Fed’s Beige Book Brings Some Positive Signs on Inflation

From mid-November through December last year, the gap between labor supply and demand appeared to narrow, and nonlabor cost increases slowed, according to the Federal Reserve Bank of Atlanta’s new Beige Book report of economic conditions in the Southeast. Broadly, economic activity grew gradually as retailers reported solid holiday sales, auto sales rose…

February Groundbreaking Announced For 44-Story Brickell Tower, 88% Sold

A February groundbreaking date has been announced for the 44-story Lofty Brickell, according to the Herald. Construction permitting is already underway, Miami Building Department records show. Demolition at the site has been completed. The developer is also planning to build additional housing towers on land it owns adjacent to the Lofty site, the report said. Lofty will…

South Florida Office Market Keeps Ascending To New Heights

The epicenter of the activity remains Brickell, Miami’s financial hub, where asking rents hit $88.83 per SF in the fourth quarter, a 33% increase year-over-year, according to Blanca Commercial Real Estate data provided to Bisnow. Miami saw 1M SF of leasing activity in the quarter and a record-breaking 4.3M SF in 2022, of which 811K SF consisted of new-to-market tenants.

Chart: Miami-Dade Commercial Real Estate Sales vs. Average, then vs. 5-Year Treasury, Five Years Ending December 2022

In the chart above, the number of closed sales as a percentage of the five year average is plotted by month, grouped by year; the dataset is displayed just below. The most striking element is the year end surge of 2021, with closed sales exceeded 250% of the average. The next most striking thing is perhaps the surge in the first half of 2022, which is of course really a continuance of late 2021.

Namdar Towers Utilities Deal Signed – 1,400 New Apartments Coming To Downtown Miami

A giant new utilities agreement has just been recorded that will bring nearly 1,400 new apartments to downtown Miami. The deal will allow for Namdar Towers to move forward with construction. Permitting is already underway for the project with Miami’s Building Department. According to the utilities agreement recorded on January 13, Namdar Towers will include…

Naftali Group Towers At Miami Worldcenter Approved By FAA To Rise 691 Feet

Naftali Group has obtained height approval from the Federal Aviation Administration for a twin-tower project planned at Miami Worldcenter. According to a letter issued by the agency on January 13, the developer is permitted to build to a height of 684 feet above ground, or 691 feet above sea level. Naftali Group purchased the property in March for for $40.5 million.

Terra, Turnberry Select Balfour Beatty to Construct 800-Room Hotel in Miami Beach

Locally based co-developers Terra and Turnberry have selected Balfour Beatty to construct the new Grand Hyatt Miami Beach Convention Center Hotel. Located at the intersection of 17th Street and Convention Center Drive, the 17-story, 800-room hotel will serve as the central anchor of the Miami Beach Convention Center District. The design-build team also includes…

Stockbridge Buys $20M Warehouse in Miami Airport West Sale-Leaseback Deal

CA-based real estate investment management firm Stockbridge has completed its $20-million purchase of 4343 NW 77th Avenue, a 28,000-square-foot single tenant warehouse/service facility sitting on 5.6-acres of land in the Airport West submarket of Miami, FL. Wayne Ramoski of Cushman & Wakefield and Kemp Conrad of Cushman & Wakefield represented the seller…

13th Floor, Adler Deliver 37-Story Cascade Apartment Tower in Miami

A joint venture between locally based 13th Floor Investments and Adler Development, in partnership with global investment manager Barings, has delivered Cascade, a 37-story apartment tower located at 3050 SW 37th Ave. in Miami. The 421-unit community is the second residential high-rise to be delivered within the Link at Douglas, a seven-acre master-planned…

RFR, Tricap file dueling lawsuits for control of W South Beach

New York developers Aby Rosen and David Edelstein are in a high-noon standoff over a proposed buyout deal for the W South Beach — with a maturing loan raising the stakes. Entities controlled by Edelstein, principal of Tricap (formerly Tristar Capital), and Rosen, co-founder and principal of RFR Realty, recently filed dueling lawsuits against each other in Miami-Dade…

Related, partners launch sales of Bal Harbour condos, with PH asking over $65M

The Related Group, Two Roads Development and Rockpoint are launching sales of Rivage, a planned oceanfront condo project in Bal Harbour. The developers are betting on continued demand for large, ultra-luxury units on the water, and they’re looking to fill a gap in supply in Bal Harbour, where Oceana, built in 2016, ranks as the most recently completed…

“Of grave concern”: Neighboring condo owners oppose Aimco’s Edgewater project

Just as Aimco’s apartment project in Edgewater makes headway, opposition from a pair of neighboring condominiums could throw a wrench in plans. The Bay Park Towers and Charter Club condo associations are asking Miami to rescind its approval of eight waivers granted to the project that allow deviations from development code requirements related…

Map: Here’s where South Florida is getting new apartments this year

A record number of new apartments are on tap in South Florida this year. South Florida multifamily developers are expected to complete 22,541 units in 2023, which would surpass annual deliveries for at least the past decade, according to a Berkadia report. The volume of new units is almost double the 12,179 apartments completed last year and more than the roughly…

Corporate Relocations And A Strong Housing Market Continue To Draw Top Developers To Miami

Miami real estate continues to post records. According to the Miami-Dade Beacon Council, the county’s public-private economics development partnership, 57 companies relocated to Miami last year. In addition, another 150 indicated they were likely to move their operations to South Florida. Competition for available office space is intense and rents are rising.

Chetrit, Facing Loan Default, Looking To Offload Over 8,000 Units

While an expected wave of distressed property sales hasn’t yet hit, ripples are starting to emerge. New York landlord Chetrit Group is looking to sell more than 8,000 residential units it acquired across 10 states in 2019 as it faces default on a $481M loan it used to finance the acquisition, The Real Deal reports, citing a report by Trepp. The CMBS loan, originated by JPMorgan…

‘Topgolf for Pickleball’ and Other Emerging Retail Concepts To Watch in 2023

Retail has never been more active. At least by one measure. Many national retailers are still expanding despite recession fears heading into 2023. And many of them are trying out new, unorthodox concepts. This comes as monthly retail sales (excluding auto, gasoline, and online retailers, a measure that best encapsulates brick-and-mortar retail sales), pushed to a new record high…

Moving Miami-Dade’s Urban Development Boundary Could Jeopardize Work To Restore Water Flow To Biscayne Bay

Late last year, just before Miami-Dade County Commissioners made the controversial decision to move the urban boundary that protects wetlands and farms to make way for a warehouse complex in South Dade, former chairman Jose ‘Pepe’ Diaz lectured opponents at the crowded commission chambers. “It is not environmentally sensitive land,” he said. “What is important is that […]…

40-Story 2600 Biscayne Advances With Utilities Agreement Signed

The partnership of developers planning a 40-story tower at 2600 Biscayne are moving forward with a newly signed agreement with Miami-Dade’s Water & Sewer Department. According to the deal recorded on January 12, the county will provide utilities to the new development. The utilities agreement states that 2600 Biscayne will include: 399 apartments 174,524 sf…

FAA Approves One River Pointe To Rise 797 Feet

Downtown Miami’s One River Point towers have been granted approval by the Federal Aviation Administration – again. The project includes two 60-story towers connected at the top. According to a letter issued by the FAA on January 16, the towers are permitted to rise to a height of 788 feet above ground, or 797 feet above sea level. In 2014, the FAA approved…

Appeal Filed Over City Approval Of 60-Story Edgewater Tower

Approval of a 650-foot apartment tower in Edgewater is being appealed. Aimco is planning a 60-story tower with 241 residential units at 560-640 NE 34th Street. The appeal was filed by Bay Park Towers Condominium Association Inc., which neighbors the property to the south. The 13-story, 254-unit Bay Park was built in 1961, and multiple developers have been trying…

Shojaees sue Miami agent who called wife Stephanie a “gold digger”

In a nasty comment online, a Miami realtor claims Masoud Shojaee “stole money from his daughters’ trust fund to buy elaborate gifts for this gold digger” — referring to Masoud’s wife, Stephanie. That’s just a taste of the mean things Joanne Silva, an agent with Cervera Real Estate, said about the Shojaees in a recent Instagram post. Now, the Shoma Group power couple…

Jesta wins approval for apartment, hotel project on North Bay Village Shuckers site

Jesta Group scored approval for its multifamily and hotel project on the site of popular Shuckers Waterfront Grill in North Bay Village. The green light marks progress for plans that have been in the works for more than two years, as well as a continuation of North Bay Village’s redevelopment that aims to morph the municipality into a mecca of high-rises. Jesta will build…

Landlords target home design tenants for empty MiMo retail spaces

In the past year, an organic mattress shop, a floral and plant store and a high-end flooring company have moved into a single-story building at 6665 Biscayne Boulevard — a sign that retail leasing in Miami’s Upper Eastside is picking up. But the neighborhood’s commercial landlords may not be able to count on them for the long haul, experts say. Known for its…

Fixing Florida property insurance mess a slow process

After the two bills aimed at fixing the property insurance crisis in Florida, experts are hopeful the new measures are a step in the right direction, but the effects will still take time. Gov. Ron DeSantis signed senate bill 4-A and senate bill 2-A from the special session in December. The first bill provides $750 million for disaster relief to Floridians affected by…

