesses Allapattah Apartment Density for $19M Self-Storage Development

DXD Capital, a real estate and private equity fund based in Albuquerque, NM, is building a $18.7-million self-storage project located the Allapattah submarket of Miami, FL. The facility will be a five-story building with 865 units situated in an area with strong rental growth. According to DXD Capital, Allapattah is a prime market for self-storage due to its high multifamily occupancy…

DXD Capital plans $19M Allapattah self-storage project

DXD Capital is breaking ground this week on a $18.7 million self-storage facility in Miami, The Real Deal has learned. The Albuquerque-based real estate development and private equity firm is planning a five-story building with 865 units at 3500 Northwest 35th Street in the city’s Allapattah neighborhood, according to a press release. The facility will be managed and operated…

Miami Center for Mental Health and Recovery nears opening

The judge spearheading a project to end the homelessness-to-jail cycle confirmed the Miami Center for Mental Health and Recovery will open this year. The pioneer facility is to be a one-stop shop for primary care and psychiatric services for unhoused people with acute mental illnesses who are in the criminal justice system or at risk of entering it. Miami-Dade County…

Havenicks finalize $96M sale of Magic City Casino

The Havenick family’s era at Magic City Casino is officially over. PCI Gaming Authority, an affiliate of Alabama-based Poarch Band of Creek Indians, paid $96 million for the nearly 30-acre gambling site at 450 Northwest 37th Avenue, according to records and Vizzda. The deal is part of PCI’s acquisition of Magic City Casino’s operations, inventory, and state gambling license…

43-story Edgewater residences to feature robotic parking

A new mixed-use residential tower is planned for Miami’s Edgewater neighborhood, and with it a robotic parking system. Nardware Properties LLC and 510 NE 34TH LLC are the owners and developers of the properties at the southeast corner of Northeast 34th Street and Fifth Avenue. The project, One Edgewater, is to include a 43-story tower with 204 residential units…

Miami denies appeal, Marine Stadium boat ramp on fast track

The city is proceeding with plans to construct a new boat ramp at Miami Marine Stadium as it denied an appeal last week that listed more than 20 reasons why it shouldn’t. On Feb. 23, city commissioners heard an appeal by the Dade Heritage Trust urging they reverse the Planning, Zoning and Appeals Board (PZAB) decision recommending an exception to the Miami 21 code…

Brickell-based Kaseya gets incentive to add 3,400 IT jobs

Information technology and security management software company Kaseya has announced it will create 3,400 new tech jobs in three years, the largest tech job creation project in the county, along with a $16 million capital investment. Supported by the Miami-Dade Beacon Council, the county’s official public-private economic development partnership, under its Miami-Dade…

41st Street is Main Street in government vs. the people battle

Community news isn’t just local: some has broad, even national, implications. Our report last week on a meeting to revamp Miami Beach’s 41st Street should resonate wherever government decides what an area should be like. The tensions are similar. As our web headline said: “Miami Beach hypes aesthetics, residents just want the parking.” Planners showed a finished $500,000 design…

Brickell’s St. Regis Residences Gets Water & Sewer Utilities

The developers of the St. Regis Residences project in Brickell have signed a deal with Miami-Dade to supply water and sewer. According to the February 22 agreement, St. Regis Residences will include: 350 residential units 30 hotel rooms The developer will pay a connection charge estimated at $97,720.20. There’s also a Brickell Basin II sanitary sewer special connection charge…

Most Residents Living Car Free At New 1600 Unit Transit Oriented Development

Link at Douglas, a massive transit-oriented development next to the Metrorail, is attracting lots of residents living a car-free lifestyle. More than half of residents who have moved into the newly completed apartments don’t have a car, the developer told Local10. The Douglas Road Metrorail station is attached to the complex and is getting a beautification as part of the project.

FDOT Considers Double Decking Julia Tuttle Causeway

FDOT is considering adding a double deck to the Julia Tuttle causeway. An “overhead viaduct” for the Julia Tuttle is one of several possibilities being considered by the agency to expand highway capacity. Miami Today first reported on the possibility. The project is currently in the Project Development and Environment phase. This PD&E Study started in June 2022…

249-Unit Apartment Building Proposed Near River Landing

An 8-story apartment building has been proposed in Allapattah. The project is proposed to include: 249 dwelling units 8,753 square feet of retail an on-site parking garage providing 425 parking spaces Metrorail’s Civic Center station is an 8 minute walk from the site, according to Google Maps. The project was submitted to Miami’s Urban Development Review Board…

Commissioners Approve Buena Vista Yards Intensity Preservation Area In Midtown Miami

Miami commissioners voted February 23 to approve the Buena Vista Yards Intensity Preservation Area. They also voted to approve a second item amending the Midtown overlay district. The items cover residential density, floor area, and building height in the area. According to an explanation attached to the Buena Vista Yards Intensity Preservation Area…

Twist owner buys nightclub’s South Beach building

Joel Stedman, owner of South Beach gay nightclub Twist, purchased the venue’s building. Stedman, through an affiliate, bought the two-story, 9,600-square-foot building at 1057 Washington Avenue for $7.6 million from an entity led by Olga Rodriguez of Coral Gables, according to records and real estate database Vizzda. The deal marks the first time the South Beach…

MG Developer could replace 20 homes in Hialeah with apartment complex

MG Developer wants to replace a full block of 20 single-family homes in Hialeah with an apartment complex. The City Council will consider a land use amendment for the 3.84-acre site a block west of the Hialeah Tri-Rail/Metrorail Transfer Station on Feb. 28. It covers 901 to 983 East 26th Street and 906 to 990 East 27th Street. Metro Parc Hialeah II LLC, an affiliate of Coral…

Miami development site prices nosedive

At this time last year, Miami developer Harvey Hernandez found himself in a tough seller’s market as he competed with out-of-state high-rise builders for land deals in the city. “It was very difficult to do a deal,” Hernandez said. “Expectations were much higher than we thought land values were. Even if we found something that made sense, the pricing and the conditions were…

Mast Capital, Angelo Gordon Sell 306-Unit Townhome Community in Homestead

Mast Capital, in partnership with Angelo Gordon, has sold Seascape Pointe, a townhome community located in Homestead, roughly 40 miles southwest of Miami. IMC Equity Group purchased the property for an undisclosed price. Located on 31.7 acres at 1140 S.E. 24th Road, the Seascape Pointe features 54 buildings comprising 306 two-story, direct-access townhomes.

South Florida’s surge in office demand skirts Broward

South Florida’s office market is still riding a wave of Covid-era corporate migration to the Sunshine State. But it’s clear that most of the benefits are accruing to Miami-Dade and Palm Beach counties, with Broward County largely missing out. In Miami-Dade, net office absorption jumped more than 30 percent, year-over-year, in the fourth quarter of 2022, finishing the year…

Commercial Borrowers Seek Flexibility Amid Volatile Lending Landscape

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 is muddied…

Top Markets for Multifamily Deliveries 2022; Miami Comes in Fourth

Image by BarryD via Pixabay.com Rising inflation and interest rates have softened the amount of incoming multifamily stock in 2022. The record amount delivered in 2021—when 433,838 units were brought online—was always going to be tough to outdo, but few expected the drop-off to be as significant in 2022, which ended with 348,714 units delivered nationally…

Terra and AB Nab $44M to Begin Work on Coconut Grove Lux Condo

Terra and AB Asset Management secured a $43.2 million loan to begin site work for a luxury condo in Miami’s Coconut Grove neighborhood, the lenders and developers announced. The five-story project, called the Residences in the Grove, will feature 148 units as well as 22,000 square feet of wellness-focused retail space on the ground floor.

BlackRock Renews Lease at Brickell Office Tower

BlackRock has renewed its 5,103-square-foot lease at 701 Brickell in Miami’s Financial District, according to the brokerage that represented the landlord, Nuveen Real Estate. BlackRock, the world’s largest asset manager, opened its Miami office in 2018 on the 12th floor of the 33-story building, providing space for roughly 40 employees. Last August, it leased a second…

Proposed laws could have “chilling effect” on challenges to development approvals

The Florida Legislature is considering two sets of laws that aim to impose responsibility for attorneys’ fees in cases where litigants challenge local development approvals. The first group of laws, Florida House Bill 359 and Senate Bill 540, filed in January, would mandate that those who sue local governments over approvals pay the municipalities’ legal fees…

MG3 scoops up office building dev site in Aventura

MG3 Group bought a development site in Aventura in a bet on the city’s growth as an office market. MG3 paid $10 million for the assemblage at 21001 Biscayne Boulevard near Aventura Hospital, according to records and real estate database Vizzda. The firm plans to include medical office space in its project. The deal, which breaks down to $9.5 million per acre, comes…

Rothschild opening first Miami office at Doronin’s 830 Brickell

Rothschild & Co. leased space at 830 Brickell for its first Miami office. The Rothschild family’s global financial services firm took 5,000 square feet at the 55-story tower being developed by Vlad Doronin’s OKO Group and Jonathan Goldstein’s Cain International at 830 Brickell Plaza, according to the ownership group. The deal marks a continuation of the influx of new-to-market…

10-Story Condo Building Designed By Arquitectonica Planned In Miami Beach

Developers have filed plans for a 10-story condo building in North Beach. The property is at 6940 Abbott Avenue and was formerly owned by AT&T. The new building is planned to include: 96 residential units ground floor retail and co-working space rooftop pool, lounge, fitness, and pickleball court 90 parking spaces on levels 2 and 3 21 of the units will be below 550…

Mo Vaughn’s Omni America proposes mixed-use project on Edgewater-Wynwood border

Former Major League Baseball star Mo Vaughn’s company is planning a $17 million mixed-use project on the border of Miami’s Edgewater and Wynwood. An affiliate of Omni America, the New York-based development firm co-founded by Vaughn and his partner Eugene Schneur, recently submitted plans with the city of Miami’s building department for Omni 21.

Experts warn rising sea levels caused billions in damages in costal communities

On Wednesday, climate experts raised concerns to the U.S. Senate Committee on the Budget about rising sea levels and tidal flooding caused by global warming, warning that such changes are responsible for billions of dollars in damages to coastal communities. In the hearing titled, “Rising Seas, Rising Costs” experts also warned that the risk is still growing. Matthew Eby…

Demolition Underway At Edgewater Site Where 199 Room Hotel Planned

Two Edgewater buildings are now being demolished, on a site where a hotel is planned. Records show that two demolition permits were issued January 11, for buildings at 229 and 237 NE 32nd Street. The multifamily buildings being demolished date to 1925 and 1947, with a combined 14 living units. Green Circle Development LLC owns the properties, along with the adjacent 3200…

Renderings Show Omni 21 Apartment Building Planned In Edgewater

Newly obtained renderings show an apartment building called Omni 21 that is close to construction next to the Braman Motors property in Edgewater. The plans were submitted to Miami’s Planning Department in February 2022, with a request for 7 waivers – including a 30% parking requirement reduction due to proximity to a transit corridor. Omni 21 is planned to rise 12 stories…

Terreno To Develop $491M Industrial Project At Countyline Corporate Park In Hialeah

Terreno Realty Corp. intends to further expand at Countyline Corporate Park, a 620-acre master-planned industrial campus developed by Florida East Coast Industries in Hialeah. According to a Securities and Exchange Commission Filing from February 9, Terreno plans to pay $173.6 million for a 121-acre site within the Hialeah industrial park where a 2.2 million-square-foot…

Terreno Realty To Pay $174M For 121-Acre Hialeah Development in Countyline Corporate Park

A Bellevue, Washington-based REIT has reached a deal to acquire the site of a 2.2M SF industrial development in Hialeah for $173.6M. Terreno Realty Corp. has agreed to purchase 121 acres in Hialeah’s Countyline Corporate Park, it said in a Feb. 10 Securities and Exchange Commission prospectus. Terreno already owns seven fully leased buildings in the vast…

How Retail Consumer Trends Influence Retail Real Estate and Vice Versa

Retail consumer trends affect retail real estate in several ways, but the degree of influence may surprise you, especially if you’re new to the industry. The rule of thumb is that as consumers increase spending, investing in retail real estate follows suit. In turn, those properties become more valuable since they’ll have a clear justification…

Miami Apartment Vacancy Is On The Rise, But Don’t Expect Rents To Drop

After a historic run of growth that left Miami as the most expensive city to live in in America last year, South Florida’s rental market has cooled slightly in recent months. The billion-dollar River District from The Chetrit Group added a 52-story rental tower to Miami’s pipeline when it broke ground in December. Vacancy is on the rise, the number of apartments being leased is down…

413 Apartments Planned At Overtown Block 19, Near Brightline’s MiamiCentral

Plans have been filed with the City of Miami for an apartment project called Overtown Block 19. Overtown Block 19 is a 7 minute walk from Brightline’s MiamiCentral station, according to Google Maps. The property is adjacent to the Brightline tracks. Overtown Block 19 is proposed as twin 25-story towers with: 413 multifamily apartments 23,000 +/- square feet of ground…

Lawmaker Makes Development-Friendly Changes To Florida Anti-Rent Control Bill

The state legislator who is sponsoring legislation that would ban Florida localities from implementing any form of rent control, while funding the production of new housing, is making some changes to her bill. Republican state Sen. Alexis Calatayud, who represents part of Miami, filed a 95-page replacement to her bill, SB 102, that would streamline the development process…

CRE Investor Stephen Bittel on Industry’s 2023 Outlook in South Florida and Beyond

After the past few years we’ve experienced, nobody would have imagined what came our way in 2022. We began the year cautiously optimistic about a return to some sense of normalcy after two years of uncertainty, first due to the abrupt and sweeping shutdowns of 2020 and later because of supply chain difficulties and rising inflation in 2021. However, the war in Ukraine…

Silicon Valley Tech Company LeverX With 1600 Employees Moving World HQ To Miami

Yet another tech company has just announced plans for a world headquarters in Miami. LeverX said in a statement that it was moving it’s headquarters from Mountain View, California to Miami. The new office is at the 47-story Wells Fargo Center (previously known as Met 2) in downtown Miami, according to the company’s website. The LeverX website says it has over 1,600 employees…

Miami Worldcenter Files To Build Standalone Retail Building: Is It An Apple Store?

Miami Worldcenter has filed building plans for a new retail building. There are also rumors that Worldcenter may be getting an Apple Store, according to a Tweet from Ryan RC Rea, citing a source. It isn’t clear where the store would be built, Rea wrote. The new standalone retail building is known as Block F West and is planned next to World Square, on the same block…

Restaurant Closes On Edgewater Block Where 5 Towers Planned

At 3333 Biscayne Boulevard in Edgewater, a Wendy’s restaurant has now closed, according to a Reddit thread. At least five towers are now in planning for the block. Beitel Group has filed plans for a 3-tower mixed-use project on the property where Wendy’s is located. The Beitel project is planned to have a 41-story residential tower, 40-story residential tower, and a 12-story office…

Video: 2023 Commercial Real Estate Financing Outlook is Discussed by Mortgage Bankers Association VP of Research & Economics Jamie Woodwell

In this 20 minute video, Jamie Woodwell, Vice President, Research and Economics, at the Mortgage Bankers Association (MBA) joins America’s Commercial Real Estate Show host Michael Bull to share highlights from the newly released Mortgage Bankers Association’s report: MBA CREF Outlook Survey; Unsettled Markets to Dissipate in 2023. This is generated from…

First Glass Installed At 588-Unit Nema Apartment Tower in Edgewater

Nema Miami, a 39-story apartment tower under construction in Edgewater, has had its first glass installed, new photos show. Whole Foods Market has signed a lease to occupy the ground floor of the development. The new supermarket will serve adjacent areas including Midtown Miami and Wynwood. Nema’s first phase is planned to rise 39 stories, or 430 feet and include…

Omni 21 Apartment Project Planned With 97 Units

An apartment project called Omni 21 is being planned near the border of Edgewater and Wynwood. The project site is at 100 NE 21st St (previously listed for sale on Loopnet). Plans were recently filed with DERM for the construction of drainage wells, which usually indicates the start of construction is near. According to a filing with Miami’s Building Department, Omni 21…

Miami Station 42-Story Tower Construction Permit Reactivated

A construction permit to build the 42-story Miami Station tower has been reactivated, shortly after it was purchased by a development group. Miami Building Department records show the activation request was submitted on February 8. An email address at The John Buck Company is listed as the contact. Coastal Construction is listed as the contractor. A demolition permit…

Miami Beach hypes aesthetics, residents just want the parking

“Less about landscaping, and more about commercial revitalization and added parking” is what residents of Miami Beach echoed at a meeting for the 41st Street Corridor Revitalization, as the city presented a final concept design recommendation for the $15 million general obligation bond project. The capital improvement project to revitalize the 41st Street Corridor…

54-story downtown Melo tower to add 824 apartments

A family company that has brought hundreds of new apartments to the City of Miami, helping to ease the city’s major housing needs, is planning another major mixed-use residential project downtown. Owner-developer 6 Plaza LLC plans a 54-story multi-family residential tower with ground floor retail at 530 NE First Ave. and 46 NE First St. 6 Plaza LLC is affiliated with The Melo Group.

33-acre Underdeck has a plan but not the money

“The Overtown Miami Greenway, the heart of the city” is the name recommended by the Underdeck Executive Committee through survey results in its community engagement efforts to plan for the 33-acre green space that is to be built under the I-395 signature bridge that is under construction, with a 2026 date for completion. The project is not yet fully funded. “This name encompasses…”

Teahouse brewing for middle of Biscayne Boulevard downtown

Plans to break up busy Biscayne Boulevard with lush, green space and a quaint teahouse are still in the works as the developers work through permitting with the city. In August 2021, the Miami Parking Authority (MPA) announced its collaboration with real estate developer Property Markets Group on the Green Initiative to increase public green space and walkability…

Brickell towers near river to offer 784 new units

Miami’s Brickell neighborhood continues its impressive growth, with a developer ready to bring a pair of mixed-use residential towers to a high-profile property south of the Miami River. Newgard Development Group has proposed the project, One Brickell Riverfront, at 99 SW Seventh St. The site plan proposes a structure consisting of two towers of 43 and 44 stories with 784 residential…

HistoryMiami planning much larger new museum

As part of the county’s MetroCenter project plan, HistoryMiami Museum is currently engaged in the planning stages to create a world-class museum. Miami-Dade County officials recently released a Request for Proposal (RFP) that seeks to pre-qualify developers for a MetroCenter project that would redesign about 17 acres of county-owned land that include the present…

Asana Partners Adds Five New Tenants to Sunset Harbour Retail Center in Miami Beach

Asana Partners has announced the addition of five new tenants to Sunset Harbour, a 21,000-square-foot retail center in Miami Beach. Restaurants Casa Bufala, Sacro and Nautical Bowls will occupy 2,500, 2,813 and 950 square feet, respectively. Chip City Cookies will also join the food-and-beverage lineup, leasing 980 square feet. Additionally, fitness and wellness club The Outsider…

Largest Solar Rooftop Install Completed On Badia Spices Facility In Sweetwater

Florida solar contractor SALT Energy recently completed the installation of a 3.24-MW solar project on the roof Badia Spices’ 300,000-sq.-ft manufacturing facility in Sweetwater. The project is currently the largest privately owned solar project in Florida and is capable of offsetting approximately 80% of the facilities electricity consumption. Established in 1967 by Jose Badia…

Clara Homes Secures $26M Loan for Bay Harbor Islands Community

Rendering of the project. Courtesy of Clara Homes Clara Homes has landed construction financing for its first multifamily project in South Florida. The firm secured a $26 million loan that will be used to help develop the first building of its Clara Bay Harbor project in Miami. Maxim Capital provided the financing. The developer plans to break ground on the first building…

Master Building Permit Issued At 444 Brickell Tower 2 aka One Brickell Tower 2

A master building permit has been issued for 444 Brickell Tower II (also known as One Brickell Tower 2). Building department records show that the permit was issued to the contractor on February 7. A separate foundation permit had previously been issued on November 28. 444 Brickell Tower II will include 506 apartments in a 44-story tower. A $164M construction loan to build…

PortMiami Getting World’s Largest Shore Power System

Plans for a Shore Power system at PortMiami that will significantly reduce air pollution are moving forward, with a contractor given the go-ahead for build-out. Denmark-based PowerCon announced this week that it had been awarded a contract to build five shore power systems at PortMiami. It will be the largest shore power system in the world upon completion, expected…

Second 649-Foot Tower Approved By FAA At Brickell’s River District

The Federal Aviation Administration has issued height approval for a second tower at The River District in Brickell. The second tower is permitted to rise 642 feet above ground, or 650 feet above sea level – identical to an another tower already under construction in the district. The approval was issued on February 16. Construction on the second tower is expected to begin…

Berkadia Arranges $113M Refinancing of Gateway at Wynwood Office Building in Miami

Berkadia has arranged a $113 million loan to refinance Gateway at Wynwood, a 220,000-square-foot office building located at 2616 N. Miami Ave. in Miami that opened last year. Charles Foschini, Christopher Apone and Robert Iudice of Berkadia’s South Florida office arranged the loan through A10 Capital on behalf of the borrower and developer, New York-based Rose & Berg…

Rose & Berg Realty Lands $113M Refi for Miami Asset Gateway at Wynwood

Gateway at Wynwood. Image courtesy of Berkadia Rose & Berg Realty Group has received a $113 million loan for the refinancing of Gateway at Wynwood, a 220,000-square-foot office and retail building in Miami. Berkadia’s Senior Managing Director Charles Foschini, Associate Director Robert Iudice and Managing Director Christopher Apone arranged the financing…

Fisher Island Residents Rail Against Baylink Project

Nearly four decades in the making, Miamians may finally get public transit connecting the mainland and Miami Beach. But not if a vocal contingent of NIMBY detractors gets its way. First proposed in 1988, the long-awaited Baylink corridor has been championed by transit advocates and fed-up Miami commuters alike as an answer to the area’s notorious traffic and lack of parking.