Miami OKs LED signs, bayfront parks billboards advance

Vibrant hues have illuminated Miami for decades, and now the addition of large LED billboards on government-owned property will intensify the city’s colorful neon backdrop. The Miami City Commission on Jan. 12 gave final approval to amend the sign ordinance to allow larger digital advertising signs on numerous city properties. An ordinance allowing advertising…

Concerns mount over boat ramp at Miami Marine Stadium

City of Miami officials continue to forge ahead with a plan to develop and construct a boat ramp next to Marine Stadium on Virginia Key, over the concerns and objections of the city’s own Virginia Key Advisory Board and other organizations. Members of the advisory board tangled and argued several times throughout 2022 with city staff who were actively promoting…

Notable Retail Leases Signed in South Florida Q4 2022

South Florida Retail Real Estate Leases 2021 – 2022 We’ve compiled a comprehensive list of the top retail leases signed by square footage in South Florida during 2022 and throughout 2021. This past quarter was busy overall, and there were several big box leases signed and sealed. Despite the sentiment that the traditional retail market…

U.S. shopping center vacancy hits 15-year low

Shopping centers haven’t been this well occupied since prior to the Great Recession, but the reason for that may be cause for concern. The vacancy rate in the fourth quarter for shopping centers — typically defined as a sizable area with a large amount of individual stores, as opposed to a mall where many stores are in the same building — was 5.7 percent, according to a…

Miami board to vote on Kushner’s Edgewater rental project, Aria’s Brickell condo building

Kushner Companies, Aria Development Group and a self-storage developer all have projects going before the city of Miami this week. The Miami Urban Development Review Board will review plans for New York-based Kushner and PTM Partners’ massive multifamily mixed-use development in Edgewater, as the proposal moves through the site plan review process. The phased…

eBay car stereo retailer buys Hialeah warehouse

eBay car electronics retailer Techronics is turning up its distribution volume in Hialeah. An entity managed by Techtronics President Sharome Yerushalmi and company CEO Yoel Gidanian paid $10 million for a roughly 37,000-square-foot warehouse at 3130 West 15th Avenue, records show. Popular Bank provided the buyer with a $5.5 million mortgage. The deal breaks…

Banesco Expands Construction Lending, MasTec Expects Rebound

Building costs may be out of control, but that did not stop Miami-based Banesco USA from announcing a construction loan of $22.3 million for a mixed-use development on Miami Beach. The hyper-modern designed building at 1685 Washington Ave. is just off of Lincoln Road, the popular shopping, dining, and nightlife destination, and includes a luxury hotel, restaurant…

Lease roundup: Nuveen scores European bank, Rosen’s RFR nabs coworking firm

BNP Paribas Securities I Brickell I Miami A subsidiary of European bank BNP Paribas will open an office in Miami’s Brickell, marking continued migration of financial firms to the neighborhood. BNP Paribas Securities Corporation signed a seven and a half year lease for 7,700 square feet at 801 Brickell Avenue, according to…

The Webster wants to sell Miami Beach HQ on Collins Avenue

The Webster, a fashion house that sells designer clothing and home furnishings, is looking to sell an even larger piece of merchandise. The Miami Beach-based company is listing its headquarters for sale, asking $15.5 million to free up cash for an expansion… But the retailer will only sell if it can stay as a long-term tenant… of the historic building at 1220 Collins Avenue, said Jared…

Plans Filed With UDRB For Edgewater Collective, With 1,300 Residential Units

Plans have been submitted to the Urban Development Review Board for a three-tower project called Edgewater Collective. One of the towers is already rising at 2000 Biscayne, with 420 units under construction in a 36-story building. Demolition to clear the way for two additional towers at 1900 Biscayne began in May 2022. Construction permitting for the second…

Pink Street Furniture, Rock Salt Sidewalks Planned For 41st Street In Miami Beach

A design team has presented an updated vision for a project to revitalize 41st Street in Miami Beach. The new proposal calls for “oases” at several points along the street, paved with bright Miami Beach Red Concrete with a salt rock finish. Benches, bike racks, trash receptacles, and street lamps at the oases would be painted a pinkish color to match the concrete.

First Paint At 648-Foot Chetrit Miami River Tower, Second Tower Breaking Ground Soon

Chetrit Group’s 54-story rental apartment tower on the Miami River continues its rapid construction with painting now underway, new photos show. The tower is being built as a “premier rental building,” the developer said recently. Two retail buildings are also now under construction, according to the developer. Groundbreaking on a luxury condo tower is planned…

58-Story Downtown 1st Shown Near Completion With ‘Modern Tropical’ Interior

Downtown 1st, a 58-story tower, now has a “modern tropical” interior, with leasing underway, according to the project’s Instagram page. It is the tallest apartment building ever by developer Melo Group. The tower broke ground with test piling in March 2021, with top off taking place in April 2022. The project includes 560 market-rate rental apartments, 10,000 sf…

Mindspace Signs for 32 KSF Miami Coworking Space

Mindspace, an international boutique flex space provider, has unveiled plans for a new, 31,192-square-foot coworking space in downtown Miami. The company has signed a 10-year lease at 100 N. Biscayne Blvd., planning to occupy three floors at the 30-story tower. RFR Realty owns the 310,000-square-foot Class A office property, after an $81.1 million acquisition in January…

Harbert Management drops $66M for Broward warehouse complexes

Harbert Management Corporation paid $65.8 million for a Broward County industrial park. An affiliate of the Birmingham, Ala.-based investment management firm acquired Lauderdale Lakes Industrial Flex Park, a collection of 11 small-bay warehouses spanning nearly 360,000 square feet completed in 1973, records and Vizzda show. The…

Related Group joins $1B-plus Bahia Mar project in Fort Lauderdale

Jorge Pérez’s Related Group joined the development team of the planned Bahia Mar project in Fort Lauderdale, as the Miami-based firm continues expanding throughout South Florida. Related entered into a joint venture with Jimmy Tate’s Tate Capital and Sergio Rok’s Rok Enterprises to redevelop the major mixed-use project at a site that is home to the Fort Lauderdale…

JV drops $40M for portfolio of aging Palm Beach County rentals

A partnership between New York and Toronto-based companies is betting on aging apartment complexes in Palm Beach County. North Point Management and Medallion Corporation bought five garden-style communities consisting of a total of 433 units in unincorporated parts of the county for $40.1 million, according to records…

Metronomic loses Coconut Grove project in foreclosure sale

Developer Metronomic lost its completed Coconut Grove apartment project in a foreclosure sale, adding to its financial woes of recent years. Wilmington Trust, the largest creditor on GroveHaus, sold the 10-unit building at 3265 Bird Avenue for $8.1 million in a foreclosure sale to Bolonki LLC, an entity led by Norberto Roman and Julia Roman, according to…

EdgeConneX buys dev site for data center in Doral

EdgeConneX is betting on the data center real estate market. The firm wants to build a nearly 173,000-square-foot facility on land it purchased at the Beacon Station industrial park in west Miami-Dade County, according to records. An entity led by Juan Fayen and Juan Ramos sold the 6.3-acre site for $13.7 million. The data center…

Centennial plans 190 affordable rentals in Florida City

As South Florida’s ever-rising rents continue to price out apartment dwellers, Centennial Management is betting on affordable housing in Florida City. The Miami Lakes-based firm plans the 190-unit Cordova Estates townhouse rental complex south… The seven-building community is planned for a 12.2-acre site that includes properties at 321 and 329 East Davis Parkway.

506-Unit Brickell Apartment Tower Set To Break Ground This Month

Related Group has obtained a $164 million construction loan for 444 Brickell Tower II and will begin construction this month, the developer told Commercial Observer. Construction financing for the adjacent 75-story Baccarat tower is also imminent, the developer said. 444 Brickell Tower II will include 506 apartments in a 44-story tower. Construction permits have already…

Commissioners Move Forward With Expedited Metrorail To Hard Rock Stadium

Miami-Dade commissioners voted yesterday to expedite design of the North Corridor heavy rail system to Hard Rock Stadium. At its January 9 meeting, the county’s Transportation, Mobility and Planning Committee voted 9-0 to increase funding to infrastructure design firm HNTB by $44 million, to a total of $49.5 million for the project. The North Corridor of the SMART Program…

Residential Building With 427 Units Planned Near Metromover Station

A utilities deal has just been signed that will allow a residential building to be built a few blocks north of the Signature Bridge at 1550 NE Miami Place. The agreement between Miami-Dade’s Water & Sewer Department and CL RE 15 MIA LLC was recorded on December 28, 2022. A total of 427 apartments are planned, the agreement states. Jennifer Bernell signed on behalf…

Crypto Firm FTX’s Miami Office Lease Deals Axed in Bankruptcy Court

Sam Bankman-Fried’s cryptocurrency exchange FTX was gearing up to move its headquarters to Miami less than two weeks before the company’s collapse late last year. On October 26, West Realm Shires, operator of FTX’s U.S. exchange, executed a lease for office space in a Brickell Avenue commercial skyscraper with sprawling views of Biscayne Bay — a deal that would’ve made the…

Wall Of Glass Now Rising At Miami World Tower 1

If you like glass, you’ll love the new 53-story Miami World Tower 1 now rising at Miami Worldcenter. Miami World Tower 1 is planned to rise 579 feet, which would make it the second tallest rental building in the city. The first Miami World Tower is planned to include 565 apartments, 3,000 square feet of full service restaurant, and 401 parking spaces. NBWW the architect…

New Year, Same Story: Another Big Law Firm Opening First Miami Office

Another of the 100 largest U.S. law firms is following its peers to Miami. Boston-based law firm Mintz, Levin, Cohn, Ferris, Glovsky and Popeo is opening a new office in Miami, it announced Tuesday. The outpost will be its first in South Florida and seventh in the U.S. The firm, with specialties in energy and sustainability, private equity, life sciences, technology, financial…

Atlantic | Pacific Breaks Ground on 616-Unit Miami Community

Atlantic Station. Image courtesy of Atlantic | Pacific Cos. Atlantic | Pacific Cos. has broken ground on Atlantic Station, a 616-unit, mixed-income community in Miami that will include 360 workforce housing apartments. Previously known as Block 45, the project is considered the largest single-phase transit-oriented development to ever get underway in Miami-Dade County.