The Estate Cos. Breaks Ground on Pompano Beach Luxury Property

Soleste Pompano Beach. Image courtesy of The Estate Cos. The Estate Cos. has broken ground on the 253-unit Soleste Pompano Beach community, its latest luxury multifamily development in South Florida under its Soleste Living brand. Located at 208 N Federal Highway in Pompano Beach, Fla., in Broward County, the building will measure eight stories with 4,000 square feet of…

Revealed: 44-Story West Eleventh Residences Planned In Park West

PMG, Michael Simkins’ Lion Development Group, and Marc Roberts Companies have just announced plans for a Park West tower called West Eleventh Residences, to be developed in collaboration with Airbnb. West Eleventh Residences will rise 44 stories, with architecture by Sieger Suarez Architects. The ground floor will include a 30,000 square foot tri-level “experiential” entertainment…

From ‘The Wild West’ To ‘Brooklyn,’ Developers Find Inspiration, Challenges In Miami’s Eclectic Neighborhoods

Developers in the neighborhoods around Miami’s central business district are eager to capitalize on the city’s influx of high-earning workers and tourists, but face more nuanced challenges than the builders of new trophy office towers in Brickell. In Little Havana, minutes away from Miami’s financial district, its peculiarly shaped historic buildings and longstanding community…

Tower Crane Installed At 55-Story Legacy Miami Worldcenter

In the Park West neighborhood of downtown Miami, crews were installing a tower crane at the construction of the Legacy tower at Miami Worldcenter this morning. The crane marks the start of vertical construction at Legacy. A foundation pour took place in June 2022, shortly after the developers acquired an adjacent parcel with plans to integrate it. Legacy Miami Worldcenter…

Tech Company Plans World HQ Expansion In Downtown Miami, With 4,000 Employees

A global technology company is planning to expand in downtown Miami with thousands of new high-paying jobs. For now, the name of the company is being kept under-wraps as part of a job incentive application, under the code name “Project Xray.” The company is described as a leading provider of software solutions for IT professionals. It already has 820 jobs…

Rising Rents Push Industrial Tenants And Development To More Remote Areas

The global COVID-19 pandemic thrust industrial real estate into the spotlight as more people shopped from home, creating a seemingly insatiable demand for warehouse and logistics space to store and move the goods they ordered. As a result, rent for industrial properties increased 6.3% in 2022 to $7.03 per square foot, and the market set…

Adler Real Estate Partners Locks in $193M Refi for Nine-Property Industrial Portfolio

Miami, FL-Based Adler Real Estate Partners has secured $193 million in permanent financing for a nine-property light industrial portfolio totaling 1.7 million square feet located in infill locations in South FL, AL, MD, NC and TX. Chris Drew, Melissa Rose and Christopher Gathman of JLL worked exclusively on behalf Adler Real Estate Partners, a light industrial owner, to place…

Plans Revealed For 43-Story One Edgewater, With Robotic Garage

Plans have just been filed with Miami planners for a new residential tower called One Edgewater. The application was made by an Aimco affiliate, along with another LLC. Aimco also completed renovations last year at The Hamilton (276 units) and recently entered construction permitting for a 60-story tower next door called Hamilton House (241 units). The new One Edgewater…

Brightline Plans To Commence Orlando Operations In Q2

Brightline has just informed investors that it is close to beginning operating trains to Orlando. Commencement of operations to Orlando is now planned for the second quarter of 2023, the company told bondholders yesterday. The Orlando station is expected to be completed in March, with 100% system completion in Q2 2023, the company added. More than 90% of work…

Two Hotels Submitted To FAA At Island Gardens Site, Up To 535 Feet Tall

A filing with the Federal Aviation Administration last week proposed two towers at the Island Gardens site. One of the towers is listed as a luxury hotel, in a filing received by the agency on February 10. The luxury hotel is proposed to rise 527 feet above ground, or 535 feet above sea level. A second filing is for a lifestyle hotel. The lifestyle hotel is proposed to rise 367 feet…

Demolition Permit Advances At One Brickell City Centre Supertall Site

A demolition permit has now moved into the review phase at the One Brickell City Centre supertall site. On February 13, the full demolition plans were filed with Miami’s Building Department, and active review is now underway. The demolition permit application for a building at 700 Brickell Avenue was first created on January 20. According to the demolition permit…

Julia Tuttle Causeway may be in line for an overhead expressway

Spurred by growing population and area employment demand, the Florida Department of Transportation (FDOT) is kicking off public engagement to evaluate planned upgrades to I-195 to add operational efficiency and enhance connectivity and road safety. One of many possibilities could be an overhead viaduct in the highway’s median. According to the Miami-Dade…

Rickenbacker Causeway headed for major upgrades

The Rickenbacker Causeway, whose private redevelopment in Plan Z was rejected last year, is getting new attention at Miami-Dade County, which this week was to act on two pieces of the upgrade puzzle. The visible piece will revamp the Hobie Beach strip, the first segment of the 2.4-mile road from Miami across Virginia Key linking to Key Biscayne. The south side of…

Miami gives county OK to partially demolish Coconut Grove Playhouse

Miami-Dade County has been given the green light from the City of Miami to proceed with plans to partially demolish the Coconut Grove Playhouse. The city approved the county’s application for a special waiver to permit deviations from the zoning code and allow partial demolition of the historic theater. Activists fighting to preserve the landmark filed an appeal requesting…

Environmental groups sue National Park Service over waterpark

Four conservation groups sued last week in federal court charging the National Park Service with failing to protect plants and wildlife threatened by a planned 27.5-acre water park, Miami Wilds, and retail development adjacent to Zoo Miami. The lawsuit was filed in the Southern District of Florida by the Center for Biological Diversity, Bat Conservation International…

Smart transit plan (but not the one you think) gets rolling

Miami-Dade County finally has the real smart plan for transit in place and operating. It’s vital. No, I don’t mean the formal Smart Plan, which is supposed to add six rapid transit corridors that are still years in the future after many years of hype. The smart plan I’m talking about took off last week with far less fanfare. But it’s a great way to pave the road so that…

New: Residence 23 Proposed By Chicago Developer In Edgewater With 369 Apartments

Plans have just been revealed in Edgewater for a 36-story apartment building called Residence 23. The lot is currently vacant and is across the street from the Bacardi building. It was formerly known as the Edge 22 site. According to the newly filed plans, Residence 23 is planned to include: 369 apartments 13,475 square feet of commercial 545 parking spaces…

Exterior Makeover Planned At 40-Story One Biscayne

The 40-story One Biscayne Tower – which has a high profile spot in Miami’s skyline – will be getting an exterior makeover, newly filed plans show. According to plans filed with city planners, a screening system would cover the 12-story garage, which is currently exposed. A mix of solid panels and vertical metal slats are proposed as part of the screening system. The ground floor…

‘Stop The Train,’ Residents Chant At Luxury South Beach Condo Tower

Miami-Dade officials held a meeting last week in South Beach on the proposed Metromover extension to the neighborhood, but were faced by opponents who shouted in opposition to the plan. The county presentation on the Baylink system took place at a luxury South Beach condo tower, according to Miami Herald reporter Doug Hanks. A video showed residents loudly…

First Glass Installed At Five Park, Set To Become Tallest South Beach Tower Ever

The first glass has now been installed at the Five Park tower in South Beach, photos by Ryan RC Rea show. Five Park will rise 48 stories, or 519 feet, at the entrance to South Beach. That is taller than any other building in South Beach. The building will include 280 residential units. Top off is planned in September 2023, according to real estate analyst Ana Bozovic, who visited…

Meet Lewis Swezy, South Florida’s “lowest profile” developer

Centennial Management’s Lewis Swezy (Getty) Beginning in late 2020, real estate players pounced on South Florida’s booming market in bid to capitalize on a bonanza spurred by unprecedented demand and ever-increasing rents across asset classes. But now that high borrowing costs crashed the party, some developers could be exposed to financing complications…

Lease roundup: Nightingale, Terreno, Parker Realty score tenants

Lincoln Place apartment building at 1601 Washington Avenue in Miami Beach with Nightingale Properties’ Elie Schwartz (Google Maps, Nightingale Properties) Doorloop I Lincoln Place I Miami Beach Proptech firm DoorLoop relocated its headquarters, though it is staying in Miami Beach. DoorLoop leased the entire 8,000-square-foot second floor at Lincoln Place at 1601 Washington Avenue…

Terra Group to Build Miami Mixed-Use in Bay Harbor Islands

THE WELL Bay Harbor Islands. Image courtesy of Terra Group Terra Group is planning to bring 98,420 square feet of office space to metro Miami, with the development of The Offices at THE WELL. Construction is slated to start this quarter, with completion expected in late 2024. The project is part of THE WELL Bay Harbor Islands in Bay Harbor Islands, Fla., a mixed-use development…

South Florida commercial deals go cold

Stefano Santoro jokingly suggested a few weeks ago that he may have to start attending more morning real estate events to score a free breakfast. “I’m trying not to starve,” the commercial broker told The Real Deal. While Santoro is not facing famine, he and other brokers are feasting on fewer commercial deals in South Florida, compared to this time last year.

Video: PwC’s Tim Bodner Discusses Deals Outlook 2023

In this video, PwC U.S. Real Estate Deals Leader Tim Bodner discusses expected performance and transaction volume for 2023, touching on themes in PwC’s 2023 Real Estate Deals Outlook report. He starts off discussing current headwinds such as higher interest rates, inflation, and a war in Europe. He notes, however, that  fundamental trends remain that are driving activity…

When is a landlord in material noncompliance?

Renting or leasing a commercial or residential space involves expectations for the landlord and occupant. Such details as cost, when rent is due, and other conditions are in a lease agreement, but it will also have conditions like the space’s habitability, which must follow state and local housing codes. Suppose the landlord is not compliant with the habitability standards and…

Revealed: Plans Submitted For 824-Unit Downtown 6th, With Hidden Garage

Developer Melo Group has filed plans for its Downtown 6th tower – and it will have a parking garage that is masked with liner units. Downtown 6th is planned to rise 54 stories. According to a letter and plans sent from the developer to city planners, Downtown 6th will include: 824 residential units 2,427 square feet of commercial space 639 parking spaces, with a garage…

Revealed: One Brickell Riverfront Submitted To UDRB With 784 Units

Full plans for a massive twin-tower project near Brickell City Centre have just been fully revealed. The name of the project is One Brickell Riverfront, plans show. A groundbreaking ceremony was held at the site last month for the first tower, known as Lofty Brickell. According to a letter sent from the developer to city planners, One Brickell Riverfront’s towers will rise 43 and 44…

Rising Rents Push Industrial Tenants And Development To More Remote Areas

The global COVID-19 pandemic thrust industrial real estate into the spotlight as more people shopped from home, creating a seemingly insatiable demand for warehouse and logistics space to store and move the goods they ordered. As a result, rent for industrial properties increased 6.3% in 2022 to $7.03 per square foot, and the market set a record for 450 million square feet…

Conference highlights Miami’s towering real estate potential

More than 750 attendees, including 150 scholarship-supported students, attended the annual invitation-only Real Estate Impact Conference, which took place on Friday at a Coral Gables hotel and was co-hosted by the University of Miami School of Architecture, Miami Patti and Allan Herbert Business School, and the School of Law. Ismael Almanzar Ortiz, who…

Luxury Resort Could Be Built At Magic City Casino

A luxury resort could be coming to the Magic City Casino property, according to the Herald. The resort at the 30-acre property could also have shopping centers and experience oriented attractions,  the CEO of the company that is in contract to buy the casino told the paper. PCI Gaming, d/b/a Wind Creek Hospitality announced this week that it has an agreement to acquire the property.

Office Markets in South Florida Are Booming While New York Struggles

The snowbirds are coming to Florida, fleeing the freezing climate of the north as they do every winter, but this time they’re coming to stay and in the process transforming the skylines and lifestyles of the state. Florida’s population grew almost 2% in 2022, making it the fastest-growing state in the nation for the first time since 1957, according to U.S. Census data, as families…

Foundation Work Continues At 40-Story Condo Tower

Foundation work continues at downtown Miami’s 501 First tower, new photos show. A groundbreaking ceremony for the 40-story took place in December 2022. 501 First will include 448 condos (said to be sold out). The project will also include 3,198 square feet of retail, according to a 2021 utilities agreement. A parking garage is not being built. Aria Development Group…

Office Leasing Begins at Mixed-Use Development in Miami’s Bay Harbor Islands District

MIAMI — Locally based developer Terra and brokerage firm Blanca Commercial Real Estate have launched leasing at The Offices at THE WELL, the office component of THE WELL Bay Harbor […] The post Terra, Blanca Begin Leasing Offices at Mixed-Use Development in Miami’s Bay Harbor Islands District appeared first on REBusinessOnline….

Miami Beach and West Palm hotels sell for combined $40M

La Quinta Inn & Suites by Wyndham West Palm Beach Airport at 1910 Palm Beach Lakes Boulevard, South Beach Plaza Hotel at 1401 Collins Avenue and The South Beach Plaza Villas at 1411 Collins Avenue in Miami Beach; Blue Suede Hospitality Group’s Kenny Lipschutz (Wyndham La Quinta WPB Airport, Google Maps, Linkedin) A New York-based firm scooped up a pair…

Custom truck maker buys Pompano warehouse to build monster rides

John Ghattas now has a bigger garage to roll out his assembly line of customized jeeps and trucks. Ghattas, owner of two Fort Lauderdale-based companies that specialize in off-road automobile custom jobs, paid $10.7 million for a recently completed warehouse at 2151 Hammondville Road in Pompano Beach, records show. BankUnited provided the buyer with…

National Realty buys Flagler Village dev site

Embattled National Realty Investment Advisors scooped up a development site in Fort Lauderdale’s Flagler Village. The Secaucus, New Jersey-based developer paid $9.3 million for 0.7 acres at 203-215 Northeast Third Street, according to sources familiar with the deal. The selling entity, led by Jeff Smith of Fort Lauderdale…

Everglades College buys Keiser University’s West Palm campus for $30M

Everglades College’s Arthur Keiser with Keiser University building at 2085 Vista Park (Arthur Keiser, Google Maps, Getty) Keiser University’s non-profit parent company bought the school’s West Palm Beach campus from a non-affiliated seller for $30.2 million. Everglades College, which owns Fort Lauderdale-based Keiser University and Boca Raton-based Everglades University…

Rapper Kodak Black turns commercial real estate investor with Pompano Beach deal

Rapper Kodak Black is jumping into commercial real estate investment with a purchase in Pompano Beach, The Real Deal has learned. The controversial rapper, who has appeared on the Billboard 100, bought the property at 1511-1547 Hammondville Road in Pompano Beach. Records show Dina & Eman Inc. sold the 0.7-acre assemblage, which is just west of North Andrews…

Developer Files Plans For 5-Star Edition Hotel & Residences Fort Lauderdale

Plans have been filed for The Edition Hotel & Residences in Fort Lauderdale. The Edition is a Marriott brand and will be a five-star hotel, according to a letter from the developer. A rooftop bar, restaurant and pool is planned The tower will rise 23 stories, or 325 feet (at the highest point of an architectural feature) and include: 176 hotel keys (levels 6 thru 16) 25 residential…

John Buck JV Acquires Miami Site for TOD Project

Miami Station. Image courtesy of Berkadia The John Buck Co., in a joint venture with Florida Value Partners, BH Group and PEBB Enterprises, has acquired a 1-acre site in downtown Miami for $39.5 million. The Chicago-based developer intends to build a mixed-use tower, dubbed Miami Station. Berkadia represented the seller, a partnership between BH Group and…

Brookfield Resort In South Florida Changes Hands In Record-Breaking Joint Venture Deal

A South Florida resort is expected to be sold to a pair of investors for $835M, marking one of the largest hotel acquisitions in the U.S. since August 2021. Real estate funds managed by Credit Suisse Asset Management and Trinity Fund Advisors have formed a joint venture to buy The Diplomat Beach Resort in Hollywood, Florida, from Brookfield Asset Management, according…

FAA Approves Height Of Mixed-Use Project At 3333 Biscayne

The FAA has just issued approval for the height of a project proposed at 3333 Biscayne. The approval letter was sent to Miami Edgewater JV LLC with a Denver Colorado address on February 6. A structure height of 481 feet above ground was approved, with a total height above sea level of 491 feet. The 3-tower mixed-use project had a hearing before Miami’s Urban…

Remains Of 7,000-Year-Old Civilization Found At Related Group Site Along Miami River

A groundbreaking archaeological discovery at a massive project site on the Miami River from one of Miami’s most prominent developers has kicked off a debate about how to properly preserve the city’s history amid a historic economic boom. Archaeologists have uncovered remains of a civilization that dates back 7,000 years on the south bank of the Miami River and west…

Site Work Underway At 308-Unit Wynhouse After Permit Issued

Construction activity has now begun at the site of yet another major Wynwood project. The Wynhouse is planned to include 308 residential units, 24,114 square feet of ground floor commercial space, and 107 parking spaces, along with a public paseo. Photos from the site last week by Ryan RC Rea shows site work activity now underway. Records show that a site work…

Bentley Residences To Begin Construction In Spring: New Renderings

Bentley Residences is now just months away from starting construction, according to CNN. Groundbreaking on the 63-story tower will take place in spring of this year, the report said. Completion is expected in 2026. Bentley Residences will become the tallest tallest US oceanfront building at 749 feet tall, CNN said, citing a spokesperson (at least one other tower is planned…

Berkadia Arranges $39.5M Land Sale in Miami, Buyer Plans Mixed-Use Tower

Berkadia has arranged the $39.5 million sale of a one-acre, opportunity zone-designated site at 533 N.W. 2nd Ave in Miami, across from the Miami Central Brightline station. The buyer, Chicago-based The John Buck Co., is making its entry into the South Florida market with this land acquisition. The company is leading a joint venture partnership with Florida Value Partners…

John Buck JV Buys Site for Miami Tower

Miami Station. Rendering courtesy of Berkadia The John Buck Co., Florida Value Partners, BH Group and PEBB Enterprises have jointly acquired the 1-acre development site of Miami Station, a mixed-use project to rise in downtown Miami. Berkadia arranged the $39.5 million transaction on behalf of the previous owner, a joint venture… investor Rainer Viete…

Archeologists at Related’s Baccarat project site uncover artifacts dating back thousands of years

Archaeologists discovered thousands of tools, artifacts, and human and animal remains dating back 7,000 years at the Related Group’s Miami River construction site, where the development firm plans a three-tower project. The 16-month excavation and preservation of the items could be the most archaeologically significant findings near the mouth of the river in the past 25 years…

2 More Business Service Firms Expanding To Miami

The number of companies looking to participate in the Miami business boom is growing again, as two more service firms announced new offices in the Magic City this week. Omni Bridgeway, an Australian litigation financing firm, said on Tuesday that it is expanding into the Miami market, hiring Lauren Alexander from Weil Gotshal & Manges LLP as an investment manager…

Philippe Chow returns to South Beach after decade-long hiatus

Philippe by Philippe Chow is making a South Beach comeback after agreeing to rent a commercial unit at One Ocean condominium. The celebrity restaurant brand’s owner, Merchants Hospitality, led by Abraham Merchant and Richard Cohn, signed a 15-year lease for the ground-floor space in the boutique condo building at 1 Collins Avenue, according to a press release.

Venetian Causeway replacements of 11 bridges advance

Replacement of 11 of the 12 historic Venetian Causeway bridges linking Miami and Miami Beach has won federal and state go-ahead for the next phase of plans to be finished well after the causeway turns 100 years old. A Florida Department of Transportation memo last week said the state and the Federal Highway Administration had accepted the location and design concept…

Edgewater’s 60-Story Hamilton House Quickly Moves To Permitting Phase

In Edgewater, the 60-story Hamilton House is now rapidly advancing, with multiple construction and demolition permits recently filed. The main construction permit for the tower was applied for on December 22, with the full plans submitted on January 23 and now in active review. The permit states the apartment building will rise 60 stories or 649 feet, with 241 residential…

Developers Buy Miami Station Site ‘Shovel Ready’ With Approvals For 42-Story Tower

The Miami Station development site has just been purchased by a partnership of developers. Chicago-based developer The John Buck Company – Florida Value Partners, and BH Group with PEBB Enterprises paid $39.5 million for the 1.03-acre site, or $800 per square foot, according to a press release. This is the first Miami property for The John Buck Company, which has…

USPS Data Shows Miami Was #1 For Growth From 2019 To 2022

There is yet another new data point showing Miami’s rapid growth since the pandemic, this time from the United States Postal Service. The National Association of Realtors analyzed USPS 2022 change-of-address data last month for the study. According to the analysis, the Miami-Fort Lauderdale-Pompano Beach, FL MSA has seen a 56.2% increase in inbound moves from 2019 to 2022.