Atlantic Pacific Cos. Breaks Ground on 616-Unit Mixed-Income Residential Development in Miami

Atlantic Pacific Cos. (A|P) has broken ground on Atlantic Station, a 616-unit mixed-income rental community located at 151 NW 7th St. in Miami. The Boca Raton, Fla.-based developer says the project is the largest, single-phase, transit-oriented mixed-income community in Miami-Dade County. Atlantic Station will comprise 256 market-rate apartments and 360 workforce housing…

Will High Inflation Persist?

Monetary policy efforts to curb inflation have been a major component of economic news this past year. And for good reason: At its peak in June 2022, the headline consumer price index (CPI) was almost 9% higher than it was a year before. The consumer price index excluding food and energy—often known as core CPI—peaked in September, at about 6.7%. By either measure…

Swire plans two-tower project with supertall on Brickell Key

Swire Properties wants to add one more supertall to its pipeline of projects in Miami. The real estate arm of the Hong Kong-based firm is proposing a two-tower development on Brickell Key, a man-made island that connects to Brickell, according to filings with the Federal Aviation Association. The buildings would rise on the waterfront site of the existing…

Aimco spinoff Air pays $251M for South Beach Southgate Towers

Air Communities beefed up its portfolio with the $250.5 million purchase of Southgate Towers in Miami Beach. Air, or Apartment Income Real Estate Investment Trust, paid $223.5 million for the pair of 14-story multifamily buildings at 910 West Avenue, and $26.9 million for the garage with ground-floor retail at 959 West Avenue, according to records. The Gumenick…

Vlad Doronin, Len Blavatnik score $242M construction loan for Aman Miami Beach

Billionaires Vlad Doronin and Len Blavatnik secured a $242.4 million construction loan from Bank OZK for the oceanfront Aman Miami Beach development, bringing the total financing to more than $277 million. Affiliates of Doronin’s OKO Group and Blavatnik’s Access Industries are partnering on the two-building luxury hotel and condo project, under…

What are Community Development Districts? Inside a key financing mechanism for big developers

In the mid-2010s, Miami Worldcenter master developers Art Falcone and Nitin Motwani faced a dilemma planning the $4 billion mixed-use community in downtown Miami’s Park West section. How would they pay for the sewer pipes, roads and sidewalks needed to support new high-rise buildings on more than 25 acres of primarily industrial properties and vacant parking…

$1 million aid would put Olympia Theater restoration $16 million shy

The Miami City Commission is to decide today (1/12) whether to appropriate $1 million to fund the ongoing restoration of the historic Olympia Theater and Tower. The commission is to consider a resolution to accept $500,000 from the Florida Department of State Division of Historical Resources to repair the Olympia Theater. The city is required to match the grant funds…

Coral Gables Developer Allen Morris Lets It All Out in His Book “All In”

The audience of some 100 people included a who’s who of prominent citizens, especially those in real estate, investing, and banking. Ad- dressing them in a dark blue suit and pin-striped shirt, W. Allen Morris was a portrait of affability, in contrast to some of the darker moments described in his book. He was at Books & Books to talk about “All In,” his autobiography of…

First Ever Supertall Tower Proposed On Brickell Key

Brickell Key could be getting its first ever supertall tower, according to new filings with the Federal Aviation Administration. The FAA filings were received by the agency on December 20, 2022. Two towers would be built on the south end of Brickell Key. Tower 1 is proposed to rise 1,049 feet, while tower 2 is proposed to rise 700 feet. No developer is listed in the filing.

36-Story Atlantic Station Breaks Ground in Overtown, Miami’s Largest Mixed Income TOD

A formal groundbreaking ceremony was held this morning for the 36-story Atlantic Station (formerly Block 45) tower in Overtown. Site work has been underway since at least November. According to the developers, it is the largest single phase mixed-income Transit-Oriented Development to ever get underway in Miami-Dade County. In a July 11 water and sewer utilities…

Demolition Underway At 710 Edge Property

Demolition is now underway at the 710 Edge property in Edgewater, according to One Thousand Group. Sales will be launching soon for a new project, developer Louis Birdman wrote on Instagram. It will be an ultra-luxury tower, developer Kevin Venger wrote. Plans were filed with Miami planners in 2021 for a 55 story, 649-foot tower on the site with: 70 residential units…

Florida Was The Fastest Growing State In 2022, Census Says

Florida’s population increased 1.9% between 2021 and 2022 – faster than any other state in the nation, according to the Census Bureau. It is the first time since 1957 that Florida has ranked #1 for growth on a percentage basis, the agency said. As of July 1, 2022, Florida’s population was 22,244,823, up 416,754 compared to the same time in 2021. Only Texas added more on a…

Up for vote this week: Aman Miami Beach, medical marijuana zoning in Miami

This week, the Miami City Commission is set to vote on a number of zoning ordinances, including one tied to medical marijuana dispensaries. And a Miami Beach board will review changes to the redevelopment of the historic Versailles property into the Aman Miami Beach. At Tuesday’s Miami Beach Historic Preservation Board meeting, developer Vlad Doronin’s…

Commercial Borrowing Cost: Rate Watch for December 30, 2022

The interest rate environment has changed fairly dramatically over the past 18 months. At the end of 2022, five year treasury rates, most closely tracked for commercial property borrowing cost, closed at 3.99%, up from the 0.2% to 0.4% range it was bouncing around within during the months preceding February 2021. If one considers this essentially 4% versus 0.5%, then this would represent…

A Turkish Tower in Downtown Miami

A rare tulip is budding in Downtown Miami. When fully grown by early 2026, Okan Tower – a glass, concrete, and steel structure designed to resemble a tulip – will be a luxury, mixed-use residential, hotel, and commercial complex costing about $400 million and adding a stunning new figure to Downtown Miami’s skyline. The 70-floor skyscraper will be 902-feet tall and the tallest…

The Great Tsunami: How Miami has become the new global city

On a rainy evening in early November, a sell-out crowd of more than 250 people crowded a second-floor auditorium in the downtown campus of Miami-Dade College. Students, professors, government officials, entrepreneurs, business executives – all were gathered at the event hosted by the Economic Club of Miami to listen to a conversation between Miami Mayor Francis Suarez…

$14.4M Sale-Leaseback Brokered of Single-Tenant Retail Property in Miami Leased to Walgreens

SRS Real Estate Partners’ National Net Lease Group (NNLG) has facilitated the $14.4 million sale of a single-tenant retail property located 3595 Coral Way in Miami. Comprising 16,285 square feet, the property is occupied by the seller, Walgreens, which has signed a new 15-year, corporate guaranteed, triple-net lease. Sean Lutz, Dan Elliot, Matthew Mousavi and…

Investors sue Rishi Kapoor over Urbin Coconut Grove project

Rishi Kapoor is facing a hostile takeover bid. A minority group of investors wants to oust the Coral Gables-based developer as manager for his Urbin Coconut Grove… In 2018, Kapoor, CEO of development firm Location Ventures, teamed up with Coconut Grove-based Terra and Brickell-based Banyan Street Capital to buy a four-story office building with an open courtyard at 3138 Commodore Plaza.

Miami-Dade ranks as ‘most competitive’ apartment market in 2022

By now, it has become clear Miami-Dade County residents have a hard time finding a rental. Amid the population influx, apartment hunters face stiff competition. Turns out, the county is not just a tough place to find a unit, but the toughest market in the U.S. A new RentCafe report found Miami-Dade was the “most competitive” apartment market of 2022.

Berkowitz makes first industrial play in Homestead

Berkowitz Development Group plans a self-storage and distribution center in Homestead, marking the firm’s debut in industrial real estate in the city. The Coconut Grove-based company wants to build a nearly 400,000-square-foot speculative project on land west of the Homestead-Miami Speedway, Michael Berkowitz, company president, told The Real Deal. Berkowitz…

Carlyle and Crow Buy Miami Industrial Site for $24M

A joint venture between private equity giant Carlyle Group and developer Crow Holdings bought land west of Coral Gables, a wealthy suburb of Miami, likely for industrial development. The duo paid $24 million for an 8.6-acre parcel at 2811 SW 70th Avenue, just south of Coral Way and adjacent to the Palmetto Expressway, and simultaneously secured a $72.1M…

The Lion King: Can Robert Rivani conquer Miami’s restaurant jungle?