Demolition Underway At Brickell’s Starlite Motel, Where Chicago Company Plans 300 Apartments

Demolition began this morning at Brickell’s Starlite Motel, new photos by Phillip Pessar show. In November 2022, Chicago-based Focus paid $28 million for the property. A demolition permit was issued the same month. Focus is planning 300 apartments on the property. It isn’t clear if plans have been filed yet with planners. The Starlite Motel had 60 units, according to…

MCR Acquires Hilton Miami Airport Blue Lagoon Hotel for $118M

New York-based hotel owner-operator MCR has acquired the Hilton Miami Airport Blue Lagoon, a 508-room hotel in Miami. The seller and sales price were not disclosed, but the South Florida Business Journal reports that Park Hotels & Resorts sold the 14-story hotel to MCR for $118 million. Set within the Blue Lagoon business park, the waterfront hotel is located south…

This Week’s South Florida Deal Sheet

It was a big week for hotel deals in South Florida as nearly $1B changed hands in hospitality trades. Hospitality giant MCR has acquired the Hilton Miami Airport Blue Lagoon from Virginia-based hotel REIT Park Hotels & Resorts, it announced last week. MCR spent $118.3M for the 508-room property at 5101 Blue Lagoon Drive, which works out to roughly $233K per key…

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

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

Rilea plans more Mohawk at Wynwood loft apartments after expanding site

Rilea Group plans more loft apartments at its Mohawk at Wynwood mixed-use project after expanding its site, The Real Deal has learned The Miami-based developer paid $5.7 million for two warehouses at 31 and 37 Northeast 28th Street, said Rilea President Diego Ojeda. Both lots span 12,750 square feet, enlarging the overall development site at 56 Northeast 29th Street from…

‘Improved’ Tri-Rail gains 30% in ridership

Tri-Rail ridership in January increased 30% over January 2022, the South Florida Regional Transportation Authority (SFRTA) reported last week. Miami-Dade Tri-Rail trains averaged over 12,000 weekday riders last month, close to 3,000 (30%) more riders than January 2022. Weekend ridership also rose 30%, averaging more than 6,000 riders. “Between passengers that…”

Jungle Island hotel, garage plans march ahead

Plans for a hotel and new parking garage at Jungle Island are moving ahead, reports the developer, despite a city review board’s denial in December. In an email response to Miami Today, ESJ Capital Partners’ chief of staff Micha Dubernard said Tuesday that ESJ has submitted plans for the garage to the city, and the team is working on the design of what is to be a 300-room hotel.

Affordable housing advances for Miami Beach school’s grounds

An affordable housing development by Jewish Community Services on the grounds of a middle school in Miami Beach’s Washington Avenue has gained support from the City of Miami Beach and needs to continue negotiating with the Miami-Dade County Public Schools system to have the land conveyed to the county for a lease. Jewish Community Service, a social services…

County puts Baylink on track for 2029 Miami Beach runs

A 30-year, $1 billion Baylink plan to connect downtown Miami to Miami Beach by extending Metromover has replaced a $1.3 billion monorail. Now county officials are seeking Miami Beach support to move forward in a funding vote. The plan would extend Metromover to the Beach with “a seamless connection with a one-seat ride” from Government Center station…

Construction cost elevator reaches top, starts downward

Construction cost in South Florida is starting to stabilize, according to local construction developing experts. In mid-2020 construction material costs skyrocketed to a 25% increase but in the past 12 months it has decreased to around 8%, said Peter Dyga, president and CEO of Associated Builders and Contractors Florida East Coast Chapter. Those materials included…

Dedicated pickleball complex eyed – without axes or arrows

With some good-natured chatter and at least two “but-what-abouts,” Miami-Dade commissioners Tuesday unanimously approved Commissioner Danielle Cohen Higgins’ resolution that the county mayor “examine the feasibility of creating a dedicate pickleball court complex.” Pickleball is the country’s fastest-growing sport. More than 36.5 million people played…

Plans Submitted To FAA For 587-Foot Downtown 6th

Plans have just been filed with the Federal Aviation Administration for a new tower called Downtown 6th. The filing was received by the FAA on January 26. Downtown 6th is planned to rise 574 feet above ground, or 587 feet above sea level, the filing states. The work schedule for the building is estimated to run from July 1, 2023 through December 30, 2024. Last June…

78-Story Tower At Burger King Property Across From Brickell City Centre Resubmitted To FAA

Plans for a tower to replace the Burger King-anchored strip mall across from Brickell City Centre have just been filed with the Federal Aviation Administration, again. The Federal Aviation Administration already granted approval for a tower on the property in both 2016 and 2019, but those approvals expired. According to the new filing, a tower height of 95…

22-Story 72nd & Park Around Halfway Up In North Beach

In North Beach, the shell of the under-construction 72nd & Park tower is now nearly half complete. 72nd & Park is planned to include 270 residential units, of which 121 will be micro-units, according to a school concurrency agreement recorded in September 2022. Around 12,000 square feet of retail is also planned, along with a 326-space parking garage, according…

New Filing: Edgewater ‘Condo-Style’ Luxury Multifamily Building Will Have 324 Units

An Arquitectonica-designed luxury apartment building in Edgewater is now moving through the pre-development phases, with platting documents just filed with the county. The new plat will be known as “Oak Row 2900,” according to the February 2 filing with Miami-Dade planners. Oak Row 2900 will be developed with 324 residential apartment units and 18,814 square…

Coral Rock to Build Miami Community

Card Sound Key Apartments. All renderings courtesy of Coral Rock Development Group Card Sound Key Apartments clubhouseCard Sound Key Apartments playgroundCard Sound Key Apartments workout stationCard Sound Key Apartments parkCard Sound Key Apartments dog park Coral Rock Development Group has unveiled plans for Card Sound Key Apartments…

Coral Rock to Develop 342-Unit Card Sound Key Apartments in Metro Miami

Coral Rock Development Group has unveiled plans for Card Sound Key Apartments, a 342-unit multifamily community to be developed at 35800 S. Dixie Highway in Florida City, roughly 35 miles southwest of Miami. Upon completion, the development will comprise six four-story buildings, with units in one-, two- and three-bedroom layouts. Twenty percent of the units will be…

John Buck JV buys downtown Miami dev site for $40M

Chicago developer The John Buck Company is leading a joint venture that acquired a downtown Miami development site for $39.5 million, with plans for a mixed-use project, The Real Deal has learned. The deal marks John Buck’s official entry into the South Florida market, where a slew of out-of-state developers including New York-based firms like Naftali Group and Kushne…

MCR drops $118M for Hilton Miami Airport Blue Lagoon

MCR’s Tyler Morse, Park Hotels & Resorts’ Thomas Baltimore and the Hilton Miami Airport Blue Lagoon at 5101 Blue Lagoon Drive (MCR, Park Hotels, Hilton) MCR dropped $118.3 million for a Hilton-branded hotel near Miami International Airport, marking the firm’s continued appetite for South Florida hospitality properties. MCR bought the Hilton Miami Airport…

Lease roundup: CP, Allen Morris, Agave score tenants

Related Fund Management, RRE Ventures, more I Two Town Center I Boca Raton CP Group signed five new tenants for spec office suites at Two Town Center in Boca Raton. Related Fund Management, a third-party investment management affiliate of Stephen Ross’ Related Companies; New York-based venture capital firm RRE Ventures; Chicago-based BMO Harris Bank…

Movers & Shakers: South Florida Real estate law practices bulk up

The past month has been busy for South Florida real estate hiring, with no slowdown in sight. Among the latest moves, two real estate legal practices in Miami added partners to their ranks, Forman Capital relaunched and Brown Harris Stevens brought in more agents. Boutique real estate legal firm Bercow Radell Fernandez Larkin & Tapanes promoted Maritza Haro Salgado….

Saltbox Opens 31,000 SF Co-Warehousing Facility in Metro Miami

Saltbox Inc., a co-warehousing and small business logistics company, has opened a new location at 1701 84th Ave. in Doral, roughly 15 miles northwest of downtown Miami. Comprising 31,000 square feet, the space features 68 flexible warehouse suites, conference rooms, flex storage, access to loading docks and a photo studio. The Doral facility is the first Saltbox in metro Miami…

Saltbox Opens Miami Co-Warehousing Facility

Saltbox Doral. Image courtesy of Saltbox Saltbox has expanded its footprint with a new co-warehousing facility in Doral, Fla. The 31,000-square-foot space marks the company’s 11th location and its entrance in the Miami market, providing flexibility for small businesses in the community. The Saltbox facility is within a 423,022-square-foot building, constructed in 1992…

Florida board proposes changes to condo reform legislation

Aerial view of South Florida along with the new report by the Florida Building Commission (Getty, Florida Building Commission) A Florida commission is proposing changes to the state law that legislators passed last year in response to the deadly Surfside condo collapse. The Florida Building Commission was asked to review inspection requirements and make recommendations…

Hialeah Gardens industrial site trades at $1M/acre, as market softens

A Hialeah Gardens industrial outdoor storage site fetched $1.2 million per acre, marking a price drop from similar properties a year ago — and a harbinger that the market is softening. Triarch Capital Group bought the property at 12601 West Okeechobee Road from Princeton, New Jersey-based Essential Properties Realty Trust, according to broker Jose Sasson. Triarch paid…

Clear vision: Ophthalmologist buys Pompano Beach office building

An eye doctor purchased a Broward County medical office building for $8.9 million. An entity managed by Dr. Shailesh Gupta, a Coral Springs-based ophthalmologist, acquired Sample Executive Center at 2001 West Sample Road in Pompano Beach, according to records and Vizzda. Gupta’s entity obtained a $6.2 million mortgage from First Citizens Bank and Trust.

Strong Demand For Apartments At Newly Opened 58-Story Downtown Miami Tower

There is strong demand for apartments at a new 58-story tower that just opened called Downtown 1st. The building has 560 new rental apartments, and opened in January at 70% pre-leased, according to a January 25 press release. By January 31, Downtown 1st was said to be 85% leased, according to Ryan RC Rea, who made a site visit. One-bedroom apartments started…

Vertical Construction Underway At 36-Story Modera Riverside

In downtown Miami, the 36-story Modera Riverside is now going vertical, according to photos by Ryan RC Rea. The project was formerly known as Nexus Riverside. It will include 428 rental apartments, 4,266 square feet of ground floor retail, and an eight story parking garage. First move-ins are planned in August 2024, according to the developer’s website. The Modera Riverside…

Signs Of Activity At One Bayfront Plaza Planned Supertall Site

There is new activity possibly related to demolition at One Bayfront Plaza, where a supertall tower is planned. On February 1, a process number was created with Miami’s Building Department for demolition work, records show. However, the application intake was still showing as incomplete as of this morning, so the exact scope of what is planned could not be ascertained.

Developer In Contract At Midtown Miami

A Miami developer appears to have a contract to purchase a piece of Midtown Miami. Midtown One Investments LLC has entered into an Agreement of Purchase and Sale as the buyer, according to a memo recorded in Miami-Dade County records on January 4. The Purchase and Sale and sale agreement was entered into on May 19, 2021, the memo says. The buying LLC…

Kroger Opens 60,000 SF Last-Mile Distribution Facility in Opa-Locka

The Kroger Co. has opened a 60,000-square-foot industrial facility in the South Florida city of Opa-Locka. Ocado Group, an e-commerce grocery delivery firm based in the United Kingdom, operates the automated facility. Situated on the north side of Miami-Dade County, the facility serves as a last-mile “spoke” facility that works in conjunction with Kroger’s 375,000-square-foot…

Xebec nabs $44M construction loan for industrial development near Miami Gardens

Xebec scored a $44 million construction loan for an industrial development near Miami Gardens. The Dallas-based firm secured financing tied to 15.7 acres of land on the northeast corner of Northwest 67th Avenue and Northwest 167th Street in unincorporated Miami-Dade County, according to records. Fifth Third Bank is the lender. The land, east of New Testament Baptist…

Here are South Florida’s top construction loans of the past year

Despite construction financing becoming tougher and more expensive to secure in major markets nationwide, South Florida developers are managing to close monster deals. The top 10 construction loans issued between January 2022 and January of this year in South Florida totaled $2 billion, according to The Real Deal’s analysis of such financing…

Trinity and Credit Suisse to buy Hollywood’s Diplomat for $850M

Trinity Investments is teaming up with Credit Suisse to acquire Hollywood’s Diplomat Beach Resort and adjacent properties for $850 million, The Real Deal has learned. The joint venture also tapped Miami-based Related Group and Aventura-based BH Group to co-develop two towers on the development sites. The deal, which would be among …

Ambrose scores $27M construction loan for warehouse project in Jupiter

Ambrose Property Group nabbed a $27 million construction loan to build a spec warehouse in Jupiter. Cincinnati-based Fifth Third National Bank provided the financing for the planned 246,000-square-foot distribution facility at 158110 Walgreens Drive, records show. Ambrose, an Indianapolis-based industrial developer led by CEO Aasif Bade, acquired the 17-acre development…

Edgewater project more than doubles units to 1,300 in 42-story towers

A major mixed-use residential project already in progress has expanded and will bring another 800-plus residential units to Miami’s Edgewater neighborhood. Developer-owner 1900 Biscayne Property Owner LLC and 2000 Biscayne Fee Owner LLC recently presented their latest project to the city’s Urban Development Review Board. It includes two 42-story towers…

FAA Approval Now In Process For 750-Foot Tower Crane At E11even

Contractors building the the 65-story E11even Hotel & Residences have applied for Federal Aviation Administration approval to install a tower crane at construction site. Separately, the FAA just issued approval for the permanent height of a second tower known as E11ven Residences Beyond. The construction crane at the first tower is planned to rise 750 feet above ground…

Zoning Waiver Decision Issued At Empire Brickell, Demolition Permit Pending

Empire Brickell continues to move closer to groundbreaking. According to Miami Planning Department records, a final decision on Miami 21 zoning waivers needed for the project was issued on January 30. Building Department records show that a permit for total demolition at the site was applied for in August 2022, and was actively being worked as of last month.

Tri-Rail To Downtown Miami Now Estimated For Fall 2023

The head of the agency that runs Tri-Rail has released a new start date for train service to downtown Miami, according to Miami Today. Tri-Rail train service to MiamiCentral is now expected to begin in Fall 2023. The prediction was made at a presentation to the board of the Citizens Independent Transportation Trust. The agency is now said to be in good communication…

Coral Rock plans mixed-income rental complex in Florida City

Coral Rock Development Group’s Stephen Blumenthal, David Brown, Victor Brown and Michael Wohl with rendering of Card Sound Key Apartments (Coral Rock Development Group, Getty) Coral Rock Development Group plans a mixed-income apartment complex in Florida City, marking the firm’s continued bet on south Miami-Dade County. The 342-unit Card Sound Key…

Miami Has Become The Coworking Capital Of The World

Miami has emerged as the top coworking and flexible office market in the country, soaking up waves of corporate transplants looking for a quick foothold in buzzy South Florida. “You have companies that are calling us that are saying, ‘Hey, I’m not there now, but I know I want to expand in Miami, can I get an office?'” said Melissa Bessler, Industrious’ regional director of the Southeast…

East End sues ex-Australian investors in Miami office tower for $2M

East End Capital’s David Peretz and Jonathon Yormak with 100 Biscayne Boulevard (Google Maps, East End) East End Capital claims it’s being stiffed of more than $1.8 million by its Australian investor in a downtown Miami office tower that they once jointly owned. It’s the latest chapter in the acrimony between the former partners in the building. Litigation started…

Doral Industrial Property Sells For $1.9M

CBRE represented the buyer, HMR 8081, LLC, and the seller, 8083 LLC, in the the sale of a free-standing ±7,128-square-foot small bay warehouse located at 8081-8085 NW 66th Street in Miami, which closed January 17. HMR 8081, LLC purchased the asset for $1,900,000, equating to $267 per square foot. CBRE Executive Vice Presidents Larry Genet and Tom O’Loughlin…

Developer Of Citadel HQ Tower: ‘We’re Moving As Fast As We Can’

The developer working on the Brickell headquarters tower for Ken Griffin’s Citadel has revealed new details about the project in an interview with Commercial Observer. Andy Gloor is the CEO of developer Sterling Bay, which is working with Citadel on the potential supertower. Gloor told the website that his company was moving “as fast as we can,” on the project.

Demolition Permit Approved At Casa Bella Site To Make Way For 57-Story Tower

Miami’s Building Department has just approved a permit to demolish a 3-story office building at 1400 Biscayne Boulevard. The approval was granted on January 30 (permit fees are still awaiting payment). At least some tenants have already moved out. According to the demolition permit filing, a total of 249,978 square feet will be demolished, at an estimated cost…

Huge Flight Of Talent & Capital To Miami Continues, Investor Says

Miami is continuing to attract a major amount of investment and capital, a prominent investor said. Jack Abraham, who is the CEO of Atomic Labs, made the comments in an interview yesterday with CNBC. According to Abraham, Miami is “somewhat insulated from the larger economy.” Abraham said that real estate was still going up in Miami, while it is going down…

44-Story Lofty Brickell Becomes Fifth Major Miami Project To Break Ground This Month

A groundbreaking ceremony was held this morning for the 44-story Lofty Brickell, becoming one of five major projects that got underway in Miami this month. Lofty Brickell is planned as a $300M project with 362 condo units (it is said to be 88% sold by the developer). Other projects that have broken ground this month include: On January 9, a groundbreaking ceremony…

South Florida by the numbers: A look back at 2022

(Illustration by The Real Deal with Getty) “South Florida By The Numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics. It’s the most wonderful time of the year…for local real estate nerds who love to analyze how their market performed over the previous 12 months. It seems like every association, company, analyst, think tank…

Tri-Rail Downtown was due last fall, now targeted for this fall

A fall start is predicted for Tri-Rail trains to roll into Miami Central Station. David Dech, executive director of the South Florida Regional Transportation Authority (SFRTA), made the projection last week during a presentation to the Citizens’ Independent Transportation Trust (CITT) board. The long-awaited $70 million tax-funded project, which was to be completed in 2017…

Miami-Dade real estate vacancies reach new low as South Florida rent rockets to record highs

Rents rose across all asset classes in South Florida in the fourth quarter of 2022 as vacancies sank further amid a development rush to fill demand. That bodes well for builders and Realtors and shouldn’t too adversely impact the businesses and residents — prospective or already in the area — with enough cash to cover costs. For those struggling to get by, it may portend…

Banesco USA gets new headquarters in Doral, gears to hire 140

With a plan to hire 140 locals in a three-year period, Banesco USA grows its footprint in South Florida, opening a brand new headquarters in Doral. Independent Florida state-chartered bank Banesco USA, with $2.9 billion in assets as of December, has moved its headquarters to Doral to a fully renovated location at 3155 NW 77th Ave. The property, previously Kingsway…

Public-private deal to build workforce housing downtown

The Miami Parking Authority (MPA) has joined another public-private partnership (P3) designed to improve one of its downtown garages and bring much needed workforce housing units to the City of Miami. The MPA is announcing what it calls an innovative mixed-use redevelopment project set to transform the corner of NE Second Avenue and NE Third Street.

First military housing in 30 years due at SouthCom

A military housing complex project in Doral’s U.S. Southern Command land will offer more than 50 acres of affordable housing to military members and their families who serve at the command’s headquarters. Construction is set to begin in the fall. This project will be the first military housing compound constructed in South Florida after the closure of the military housing…

Aimco Maximizing Development Rights At 1001 Brickell Bay Drive

Aimco is working to maximize future development rights on property it owns in Brickell by limiting leases in an office building on the site, according to a quarterly report. The company is the sole owner of the 1001 Brickell Bay Drive office building and the adjacent Yacht Club Apartments, according to a November company presentation. The assemblage size is 4.25 acres, the…

Partial Demo Permit At Omni Is For Former JC Penney Space, Notes Say

Plans have now been filed and are in review for partial demolition at the former Omni, and notes on the permit provide small clarification on what is being demolished. The partial demolition permit was applied for on November 2, with a plan acceptance date of December 20. “This permit is for PARTIAL DEMOLITION – DEMOLITION OF THE JC PENNY IN THE OMNI…

Photos & Video Of Newly Opened CitizenM Miami Worldcenter

The 351-room CitizenM hotel at Miami Worldcenter is now open. A video by Ryan RC Rea shows the lobby of the newly opened hotel:   Made my first *ever* narrated IG reel to highlight the @citizenM at @MIAWorldcenter. Everytime I hear my own voice recorded… I’m like “Who is this person” 😂#Miami pic.twitter.com/Q6PJUvnU3M — Ryan RC Rea…

How real estate’s rich live: Alex Sapir’s wife seeks $175K/month in divorce

Photo Illustration of Alex Sapir and Yanina Sapir (Getty, Google Maps, Facebook) Ever wonder how the wealthy spend their money? In the case of developer Alex Sapir’s wife, Yanina, she doled out $400,000 to attend Burning Man, and spends $6,000 a month on clothing, $5,000 on monthly boating expenses, and more than $15,000 each month for the house manager…

Carillon Miami Beach condo owners win suit over Z Capital’s “dictatorship”

Z Capital’s James Zenni Jr. with Carillon Miami Wellness Resort at 6801 Collins Avenue (LinkedIn, Google Maps, Eleventh Circuit Court) Z Capital Group is poised to lose significant power at the Carillon Miami Wellness Resort. Miami-Dade Circuit Judge Michael Hanzman on Monday ordered that the portion of the Carillon master declaration that vests authority in Z Capital…

Blackstone ramps up tenant evictions

A photo illustration of Blackstone’s Jon Gray (Getty, Blackstone) One of the country’s biggest landlords is ramping up evictions after a long period of pandemic-related forbearance. Blackstone filed eviction lawsuits against hundreds of tenants across the nation, the Financial Times reported. Court records focus on Georgia and Florida, but consultants from the company…