After dropping $19 million on the ground-floor retail space at the Miami Beach boutique condominium Marea at the end of 2021, Robert Rivani wasn’t finished. The Black Lion Investment Group founder immediately began eyeing another prime retail space down the street owned by the same sellers, A&D Group Realty’s Domenico Albano and Americo D’Agostini.

Fortune, KAR score financing for One River Point condo tower

Developers Edgardo Defortuna and Shahab Karmely secured financing for their planned waterfront condo project along the Miami River. Defortuna’s Fortune International Group bought into the One River Point site late last year, joining Karmely’s KAR Properties. Karmely’s plans for the 60-story, connecting two-to…

Industrial Real Estate Rents Take Flight Near Airports

Industrial real estate near airports in the nation’s most densely populated areas could be attractive investments for 2023. With transportation accounting for up to 70% of overall supply chain costs, businesses are increasingly locating their distribution centers closer to airports, according to CBRE Supply Chain Advisory. Many companies also have brought manufacturing…

10 of 2022’s Biggest Commercial Real Estate Trends

While commercial real estate is typically viewed as a long-term investment — both for property owners and the businesses that lease space in their buildings — it’s certainly not immune to the influence of trends. And 2022 was perhaps more trend-oriented than most years in the industry. As the world finally began to fully emerge from the COVID-19 pandemic…

Jonathan Landau On Launching His New Firm Landau Properties And Why He Left Fortis

The former CEO of Fortis Property Group started a new chapter in his career last month, and he is bringing his family along with the launch of Landau Properties. Landau will be working side by side with his daughter and son-in-law, Yaeli and DC Lowinger, and looking at developments in South Florida, New York and Boston. The family firm plans to start construction on its…

Ares pays $111M for warehouse dev site in Hialeah

From left: Ares Management’s co-founders Antony Ressler and Michael Arougheti along with an aerial view of Ares’ newly-acquired 52 acres of land on the northwest corner of Northwest 154th Street and West 40th Avenue in Hialeah: Ares Management paid $111.1 million for a Countyline Corporate Park development site in Hialeah, with plans for a three-building industrial complex.

BNP Paribas To Open New Office in Miami

BNP Paribas Securities Corp, a unit of Europe’s leading bank BNP Paribas, today announced its plans to open a new office in the metro-Miami area. The Miami office will support the continued growth of its Global Markets business in the US, amongst others, and the increasing number of clients with a foothold in South Florida. The hub will provide an additional gateway…

This Week’s South Florida Deal Sheet

Harbor Group International has acquired an apartment community in Miami Gardens for $113M. The Virginia-based investor bought the 420-unit development known as Oak Enclave Miami on Dec. 29 from Resia, a firm owned by Brazilian-based developer MRV, the South Florida Business Journal reports. Cushman & Wakefield brokered the deal. The 14-acre parcel includes five…

Top 10 Commercial Real Estate Trends for 2023

In 2022, spiking interest rates, inflation and a war in the Ukraine brought considerable change to commercial real estate and the U.S. economy overall. With interest rates and values expected to stabilize, and all stakeholders rethinking the highest and best use of their property and capital, this year promises to be an interesting one, too. Here are 10 trends likely to shape…

U-Haul Growth States of 2022: Texas, Florida Top List Again

Texas, Florida and the Carolinas were the preferred destinations of one-way U-Haul® truck customers during 2022, ranking as the top growth states on the annual U-Haul Growth Index. U-Haul transactional data confirms that migration to the Southeast and Southwest U.S. – trends that were amplified and accelerated during the pandemic – continued through last year, although…

Brightline Gets Big Boost In Traffic From Aventura & Boca, New Trains Added

Brightline told investors today that it is seeing strong traffic at its two new stations in Aventura & Boca Raton. The Boca station opened December 21, with Aventura opening December 24. In the final days of December, the two new stations accounted for 24% of Brightline ridership, with 17,682 rides. The company said it moved two Orlando trainsets to the south segment…

Photo: Spider-Like Arch Of Signature Bridge Now Rising

A new photo by Phillip Pessar shows one of the Signature Bridge arches rising out of the ground. Each segment will be a precast installation, except for the final segment (seen in purple) poured in place. Temporary towers will support the structure during the work… Pictures show current construction, plans, and rendering of completed bridge…

CareRite pays $36M for pair of Broward nursing, rehab centers

CareRite Centers paid $35.6 million for two Broward County nursing and rehabilitation facilities, marking the firm’s continued investment in South Florida’s health care market. The firm bought Manor Pines at 1701 Northeast 26th Street in Wilton Manors, and Manor Oaks at 2121 East Commercial Boulevard in Fort Lauderdale, according to records and real estate data provider…

Capital Square Purchases Parkland Multifamily Asset

Parkland Apartments. Image courtesy of Bell Partners Capital Square has added a nearly fully occupied community in Parkland, Fla. to its portfolio of Section 1031 communities. The firm acquired the 396-unit Parkland Apartments on behalf of CS1031 Parkland Apartments, DST from Bell Partners. The firm is looking to raise $105.7 million in equity from investors, with a minimum…

Steve Ross scores approval for 515 Fern in downtown West Palm

Stephen Ross’ plan to develop the biggest office tower in downtown West Palm Beach passed a major hurdle on Wednesday. The West Palm Beach Downtown Action Committee greenlit the site plan and four variances, or exemptions from the city code, for the planned 25-story 515 Fern. City approval of several other aspects of the project are still pending. Ross’ Related Companies…

B Group bids $102M for 20 acres in Miami’s Upper Eastside

B Group Capital Management submitted a $102 million stalking horse bid for nearly 20 acres in Miami’s Upper Eastside and El Portal that are tied to a lawsuit alleging EB-5 fraud. The Miami-based… seeks to acquire the former U.S. immigration building site spanning 3.5 acres at 7880 Biscayne Boulevard, and a 15.9-acre former trailer park at 8500 Biscayne Boulevard, court…

Here’s how South Florida real estate bigwigs rang in the new year

South Florida real estate’s biggest players rang in the new year in fabulous style. Brokers and developers went far and wide to celebrate the holiday, hitting the slopes in Aspen, partying in Uruguay, Dubai and Greece, lounging in St. Barts and Thailand, and hobnobbing at high-society soirees in Palm Beach…

Related scores $164M construction loan for Brickell apartment tower

The Related Group secured a $164 million construction loan for a waterfront apartment tower on the site of its planned Baccarat Residences development near downtown Miami. Truist Bank provided the financing to an affiliate of Coconut Grove-based Related. The loan can be increased to up to $340 million, records show. The financing is for 444 Brickell Tower II…

Last Sears In Miami Eyed For 800-Unit Residential Redevelopment

Miami real estate magnate Raanan Katz is looking to tear down the last Sears in Miami city limits and replace it with housing and a park. Katz, who leads retail real estate firm RK Centers and co-owns the Miami Heat, is having discussions with local community groups about a plan to replace the 68-year-old property at 3655 Southwest 22nd St. with two 400-unit apartment buildings…

Miami’s Last Sears Store Eyed for Dense Residential Development

Wary residents of the historic Coral Gate community are in talks with a large-scale developer who wants to tear down a nearby 68-year-old Sears and build a modern residential and retail complex in its place. Raanan Katz of RK Centers, which holds more than ten million square feet of commercial real estate across the country, has owned the Sears property since 1987.

Coral Gables investor Maria Menzel adds another dev site to Edgewater portfolio

Maria Menzel continued her land banking spree in Miami’s Edgewater by acquiring another development site, three months after her last assemblage purchase. A Delaware entity with the same address as a Coral Gables condominium owned by Menzel paid $12.5 million for six vacant parcels at 410, 420 and 432 Northeast 27th Street and 415, 425 and 435 Northeast 26th Terrace…

Check out South Florida’s biggest office leases of 2022

7850 Southwest Sixth Court in Plantation with Jazwares’ Judd Zebersky and RMR Group’s Adam Portnoy, Rendering of the 830 Brickell office tower with OKO Group’s Vlad Doronin and Cain International’s Jonathan Goldstein: In most U.S. markets, 2022 was far from a boon for offices. Subleases piled up in California, as tech companies looked to downsize. Facebook parent Meta is…

Forbes Neighborhood To Watch: Miami’s Little River

Long an economically distressed neighborhood with shuttered buildings, Little River, Miami has been methodically taking shape as a champion of local talent, culture and small business, with the city’s top creators and innovators clamoring to set up shop in the area. In effect, the area is undergoing a transformation similar…

Limestone, Orion Purchase Colonial Palms Plaza Shopping Center in Pinecrest for $70.5M

Limestone Asset Management and Orion Real Estate Group have purchased Colonial Palms Plaza, a 188,389-square-foot retail center located in Pinecrest, roughly 20 miles southwest of Miami. The joint venture, doing business as Orion Colonial Plaza LLC, acquired the property for $70.5 million. The property comprises seven buildings and 29 tenants, including Marshalls…

NY firm ARC PE sells Miami Beach mixed-use building at 40% loss

Distressed real estate investor ARC PE scooped up a mixed-use building on the previously popular retail strip of Collins Avenue in Miami Beach, paying 41 percent less than the property’s purchase price a decade ago. Shire Realty sold the three-story building at 826 Collins Avenue for $5 million, according to a news release from the buyer’s broker.

Stephanie Shojaee talks marriage to Masoud, rejection and sexism

Scroll through Stephanie Shojaee’s Instagram and you’ll come across photos and videos of her and her husband Masoud around the world, in Qatar, France, Greece and Miami. She frequently documents her lavish lifestyle with her spouse, co-founder of Shoma Group, and their dog, Pebbles. But she’s shared little about the backlash they faced from Masoud’s adult daughters…

Harbor pays $113M for Miami Gardens rental complex

Harbor Group International paid $113 million for a Miami Gardens apartment complex. Resia sold Oak Enclave Miami at 2301 Northwest 167th Street before year-end, after completing the 420-unit community in June, according to a Harbor Group news release. Robert Given and Troy Ballard of Cushman & Wakefield…

Easton, LBA score $61M construction loan for Hialeah warehouses

Easton Group and LBA Logistics are ready to break ground on their Hialeah industrial project after securing a $61 million construction loan. Principal Life Insurance provided the financing for the joint venture’s two-warehouse development at 4220 West Place, records show. Easton Group and LBA paid $29.4 million for the 26-acre vacant property, currently a truck yard…

Miami board votes to deny hotel plans for Jungle Island

A redesigned 300-room themed hotel and parking garage for Jungle Island met with opposition from the City of Miami’s Urban Development Review Board (UDRB). The board voted 3 to 0 to deny the project as presented. The board makes recommendations to the city’s planning director. Board members expressed several concerns with the new designs, in particular…

City reviews application to raze Coconut Grove Playhouse

The saga surrounding the restoration of the Coconut Grove Playhouse is entering its next act as the county has applied for a special exception to demolish the building. Miami-Dade County filed an application with the City of Miami on Oct. 26 requesting a waiver to permit minor deviations from the Miami 21 Code to allow for demolition within the neighborhood…

Health District plan switches from offices to residences

The developer of a planned high-rise along highway 836 in Miami’s Health District has decided to change the use from office space to residential. The city’s Urban Development Review Board recommended approval of the modified project, with two conditions: hire a dock master for the loading area, and study adding glass into the building’s southeast corner. The applicant is…

Coconut Grove offices nearly full, demand strong

With very limited office space available in Coconut Grove, one of the most desired areas in Miami-Dade County, occupancy is at one of the highest levels there. With a total inventory of 1,245,600 square feet of offices and a vacancy of 8.4%, Coconut Grove currently has no office space under construction, according to CBRE’s Miami Office third quarter report.

Improvement district to celebrate Coconut Grove aviation heritage

Entering the new year, the Coconut Grove Business Improvement District is shifting gears to celebrating the neighborhood’s 150th anniversary, with an ongoing series of events. Themed “Grove Heritage,” the Coconut Grove BID is set to produce monthly events to add magic and memories to all residents and visitors of the Grove, said Cynthia Seymour, the BID’s executive…

Chart – Inflation Watch New Year’s Day 2023: TIPS Spread Indicating 2.33% Expected Inflation for Next 5 Years

The chart above is of the 5-Year breakeven inflation rate, commonly referred to as the TIPS spread, for the five year period ending on December 30, 2022, the last trading day of 2022. This illustrates the difference in the yields, i.e. the spread, between United States Treasury bonds and Treasury Inflation-Protected Securities (TIPS) of the same maturity. This is a useful and oft-quoted…

CRE Experts Round-Up: Top Retail Trends to Expect in 2023

Continuing our annual tradition, we contacted several commercial real estate experts specializing in retail across the country to provide their expertise and predictions regarding what they expect for the retail market with upcoming retail trends moving towards 2023. The overall insights provided by the selected retail professionals are upbeat. Interestingly enough more…

Harbor Group International Acquires Miami Community

Oak Enclave. Image courtesy of Resia Harbor Group International LLC has made its eighth acquisition in the Miami-Dade area with the purchase of Oak Enclave Miami. The Virginia-based company acquired the 420-unit community from Resia for an undisclosed sales price. Cushman & Wakefield’s Robert Given and Troy Ballard brokered the sale, representing both the buyer…

LBA pays $198M for Sweetwater industrial business park

LBA Realty is closing out the year with a mega-priced industrial purchase in Sweetwater. The Irvine, California-based commercial real estate firm paid $198 million for Dolphin Commerce Center at 11200 Northwest 21st Street, 11250 Northwest 25 Street and 11350 Northwest 25 Street, records show. LBA assumed a $50 million mortgage from Northwestern Mutual Life…

Check out the biggest retail leases in South Florida of 2022

O’Reilly Auto Parts took the biggest lease this year at 43,000 square feet. The auto parts retailer inked the 10-year deal at 500 West 49th Street within the Palm Springs Mile mall in Hialeah. The shopping center is part of Great Neck, New York.-based Philips International’s portfolio. O’Reilly Auto Parts, based in Springfield, Missouri, is a publicly traded retailer founded in 1957…

How was the South Florida commercial real estate market in 2022, and what is coming in 2023?

South Florida’s commercial real estate market – in sectors such as retail, multi-family and industrial – is ending the year strongly. Thanks to the influx of companies moving to the area, especially Brickell, office rentals have been very strong. Tenants include hedge fund giant Citadel, Microsoft, WeWork and Blackstone, among others. Confidence in the office sector is most evident…

Miami Airport reaches high for cargo capacity

Miami International Airport (MIA) is adopting a vertical approach to meeting air cargo capacity demand as it contends with limited space. The airport’s “Vertically Integrated Cargo Community” project envisions a five-story storage warehouse which is expected to more than double its current cargo capacity. Expected to break ground next year, the estimated five-year project…

$10M Refinancing Arranged for Carolina Springs Plaza Shopping Center in Margate

MMCC has arranged a $10 million loan for the refinancing of Carolina Springs Plaza, a grocery-anchored, 125,500-square-foot shopping center located at 7804-8092 W. Sample Road in Margate. El Bodegon Supermarket has anchored the 13.4-acre property since 2011. Robert Bhat of MMCC’s Miami office arranged the 10-year, fixed-rate loan, which features a 25-year…

Related nabs $56M loan to build FATVillage affordable rentals

Related Group scored a $55.7 million construction loan for an affordable housing project in Fort Lauderdale’s FATVillage district. The Pérez family’s development firm wants to build a 16-story building with 263 units on land at 600 North Andrews Avenue that’s owned by Broward County, according to records. Plans also call for commercial space. The financing marks progress…

IDI Logistics sells Pompano Beach warehouse for $26M

Warehouse developer IDI Logistics cashed out of a newly built Pompano Beach distribution center for $25.5 million. The Atlanta-based real estate investment trust sold the 134,000-square-foot building at 3001 West Copans Road to an affiliate of Morgan Stanley’s real estate investing arm, according to records and deal data provider Vizzda.

Integra plans townhouse rental community near FAU in Boca Raton

Integra Investments wants to build a luxury townhouse community near Florida Atlantic University, the firm’s second real estate play in the Boca Raton market. Integra principal Nelson Stabile said the firm envisions 100 to 120 rental townhouses on 8 acres at 2600 Northwest Fifth Avenue. The Miami-based developer bought the…

Banyan Cay Resort & Golf Club is headed toward foreclosure sale

A lender seeking to recoup $6.3 million in mortgage debt has initiated a UCC foreclosure sale for the distressed Banyan Cay Resort & Golf Club. Banyan Cay Resort Fund has set a Feb. 17 auction for the West Palm Beach hotel and adjacent development sites, according to a notice of sale. Brock Cannon with Newmark is the broker. Moecker Auctions in conjunction with Mannion…

MetLife sells Pinecrest shopping center to Miami JV for $71M

After keeping it on its books for nearly 30 years, Metropolitan Life Insurance has sold a Pinecrest shopping center to a Miami-based joint venture for $70.5 million. An affiliate of Ibrahim Al-Rashid’s Limestone Asset Management and Joseph Sanz’ Orion Real Estate Group picked up the Colonial Palms Plaza at 13605 S Dixie Hwy, a retail outlet with four outparcels spanning…

Video: Financing Today with Tom Walsh of Grandbridge Real Estate Capital

Tom Walsh, Senior Vice President at Grandbridge Real Estate Capital, one of the nation’s largest full-service commercial real estate finance firms, appears on America’s Commercial Real Estate Show to share an inside look at the current state of commercial real estate financing. Topics discussed include interest rates, LTV (loan to value) rations, DSCR (debt service coverage ratio)…