Big-box retail growth has Bed Bath & Beyond landlords thinking

(Photo Illustration by The Real Deal with Getty) Bed Bath & Beyond isn’t gone yet, but news of its potential bankruptcy has landlords already looking beyond the retailer. The real estate rebound of big-box retailers like Burlington and Barnes & Noble are fueling the hopeful fire among landlords of spaces with the potential to be vacated by the home goods…

Lease roundup: Simon’s Dadeland Mall reaps leasing bonanza

From left: Simon Property Group’s David Simon and Cohen Brothers Realty’s Charles Cohen with the Dadeland Mall and the Design Center of the Americas (Getty, Scott Francis, Simon) Dr. Martens, Abercrombie & Fitch I Dadeland Mall Simon Property Group is fresh off a leasing spree at Dadeland Mall in Kendall. Seven new tenants set up shop and six more are slated to…

Florida bill turns to developers to tackle affordable housing

Florida Senate President Kathleen Passidomo (R-Naples) introduced on Thursday an $800 million affordable-housing bill designed to tackle soaring rents by providing incentives to the private sector, the Orlando Sentinel reported. The sweeping, 93-page bill — called the Live Local Act of 2023 — would ease local regulatory laws by requiring municipalities and counties…

Crunch Fitness founder plans adaptive reuse project in Little Haiti

Crunch Fitness and Big Move Properties’ Douglas Levine with aerial of 400 Northeast 67th Street (Big Move Properties, Google Maps, Getty) Crunch Fitness founder Douglas Levine is embarking on his latest adaptive reuse project in Miami. Levine wants to convert roughly 50,000 square feet of warehouses at 400 Northeast 67th Street, and an adjacent lot, into retail and…

Cooper City approves downsized mosque at growing Islamic prep school

A rendering of Nur-ul-Islam Academy An Islamic prep school in Cooper City won approval to develop a new building and a downsized mosque with a 50-foot minaret — half the height originally proposed. The Cooper City Commission approved an amended site plan for the project during a marathon meeting Tuesday, amid complaints from residents about the traffic the…

Another: 450-Unit The Crosby Breaks Ground At Miami Worldcenter, 100% Sold

Developers Related Group and Merrimac Ventures broke ground this morning on the 33-story Crosby Residences tower at Miami Worldcenter. The 450-unit project is 100% sold. Units will be delivered furnished and ready-to-rent, designed for easy listing on all homesharing platforms. There will also be over 22,000 square feet of amenity space, including saunas…

Demolition Permit Filed At 1428 Brickell Where 861-Foot Tower Planned

A demolition permit has just been applied for at 1428 Brickell. According to the January 20 demolition permit filing, total demolition of 100,762 square feet is planned, at an estimated cost of $550,000. In its place, a 71-story, 861-foot luxury residential tower is planned, with 189 condos. The building will have a “solar backbone,” with photovoltaic panels integrated…

44-Story Lofty Brickell Groundbreaking Could Be Coming In Days

A groundbreaking ceremony for the 44-story Lofty Brickell tower could be just days away, according to a filing yesterday with the city. The Special Events permit was filed on January 25, records show. The permit lists Lofty Groundbreaking, with a date of January 31. Earlier this month, the developers told the Herald that construction would get underway in February.

Nearly $750m Sales Reservations In Under 6 Months At St. Regis Residences Sunny Isles

There appears to be huge demand for the new St. Regis Residences planned in Sunny Isles Beach. According to a representative of the developer, the building has taken in nearly $750 million in reservations in less than six months. Two towers are planned, with 175 residences in the south tower, which will be the first to be completed. Each of the 62-story towers…

L&L Holding JV Lands $215M for 1 MSF Miami Project

The Wynwood Plaza. Rendering courtesy of ImerzaThe Wynwood Plaza exterior. Rendering courtesy of ImerzaThe Wynwood Plaza pedestrian paseo. Rendering courtesy of GenslerThe Wynwood Plaza office tower. Rendering courtesy of Gensler A joint venture between L&L Holding Co. and Oak Row Equities has closed on a $215 million construction loan for the…

Ken Griffin kicks in $3M to Miami-Dade fund for housing, other initiatives

Miami-Dade County mayor Daniella Levine Cava and Citadel’s Ken Griffin (Getty, Citadel, Miami-Dade County) Billionaire hedge fund manager Ken Griffin is kicking in $3 million to a new fund that will grant money to companies that can solve issues in housing and other sectors. Miami-Dade County Mayor Daniella Levine Cava announced the commitment at her State…

B’nai B’rith wins approval to expand rental complex for low-income seniors in Deerfield Beach

B’nai B’rith’s Daniel Mariaschin with aerial of new development site (B’nai B’rith, City of Deerfeild Beach) Jewish service organization B’nai B’rith won approval to add a fourth apartment building to its rental complex for low-income senior citizens in Deerfield Beach. The Deerfield Beach City Commission on Tuesday approved a site development plan to add 62 apartments.

Landmark scores $33M in construction financing for Dania Beach project

Landmark President Robert Saland and rendering of The City Place Apartments in Dania Beach (Landmark Companies) Landmark Development Corporation nabbed $32.9 million in construction financing for an affordable housing project in Dania Beach. The Miami-based developer recently broke ground on The City Place Apartments, a 99-unit complex at…

Riviera Beach CRA approves deal for Marina Village apartment building

A photo illustration of BH Group’s Isaac Toledano, Related Group’s Jorge Perez, and Marina Village in Riviera Beach (Getty, BH Group, Related Group) Riviera Beach’s community redevelopment agency is moving forward on a 99-year ground lease with a joint venture to build a 20-story multifamily project in Marina Village. The Riviera Beach City Commission, acting …

L&L Holding, Oak Row Equities Obtain $215M Construction Financing for Mixed-Use Development in Miami

L&L Holding Co. and Oak Row Equities, with project partner Shorenstein Properties and co-investor Claure Group, have obtained $215 million in financing for the construction of The Wynwood Plaza, a mixed-use project in Miami. Construction will begin on the 1 million-square-feet development immediately, with completion scheduled for 2025. Designed by architecture…

One Million-Square-Foot Wynwood Plaza Financed, Will Begin Construction Immediately

The developers of The Wynwood Plaza have obtained $215 million in construction financing. They have also announced that two full floors of office space have been pre-leased. With full project financing now in place, major construction will commence immediately with full completion anticipated in 2025, the developers said in a press release. Gensler is designing the project…

Wynwood Plaza project scores $215M construction loan

In yet another sign that lenders are still confident in the South Florida market, a mixed-use office development in Wynwood secured a $215 million construction loan. Little Rock, Arkansas-based Bank OZK provided the loan to L&L Holding Company, Oak Row Equities, San Francisco-based Shorenstein Properties and Marcelo Claure’s Miami-based Claure Group for…

Downtown Miami’s $185M Riverside Wharf Enters Construction Permitting

The $185M Riverside Wharf complex has moved into the construction permitting phase. Records shows a construction permit was applied for on December 22, with plans submitted on January 4 and now in review. A private provider is being used for plan review and inspections, according to Building Department records. There is no contractor attached to the permit…

Miami-Dade real estate vacancies reach new low as South Florida rent rockets to record highs; up for all asset classes

Rents rose across all asset classes in South Florida in the fourth quarter of 2022 as vacancies sank further amid a development rush to fill demand. That bodes well for builders and Realtors and shouldn’t too adversely impact the businesses and residents — prospective or already in the area — with enough cash to cover costs. For those struggling to get by, it may portend…

MPA Approves ‘Innovative’ Mixed-Use Redevelopment Of College Station Garage

An “innovative” mixed-use redevelopment of the College Station Garage has been given approval by the Miami Parking Authority, according to a press release issued today. Oscar Rodriguez, Principal of developer College Station Partners, LLC, said they were excited to now begin the pre-development process, with groundbreaking “in the very near future.” Under the terms…

JP Morgan’s 2023 commercial real estate outlook

The 2023 commercial real estate outlook indicates there may be challenges ahead. Retail is at a crossroads, and the future of office space is unclear. Plus, supply chain issues persist, and inflation is near 40-year highs, prompting the Fed to steadily increase interest rates. But there are a few bright spots in the commercial real estate forecast. Multifamily properties continue to perform…

Developer plans 7-story self-storage project in Little Haiti

A site in the Little Haiti neighborhood of Miami could be redeveloped as self-storage. The city’s Urban Design Review Board will consider plans for the 24,513-square-foot site at 7140 N.E. Miami Court on Jan. 18. It currently has a 4-unit apartment complex. The property was acquired for $1 million in 2021 by 7200 NE Miami Court LLC, managed by Federico A. Albornoz Sanchez.

Population Growth Metric: Miami-Dade Ranks #1 For Drivers Licenses Exchanged From Other States

Miami-Dade sits atop the list of Florida counties where drivers exchanged their out-of-state licenses in 2022, according to data from Florida’s Department of Highway Safety and Motor Vehicles (via Florida Realtors). Overall Miami-Dade gained 59,113 people last year, the drivers license data shows. Broward ranked second with 40,212, followed by Hillsborough (38,330)…

Fort Partners pays $42M for Surfside condo development site

Fort Partners paid $41.5 million for a Surfside development site where the firm has approval to build a 14-unit condominium. The Miami-based company bought the almost 1-acre property at 9163-9165 Collins Avenue from Wexford Capital, according to records and real estate data provider Vizzda. The buyer also scored a $50 million mortgage for the site…

One Brickell City Centre Supertall Advances With Demolition Filing

A demolition permit has just been applied for at the One Brickell City Centre supertall site. The demolition permit is for a building at 700 Brickell Avenue and was applied for on January 20, according to Miami Building Department records. Review of the permit isn’t yet underway, since the full plans have yet to be filed. There also does not yet appear to be a demolition permit,,,

Mixed-Use Project Proposed To Replace Surface Parking Lot In South Beach

The owner of the Washington Park Hotel in South Beach is proposing a 7-story mixed-use project on an adjacent municipal surface parking lot. WPH Properties, LLC submitted the proposal for a 99-year lease of the city property. The proposal include: 135 structured parking spaces in three levels, including a single subterranean level utilizing mechanical lifts…

Video Shows Model Of 950-Foot Cipriani Residences Planned In Brickell

There’s a scale model of the 80-story Cipriani Residences planned in Brickell in the project’s sales center, according to a video posted by John Pompliano. The Cipriani Residences tower is approved at a height of 940 feet above ground, or 950 feet feet above sea level. Two additional towers with rental apartments are also approved at the same property, rising 50 and 60 stories…

Metromover To Miami Beach Expected To Open In 2028 or 2029

Completion of Metromover to Miami Beach is expected in 2028 or 2029, according to a presentation yesterday by a Miami-Dade commissioner (photos of the presentation were tweeted by Mark R. Brown.) That timeframe is similar to an announcement made by Miami-Dade County a few months ago. In November, the county said that it expected to begin…

NBA Legend Alonzo Mourning Is Expanding His Affordable Housing Reach

The former NBA star, a Hall of Fame center who spent the bulk of his career with the Miami Heat, has stayed in South Florida after his playing days, working as a vice president for his former team. But he has also launched and grown a nonprofit developer, AM Affordable Housing, that has delivered hundreds of new affordable apartments in the Sunshine State.