Grant Cardone is back on the hook in a class action suit

Grant Cardone has said, “Most opportunities are disguised as problems.” If that’s true, he has had his share of opportunities in 2022. In May, unknown robbers allegedly stole his expensive designer watch in a VIP area at Hardrock Stadium during the Miami Grand Prix. A recent Palm Beach Post investigation uncovered Cardone Capital has overcharged tenants living in…

Here are South Florida’s biggest industrial sales of 2022

Medley Commerce Center in Medley, 15998 Walgreens Dr in Jupiter, 4281 & 4341 W 108th St in Hialeah, 3701 Flamingo Rd, 2601 & 2701 SW 145th Ave in Broward and 11801 NW 102nd Ave in Medley: South Florida’s Industrial market continued its hot streak in 2022 — even topping 2021. The top five sales for this year beat last year’s top five by square footage, sale price and average price…

Miami-Dade Mayor Pulls About-Face On Recommending Stephen Ross, Jeffrey Soffer Group For Airport Hotel Bid

The delivery time for a new hotel slated to open at Miami International Airport is once again pushed back, as Miami-Dade County Mayor Daniella Levine Cava is looking for developers to propose new bids. In a statement released on Wednesday, Levine Cava said she intends to redesign the developer bid requirements for the anticipated airport hotel development launched in 2020 by her…

Rental Asset Management pays $31M for Little Havana apartments

Rental Asset Management scooped up a Little Havana apartment building with affordable and workforce housing units for $31.1 million. Rental Asset Management, or RAM, purchased the property at 590 West Flagler Street from the developer, Eastern Atlantic, records show. Construction of the 14-story building is almost complete and pre-leasing is underway, according to a…

Lease roundup: Glovina Shipping Leases in Hialeah, more…

International freight forwarder Gloval Shipping leased industrial space at Codina Partners’ Beacon Logistics Park in Hialeah. Gloval took 43,400 square feet at the business park’s Building B, at 9210 West 43rd Avenue, according to a news release from the tenant’s broker. Wayne Ramoski and Gianluca Billau of Cushman & Wakefield represented Gloval. Sebastian…

Brightline gets back on track at Aventura station

At Brightline’s new Aventura stop, the train has left the station – though despite fanfare hailing a first day of trips at the $76.7 million county-funded station last Wednesday, the first train didn’t leave until 10:04 Saturday morning. The privately operated line, built to offer express rail linking Miami to Orlando with stops only in Fort Lauderdale and Palm Beach, last week trumpeted…

University of Miami to fight to save Virginia Key fisheries center

Speculation over whether the Southeast Fisheries Science Center on Virginia Key will be replaced or relocated continues to spiral amid plans by the University of Miami to request that the center stay where it is. “The University of Miami hopes to submit a proposal to the federal government to ensure that that lab stays on Virginia Key,” said Benjamin Kirtman, director…

Here are South Florida’s top office sales of 2022

From left: 5200 Town Center Circle, Rockpoint Group’s Bill Walton and Keith Gelb, 1221 Brickell Avenue, 100 Southeast Second Street: Despite a strong start to the year and a steady march of corporate relocations to South Florida, the biggest office sales dramatically dropped in price in 2022, compared to last year. The rules tend to be different for South Florida, where…

Kirkland & Ellis Signs 115,000 SF Office Lease at 830 Brickell in Miami

Law firm Kirkland & Ellis has signed a lease at 830 Brickell, a 55-story office building located in downtown Miami’s Brickell district. The firm will occupy a six-floor, 115,000-square-foot space at the property, which was developed by OKO Group and Cain International. Brian Gale, Ryan Holtzman and Andrew Trench of Cushman & Wakefield represented the landlord in the lease negotiations.

Galbut family and Matis Cohen score $98M loan for North Beach project

The Galbut family and Matis Cohen nabbed a $97.5 million construction loan for a Miami Beach mixed-use project featuring co-living apartments. Miami-based Ocean Bank, representing a group of lenders, provided the financing for 72nd and Park, a planned 22-story building with 270 apartments, including 121 co-living units, and roughly 12,500 square feet of retail, records…

Craig Robins, Fort Partners and Qatari hotelier buy Apollo site in Design District

A powerhouse team plans a mixed-use development on a Miami Design District assemblage purchased from Apollo Commercial Real Estate Finance, sources told The Real Deal. The buyers and seller declined to confirm the price, but sources said it is about $170 million. The purchasing partnership includes the Qatari firm Constellation Hotels Holding…

North Miami office building hits market for $45M

A North Miami office building hit the market asking $45 million. Biscayne Centre, an eight-story building at 11900 Biscayne Boulevard, totals roughly 156,500 square feet and has an attached parking garage. The asking price equates to about $288 per square foot. The seller is longtime Miami resident Ami Shashoua. CBRE has the listing. Ben Silver, senior vice president…

Renderings Revealed For $1B Master-Planned, Walkable, Transit-Oriented Neighborhood Near Dolphin Mall

Renderings have been released for Upland Park, a $1b transit-oriented development planned near the Dolphin Mall. The development will be “the first truly viable alternative to automobile commuting,” according to the project website. Upland Park is being purpose-built for integration with the upcoming east-west transit corridor, according to the developer. The community will have…

790-Foot Tower Cranes Approved At Former Miami Arena Site

The Federal Aviation Administration has just approved a requested to install two tower construction cranes at the former Miami Arena site. The applications for approval to install the cranes was filed with the FAA on August 4, and approved December 18. According to the approval notice, the cranes are permitted rise 779 feet above ground. One will reach 793 feet above sea level…

Worldwide Survey Ranks Miami As The Best U.S. City For Expats To Live

A survey of expats living abroad has ranked Miami the best U.S. city for those moving overseas. Internations surveyed over 12,000 people living overseas. Only Miami and New York made the list in the U.S., since a minimum of 50 respondents were required for a city to be ranked. On a worldwide basis, Miami ranked 12th out of 50 cities. New York ranked 16th. Overall, 85% of expats…

A trio of Walgreens stores in South Florida sold for a combined $34M

From top: Walgreens stores at 1800 West Indiantown Road in Jupiter, 3595 Southwest 22nd Street in Miami, and 9921 Okeechobee Boulevard in Boca Raton: In a one week span, a trio of South Florida Walgreens stores traded for a combined $33.7 million, with a seller flipping one of the properties for a nearly $2 million gain. Walgreens will continue to operate the stores…

Terra nabs $35M loan to start Dolphin Station mixed-use project

David Martin’s Terra scored a $35.3 million pre-construction loan for its Upland Park mixed-use project on Miami-Dade County-owned land near Dolphin Mall. The financing for site preparation work sets the stage for the start of the transit-oriented development at the Dolphin Station Park & Ride at 11897 Northwest 12th Street in Sweetwater. The property is at the intersection…

“Gotta go up”: Mapping the supertalls on tap in Miami

Developer Jeff Berkowitz launched his plan for a 1,000-foot tower in Miami in 2013 in typical fashion: with a lot of fanfare over the city’s first supertall. His plan for SkyRise Miami downtown ended seven years later, also in a typical way: scrapped. Developers in Miami for years have proposed supertalls, only to have their vision fizzle out for various reasons. In the SkyRise case…

Here are South Florida’s biggest retail deals of 2022

Investors paying top dollar for South Florida retail properties had to dig deeper into their pockets this year than they did in 2021. Still, some sellers lost money unloading 2022’s most expensive retail buildings and complexes. This year’s top two deals surpassed last year’s biggest transaction, the $108 million sale of the Shops at Beacon Lakes…

Video: Casa Tua founder Miky Grenden on hospitality-branded developments, barefoot luxury, and more

Miami is loud, and Miami is proud of being loud. But Miky Grendene envisions a different kind of city. Grendene is the co-founder of Casa Tua, a hospitality company with a restaurant and private club in Miami Beach that’s become a favorite haunt of the real estate crowd. The spot’s understated aesthetic, a throwback to his native Italy’s “la dolce vita” days, is something Grendene…

Ronnie Strasser Purchases the Pro Padel League’s Miami Franchise

North America’s first professional Padel league – is excited to announce that Ronnie Strasser, President and Chief Investment Officer of Strasser Asset Management, has purchased the league’s Miami franchise. A graduate of the Harvard Business School (OPM), Strasser is a Principal of Phantom Developments (a fifty-year-old real estate company that owns and manages millions…

Getting Creative With Vacant Office Space: Storage, Gym, Film Set

After two years of overhyped return-to-work prognostications, many desks around the nation still sit vacant. But on some empty floors of Midtown Manhattan office buildings, unused space has lately been playing a new role: film set. The transformation from a real-life office into a facsimile on the small screen is part of the business strategy of Backlot, a location service for film…

Kolter nabs $240M construction loan for Fort Lauderdale condo towers

Kolter Urban started building Selene Oceanfront Residences, after scoring a $240 million construction loan for the pair of condominium towers that will be the tallest along Fort Lauderdale’s oceanfront. The firm is developing the 26-story buildings, with 194 units combined, at 3000 Alhambra Street. Wells Fargo, as an administrative agent for several lenders, boosted…

Topgolf advances plans for first Broward location with $15M land deal

Topgolf bought a Pompano Beach development site for $14.7 million, marking a step forward for the driving range chain’s first venue in Broward County. The Dallas-based company purchased nearly 11 acres of land on the southeast corner of Southwest Third Street and Southwest 23rd Avenue, where it plans a three-story facility with 102 hitting bays, according…

Bainbridge buys Coconut Creek apartment complex for $69M

Bainbridge Companies bought a Coconut Creek apartment complex for $69 million, marking the firm’s continued bet on South Florida’s suburban multifamily market. Bainbridge bought Solaire at Coconut Creek at 5401 Wiles Road from an affiliate of Clarion Partners, according to records. The buyer took out a $50.7 million loan on the…

JV buys Palm Beach Gardens office complex for $38M

ABS’ Earle Altman, Gregg Schenker, Peter Burack and Steven Hornstock along with the office complex at 4200-4400 Northcorp Parkway in Palm Beach Gardens: ABS National Business Parks paid $38 million for a Palm Beach Gardens office complex. The joint venture acquired Corporate Center at the Gardens at 4200-4400 Northcorp Parkway, according to Vizzda and records.

CS Ventures pays $36M for West Palm office building

CS Ventures scooped up Clearlake Plaza in West Palm Beach for $35.9 million, marking the investment firm’s first wager on the city’s office market. CS Ventures, a partnership between Spencer Schlager and Charles Rosenberg, bought the 10-story building at 500 South Australian Avenue from a pair of entities led by Herbert Kahlert, according to records. CS Venture…

Chetrit Group to Transform Miami River Waterfront with 4M-SF of Residence, Office, Retail, Hospitality

New York based developer Chetrit Group, a privately held real estate development company, has begun its transformation of six acres of Miami River waterfront located between I-95, Southwest Second Avenue and Jose Marti Park in Miami, FL. When fully completed in 2026, the River District will comprise four million square feet of new development, including 1,600 residences, Class A…

Brightline Opens Aventura & Boca Raton Stations: Ticket Sales ‘Encouraging’

Brightline opened two new train stations to the public today in Aventura & Boca Raton. The company told investors yesterday that advance ticket sales for the new stations are encouraging. Demand for Brightline’s service to the original 3 stations also increased significantly last month, even before the new stations opened, the company said. Brightline told investors…

First Ever: 55-Story Brickell Office Tower 830 Brickell 100% Leased Before Completion

A giant new lease has just been finalized at the 55-story 830 Brickell office tower. It makes 830 Brickell the first ever trophy office tower in Miami fully leased upon completion, its developers said. The newly signed lease is also the largest new-to-market office lease signed in Miami in 2022 Kirkland & Ellis, the world’s largest law firm by revenue, leased 115,000 square feet…

Law Giant Kirkland & Ellis Signs 115K SF Lease For First Miami Office

The largest law firm in the country is opening its first Miami office at 830 Brickell, putting an impressive bow on a record year for the tower and the city’s office market. Kirkland & Ellis signed a lease for 115K SF at 830 Brickell, bringing the 55-story, 640K SF tower to 100% leased months before construction is expected to wrap up, the building’s developers announced Monday.

Chetrit Group Starts Construction On $1B River District Development

The Chetrit Group’s long-dormant plans to develop The River District, a $1B mixed-use project along the Miami River, have been revived. The New York development giant has begun construction on the 4M SF, four-tower project with 1,600 residential units, new office space, 30K SF of entertainment and retail space, a boat marina with space to house 60-foot vessels…

First Ground Floor Rendering Revealed Of 600 Miami Worldcenter

The developers behind 600 Miami Worldcenter have released the first rendering of the ground floor planned at the new tower. The rendering was first spotted by Ryan RC Rea. Pre-sales at the tower are off to a strong start, according to a statement this month by David Arditi, Co-Founder of Aria Development Group, which is co-developing the project with Merrimac…

Dallas firm buys Hyatt-branded hotel near Miami International Airport

MCR Hotels picked up a Hyatt-branded property near Miami International Airport, doubling… An affiliate of Dallas-based MCR paid $16.6 million for the Hyatt Place Miami Airport-East at 3549 Le Jeune Road in Miami, records show. The deal breaks down to about $123,000 per key for the 135-room hotel. Attorneys Michael Gallinar and Jason Camps…

Here are South Florida’s biggest multifamily sales of 2022

From left: Harbor Group International’s T. Richard Litton Jr and Jordan Slone, and Hines Global Income Trust’s Jeffrey Hines with 100 Northwest Sixth Street and 237 South Dixie Highway: South Florida kicked off 2022 in high gear with the biggest multifamily deal ever on record. Since late 2020, the region experienced a market high, with the influx of out-of-state…

Ground leases are different

People may lease office, retail or commercial space annually or over a multi-year period. They often have a landlord to fix things and handle maintenance. Ground leases are an entirely different arrangement. They are typically 50 to 99 years. During that time, the tenant will develop the property by erecting a commercial building, making improvements to…

Trez Capital Restructures Florida Operations, Plans to Open New Office in Metro Miami

Trez Capital has restructured its Florida operations by closing its Palm Beach office with plans to open a new office in metro Miami under new regional leadership. The firm is ending its current joint venture partnership in the South Florida market as part of the restructuring. Under the continued direction of Trez Capital’s global head of origination, John Hutchinson…

Related Group, Related Companies Both Reportedly Interested In Resorts World Miami Property

Both Related Group and Related Companies are interested in Genting’s Resorts World Miami, according to the WSJ. Related Group was founded by Jorge Perez, while Related Companies was founded by Miami Dolphins owner Stephen Ross. The two were formerly development partners in Miami for over 40 years, but recently agreed to split. “We’re always interested in prime…”

One Brickell City Centre: Expected Demolition Date Revealed

New details about One Brickell City Centre have been revealed, including an expected demolition date, according to the SFBJ. There is said to be “great momentum” in leasing of office space at the tower. Detailed plans for the project have now been filed with the city, the developer said. Demolition at the site “should begin” in the late first quarter, a Related Companies…

First Glass Installed At Caoba Miami Worldcenter’s 40-Story Second Tower

The first glass has been installed at Caoba Miami Worldcenter’s second tower, according to a photo by Kyle Merville. The second tower now under construction will rise 40 stories and have 411 residential units. It will share an 888-space parking garage that was completed in 2019 with Caoba’s first 43-story tower. When the second tower is complete, Caoba’s two towers will have…

The Standard Residences In Midtown Miami Files For Construction Permit

The Standard Residences in Midtown Miami has applied for a construction permit. Miami Building Department records show that the permit was applied for on December 6, with the full plans filed on December 14. Cavossa Management is listed as the contractor on the permit, which is already in review. According to the permit, 228 living units are planned, along with 11,000 sf…

Biggest South Florida real estate news of 2022

South Florida real estate continued to dominate headlines in 2022. The pandemic-charged housing market frenzy slowed dramatically as a result of soaring mortgage rates, inflation and other economic pressures. After nearly two years of nonstop sales and rent hikes, renters and buyers were pushed to their limits, and the housing crisis worsened with affordability reaching…

100-story glass boxes with Waldorf Astoria are advancing

Construction work on the unique skyscraper that will be home to the new Waldorf Astoria Hotel & Residences Miami is moving full speed ahead, reports the development partnership bringing the mixed-use project to the waterfront. The planned 100-story assemblage of glass boxes in downtown Miami is the product of a partnership between New York and Miami-based developer PMG…

First vertical North Miami housing in decades ready to go

A new mixed-use project, Residences at NoMi, is expected to break ground in the first quarter of 2023 after receiving long-awaited funding from the North Miami Community Redevelopment Agency. Residences at NoMi, approved by the North Miami City Council in March 2019, was awarded an $8 million infrastructure grant from the North Miami CRA at its Dec. 13 meeting.

Miami Beach seeks vision for cultural center at Byron Carlyle

Miami Beach is seeking letters of interest from artistic and cultural organizations and facility operators to gauge what visions they could have for the development of a Byron Carlyle cultural center in North Miami Beach. Miami Beach Commissioner Alex Fernandez asked the administration to request letters of interest to better understand “how would they envision the use…

Jimmy Morales: Cites infrastructure gaps as businesses flood into county

When Miami-Dade Mayor Daniella Levine Cava offered Jimmy Morales the job of chief operations officer, he knew her vision would match his own, he recalls. The county’s need for resiliency infrastructure due to its own economic growth is a top priority, and he hopes to complete several transportation, sewer and water, housing and environmental infrastructure projects.

Why An Inspector Should Be Your Next Construction Project Manager

The construction management field is booming. The Bureau of Labor and Statistics predicted an eleven percent growth in this job market over the next 10 years. With economic growth comes more commercial construction and the need for a construction project manager to keep everything on-track. Construction project managers are key to completing a project in the most…

70-Story Ora By Casa Tua Tower Announced For Brickell

Plans have just been announced for a 70-story tower in Brickell called Ora. Developer Edgardo DeFortuna told The Real Deal that the project will have around 460 residential units. The tower will be built at at 1210 Brickell Avenue by developer Fortune International Group, with multiple restaurants, a market, and rooftop lounge by Casa Tua. Short term rentals will be allowed.