South Florida industrial market softens, rents rise again in fourth quarter

South Florida’s industrial market slowed down slightly in the final quarter of last year, as vacancies inched up while asking rents rose again. The tri-county region posted a 4 percent vacancy rate compared to 3.4 percent during the same period of the previous year, according to a recent Newmark report. And leasing activity across Miami-Dade, Broward…

Prestige JV scores $21M construction loan for Hialeah apartments

Prestige Companies and its partner scored a $20.5 million construction loan for a multifamily project on a former Salvation Army site in Hialeah, marking the firm’s continued wager on the city. Prestige and Florida Value Partners have started building the project, consisting of 100 townhouses for rent and a three-story building with 12 apartments atop 5,000 square feet…

Seven Brickell Avenue buildings to fall for 400-foot-long residences

New condos are coming to the Brickell neighborhood in the form of a new low-rise multi-family residential project planned for Brickell Avenue. The project, 2200 Brickell, will be a five-story structure, home to 104 dwellings, with interior parking for up to 197 vehicles. The City of Miami’s Urban Development Review Board unanimously voted to recommend approval of the…

Deadline electric bus deal fuels new South Dade rapid transit

New 60-foot battery electric buses are now geared to roll in two years on the South Corridor Rapid Transit Project, which was delayed during the pandemic as a global supply pinch stalled progress. Before that, service had been planned to start this month. Under the gun to order the buses by month’s end to retain the bidder’s price guarantee in the face of inflation…

Miami tourism glows as international arrivals soar

With a planned increased in seat capacity for international passengers coming to Miami and higher hotel occupancy and daily rate recorded in just the first two weeks of this year, the county’s tourism outlook glows brightly. For the first two weeks of the 2023 combined, occupancy in county hotels has risen 8.1% over the last year. Similarly, average daily rate rose 4.6%…

Shore Club Condos Launch, Designed By Robert A.M. Stern Architects

In South Beach, plans for the Shoreclub Private Collection have just been unveiled. It is the first ever oceanfront project designed by the legendary Robert A.M. Stern Architects. It is also the firm’s first-ever residential project in Miami Beach (RAMSA is designing the St. Regis Residences in Brickell, and completed the Miami Beach Library in 2005). The new condos will be built…

Related, Two Roads Launch Bal Harbour Condo Tower With $65M Penthouse

Related Group is charging ahead with another uber-luxury waterfront condominium development in Miami. Related, along with development partners Two Roads Development and Rockpoint Group, launched sales Wednesday on Rivage in Bal Harbour, a 24-story, 61-unit condo building, the developers announced. The project will stand 270 feet with asking prices starting…

Renderings Show What Brickell Key Supertall Tower Could Look Like

What would a supertall tower look like on Brickell Key? Architect Varabyeu Partners has just released a series of renderings showing a potential tower. The architect is based in based in Miami, Minsk and Brest, according to its website. The renderings release comes a few weeks after a Federal Aviation Administration filing requesting approval for two possible new towers…

Piling Equipment Arrives At Brickell Site Where 506-Unit Apartment Building About To Begin

Foundation construction appears about to begin at 444 Brickell Tower II, after equipment was delivered to the site late last week. The 44-story tower is planned to include 506 apartments. Developer Related Group has said it plans to break ground on the project this month, after it obtained a $164 million construction loan recently. Construction permits have already been…

Raanan Katz’s shopping center allegedly tells neighbor: No parking for you!

Raanan Katz is allegedly getting territorial about sharing parking with a neighbor of one of his South Florida shopping centers, according to a recent lawsuit. Upper Deck Ale and Sports Grille is seeking a court order to stop Katz from restricting the adjacent restaurant’s customers access to the parking lot at his RK Sage Plaza at 800 East Hallandale Boulevard in…

Lease roundup: Citigroup Center in downtown Miami nabs tenants

In South Florida’s office leasing spree, Brickell has emerged as a most coveted location. Yet, four firms shunned the neighborhood, instead opting for downtown Miami and specifically for the Citigroup Center tower at 201 South Biscayne Boulevard. In the biggest lease, Andorran private bank Andbanc moved from 1221 Brickell Avenue to 6,700 square feet at Citigroup Center.

How pickleball is invading the real estate world

Pickleball is everywhere. A cross between tennis and ping pong, the racket sport is played in quick games of 11 points. It is played on a smaller court with a shorter net, and people love it. Between August 2021 and August 2022, 14 percent of Americans played pickleball at least once, amounting to 36.5 million picklers playing last year, according to the 2023 APP Pickleball…

Regal Cinemas to close 39 U.S. theaters following bankruptcy

The silver screens at dozens of Regal Cinemas across the nation will go dark soon. The Tennessee-based movie chain, the second largest in the U.S., will close 39 theaters from Los Angeles to New York to Miami after its parent company in the U.K. declared bankruptcy, Variety reported, citing legal filings. Cineworld Group, based in London, will reject the Regal Cinemas leases…

“Existential urgency”: Housing crisis clouds South Florida, expert says

South Florida has benefited from a surge in companies and employees moving to the tri-county region during the pandemic. But for the area to continue to thrive, housing must become more affordable, experts said during a real estate event on Friday. University of Miami professor Andrea Heuson and independent consultant Saif Ishoof provided their economic forecast…

Tishman Speyer exec had $3M portfolio when she disappeared

The husband of missing Tishman Speyer executive Ana Walshe isn’t talking, but one potential motive in her disappearance is emerging. Walshe’s husband, Brian, searched “how long for someone to be missing to inherit,” prosecutors revealed this week at his arraignment on a murder charge. As for what nearby assets could be worth inheriting, Ana had amassed a $2.8 million…

South Florida office rents rise in the fourth quarter

Miami’s Brickell and downtown West Palm Beach continued setting the pace for South Florida’s office market’s momentum in the final quarter of last year, according to a recently released report. Average rents rose across the tri-county region in the fourth quarter, Avison Young’s report shows. Miami-Dade and Palm Beach counties’ vacancy…

Brightline Completes Final Installation Of Rail Track On Orlando Segment

The final section of track on Brightline’s new corridor to Orlando has now been installed, according to a video by The Roaming Railfan. To mark the occasion, ceremonial golden clips were installed, tying the final section of rail together. Installation of the last 1600 foot section of tracks is a major milestone in connecting Miami to Orlando by train. The rail forms a brand new segment…

Miami Has The Nation’s Highest Inflation Rate of 23 major Metropolitan Statistical Areas

Miami-Fort Lauderdale-West Palm Beach’s inflation rate between December 2021 and December 2022 was 9.9%, according to the Consumer Price Index released by the U.S. Bureau of Labor Statistics last week, That makes the Miami area number 1 for inflation out of 23 major Metropolitan Statistical Areas, according to a Wallethub analysis. High housing costs in the…

Citadel Brickell Demolition Permit Approved

A demolition permit has been approved at a Brickell property reportedly owned by hedge fund giant Citadel. According to the demolition permit, total demolition of a 6,000 square feet building at 1250 Brickell Bay Drive is planned. A 12-unit apartment building on the site. Citadel is also said to own the office building next door, and is planning an iconic headquarters…

The Crosby Miami Worldcenter Submitted To FAA At 390 Feet

The Crosby – a tower planned to be built at Miami Worldcenter, has been submitted for height approval to the Federal Aviation Administration. According to a January 12 filing with the agency, the tower is planned to rise to a height of 377 feet above ground, or 390 feet above sea level. The Crosby is planned to include 450 condo units and 3,370 square feet of retail…

Chart: Commercial Real Estate Quarterly Price Index Moves, Calculated Standard Deviation, Empirical Rule Observations Using FRED Data

Board of Governors of the Federal Reserve System (US), Interest Rates and Price Indexes; Commercial Real Estate Price Index, Level, index levels retrieved from FRED, Federal Reserve Bank of St. Louis; Series BOGZ1FL075035503Q, January 16, 2023.The chart herein shows the quarterly change of the Commercial Real Estate Price Index from the Board of Governors of the US Federal Reserve…

Rigged Rent? Residents Allege Massive Price-Fixing Scheme in Miami Apartment Market

Miami ranks as one of the worst cities in the country for housing affordability, if not dead last. The crisis deteriorated last year as the Miami metro area experienced an unparalleled annual spike in housing costs, pushing countless residents to work long hours only to fall short on their bills. A slew of economic factors have been blamed for skyrocketing Miami…

Russian ex-police general buys Pembroke Pines strip mall for $23M

A Russian ex-police general — allegedly tied to a public corruption scandal in his motherland — dropped $23 million for a Pembroke Pines strip mall. An entity managed by Anatoly Petukhov bought the two-building retail property at 304 Southwest 145th Avenue… $689 per square foot for the 33,400-square-foot mall… tenant roster includes Xfinity, the Habit Burger Grill, Pieology…

Boyd Watterson drops $38M for veterans clinic in Sunrise

Healthcare Realty Trust sold a Veterans Affairs clinic in Sunrise for $38.2 million, 23.3 percent less than its purchase price six years ago. Boyd Watterson Asset Management bought the William “Bill” Kling Department of Veterans Affairs Outpatient Clinic at 9800 West Commercial Boulevard, according to…

Brokers’ entity pays $22M for Fort Lauderdale dev site

Cushman & Wakefield’s Denny St. Germain and Robert Given with 1151 Southwest Ninth Avenue in Fort Lauderdale (Cushman & Wakefield, Google Maps) Denny St. Romain and Robert Given are usually brokering land sales for someone else. But in a recent $22 million deal for 11 nearly vacant acres in Fort Lauderdale, the Cushman & Wakefield brokers are the…

Randall Realty pays $15M for Palm Beach office-retail building

Randall Realty Group bought a Palm Beach office and retail building, with plans to open its East Coast headquarters at the property. The Los Angeles-based firm purchased the two-story building at 2875 South Ocean Boulevard for $15 million from The Silverman Group, according to the buyer’s news release. Cushman & Wakefield’s Scott…

Brookfield wants to sell Mizner Park in Boca Raton

Brookfield Properties is looking to sell Boca Raton’s Mizner Park. The massive mixed-use project is on the market unpriced, according to an offering obtained by The Real Deal. Completed in the 1990s, Mizner Park consists of a 272-unit apartment building, 270,000 square feet of retail buildings, a 268,000-square-foot office tower and 2,389 parking spaces. The entire project…

Landstar pays $57M to add 857 acres to Avenir in Palm Beach Gardens

Avenir’s master developer paid $56.7 million for 857 acres in the Palm Beach Gardens planned community. Records show that Avenir Holdings LLC sold the acreage to Avenir Development LLC. Both entities are managed by partners of Landstar Development Group, a Coral Gables-based family-owned real estate development…