Miami Worldcenter Retail 75% Leased: New Tenants Announced

Multiple new retail tenants have just signed on at Miami Worldcenter, bringing the retail space to 75% leased. Club Studio, Earls Kitchen + Bar, and Luli Fama Join Dynamic Shopping and Dining Options at Miami Worldcenter. Expected to open in 2023/2024, the three national retail and restaurant concepts will become the newest tenants at the $4 billion, 27-acre mixed-use…

WNWD21 Breaks Ground In Wynwood, 304 Luxury Rental Apartments Planned

Leading developer Related Group, in partnership with private equity firm, Rockpoint, today broke ground on WNWD21, a new luxury mixed-use tower consisting of 304 apartments, more than 18,000 square feet of retail, and 63,000 square feet of office space. Located in the heart of the Wynwood neighborhood, at the intersection of 22nd and North Miami Avenue, the project…

40-Story Downtown Miami Tower Breaks Ground, Will Include 448 Condos

Construction is now officially under at downtown Miami’s 501 First. A groundbreaking ceremony was held on December 13, according to a social media post by Oneworld Properties, which handled sales at the development. The 40-story tower is unusual in that it is being built without a parking garage. All 448 condos were sold out as of last year. Aria Development Group and Aqarat…

The Fed: How Well Does the Beige Book Reflect Economic Trends?

The Federal Reserve’s Beige Book is released before each of the eight regularly scheduled Federal Open Market Committee meetings per year. The idea is that the report—which emphasizes anecdotal and qualitative information—will provide a timely assessment of economic conditions before the official statistics are released, as noted in a June 2022 Economic Synopses essay.

Vlad Doronin’s 830 Brickell signs law firm for record 115K sf lease

Vlad Doronin’s OKO Group and Jonathan Goldstein’s Cain International scored their biggest lease at the 830 Brickell tower. Law firm Kirkland & Ellis took 115,000 square feet on six floors at the office high-rise, which is still under construction, according to a news release from the developers. The firm, which has no headquarters, was founded in…

Turnberry turns to Wynwood, plans mixed-use hotel project

Turnberry Associates is planning a mixed-use hotel project in Wynwood on a site it acquired from the Bacardi family, The Real Deal has learned. Aventura-based Turnberry, led by Jackie Soffer, paid $13.1 million for the properties at 127 and 135 Northwest 24th Street and 128 and 138 Northwest 25th Street, Vizzda data and records show. One of Soffer’s brothers, Rock…

Jarden co-founder Martin Franklin nabs stake in Casa Tua

British-American businessman Martin Franklin bought a large minority stake in the hospitality firm Casa Tua as it expands, The Real Deal has learned. Franklin approached owners Miky and Leti Grendene about buying a stake in the company, Miky Grendene said. Franklin, a Miami-based executive, co-founded Jarden Corp., which was sold to Newell Brands in 2016, and he leads…

South Florida’s biggest hotel sales of 2022

It was a good year to be in the hospitality business in South Florida. After a pandemic-induced nosedive in travel, visitors returned to the region in 2022 in a big way. Tourism jumped 15.3 percent compared to last year, according to Visit Florida. The Greater Miami Visitors Convention & Bureau reported that as of October, Miami-Dade’s year-to-date occupancy rate was 72.2 percent…

Lease roundup: Deco Capital Nabs Pretium Partners as tenant

Investment management firm Pretium Partners will open an office at the Eighteen Sunset office project under construction in Miami Beach. New York-based Pretium, with more than $50 billion of assets under management, leased 11,600 square feet on the fourth floor at 1769 Purdy Avenue, according to a news release from the Miami Beach Economic Development…

Berkadia Secures $36.2M Acquisition Loan for Miami Office Building

Berkadia has arranged a $36.2 million loan for the acquisition of Cube WYNWD, an office building in the Wynwood neighborhood of Miami. Located at 230 NW 24th Street, the building comprises 90,000 square feet of office space and 10,000 square feet of retail space. Scott Wadler of Berkadia secured the financing on behalf of the borrower, a joint venture between San Francisco-based…

Here are South Florida’s biggest industrial leases of 2022

Bigger is better when it comes to South Florida industrial leases. Across Miami-Dade, Palm Beach and Broward counties, major retailers and shipping services like Target and FedEx leased 2.8 million square feet of industrial space in the largest leases of 2022, far outstripping last year’s total of 2.2 million square feet. Amazon was notably absent from this year…

Westpine bets on Brickell rentals for first project

Westpine Partners, a newly formed development firm targeting top U.S. markets, picked Miami’s Brickell for its first project. Westpine wants to build a 43-story tower with 328 apartments at 160 and 180 Southwest Ninth Street, according to an application filed to Miami-Dade County last week. Plans call for the Behar Font & Partners-designed high-rise…

Menesse JV proposes 39-story Brickell rental tower

Menesse International is upping the ante on its Brickell bet. The development group filed a proposal for a 39-story tower with 400 apartments at 143 Southwest Ninth Street. It’s a larger project than it had planned five months ago. Menesse International is a joint venture that combines a pair of Mexico-based developers that have largely focused on the Latin American…

Fortune plans 70-story Casa Tua condo tower in Brickell

Fortune International Group is planning a luxury Casa Tua condo tower in Miami’s Brickell neighborhood that will allow short-term rentals, The Real Deal has learned. Ora by Casa Tua, a 70-story, roughly 460-unit development, is planned for the site at 1210 Brickell Avenue, Fortune CEO Edgardo Defortuna said…

Brightline Launches Ultra-Fast Service To Aventura & Boca Raton Next Week

Brightline has announced an official launch date and other details for service to Aventura and Boca Raton. Tickets are now on sale, with service to both new stations beginning December 21 The train ride between downtown Miami’s MiamiCentral and Aventura will be especially fast at just 17 minutes, according to the newly released schedule. By contrast, a mid-day trip…

Study: Miami Was The Hottest U.S. Rental Market In 2022

Miami “was by far the hottest rental market in the U.S” in 2022, according to a new study by RentCafe. The analysis showed that 97.5% of units in Miami-Dade County were occupied  – the highest of all major markets. The lease renewal rate in the county was also exceptionally high at 75%. When apartments did become available, there were 32 prospective tenants for each unit…

Demolition Soon To Make Way For 57-Story Casa Bella, Sales Center Relocates

The sales gallery for Casa Bella by B&B Italia has relocated to make way for demolition and construction of the 57-story tower. The old sales gallery is now vacant and will be torn down, according to Olga Monson, Casa Bella’s Director of Sales. Other businesses in the massive 1400 Biscayne office and retail complex have also relocated to make way for demolition…

65-Story E11EVEN Residences Beyond Enters Construction Permitting

Construction permitting is now underway for a second 65-story E11EVEN tower in Park West, according to Miami Building Department records. Demolition at the site took place in October. Construction on the first 65-story tower, known as E11EVEN Hotel & Residences, is already underway. A construction permit for the second tower known as E11EVEN Residences…

Chetrit Group to Build 4 MSF Waterfront Development in Miami

The Chetrit Group, a privately held New York City-based developer, plans to develop The River District, a 4 million-square-foot mixed-use destination in Miami. The project will span more than six acres along the Miami River waterfront. Total development costs will exceed $1 billion, according to Bloomberg. The Chetrit Group previously secured a $310 million loan from Madison Realty…

Video: National Retail Federation VP of Research Mark Matthews Provided Retail Sales Updates & Forecast

Mark Mathews with the National Retail Federation, the world’s largest retail trade association, joins America’s Commercial Real Estate Show to discuss how retailers are doing and expectations for retail sales activity going forward, which of course has implications for retail property investors. Discussions include holiday sales forecast, online sales vs in-store, and categories of retail…

SHVO Gets Approval to Renovate Landmark Miami Beach Office

Rendering of 407 Lincoln Road redevelopment. Image courtesy of SHVO SHVO has secured the unanimous approval of the Miami Beach Historic Preservation Board for the revitalization of 407 Lincoln Road in Miami Beach, Fla., into a Class A luxury office property, the development and investment firm announced on Wednesday, Dec 14. SHVO’s plans to revamp the 13-story…

Pompano approves affordable housing project next to homeless center

A non-profit group won approval to develop as many as 138 income-restricted apartments behind a homeless assistance center in an industrial part of Pompano Beach. The Broward Partnership for the Homeless plans to build the apartments in a joint venture with Green Mills LLC, a Fort Lauderdale-based developer of affordable and workforce housing.

Juiciest South Florida real estate lawsuits of 2022

Pay up! Pay up! Pay up! That was a recurring theme for prominent South Florida real estate players feeling the sting of the judicial system in 2022. During the past year, Miami-Dade Circuit Court judges in separate cases slapped developers Armando Codina and Don Peebles, as well as hoteliers Nakash brothers, with hefty judgments and sanctions totaling more than…

Brickell Megaproject Announced: The River District To Have 4 Towers, Partnership With Groot Hospitality

New York developer Chetrit Group has just announced plans for a Brickell megaproject called The River District. Four towers are planned with condos, office space and rentals. Construction is already underway on the first. David Grutman of Groot Hospitality is partnering to provide restaurant and nightlife venues. A riverwalk and marina is also being built. The project website…

Jungle Island Owner Files Plans For Themed 300-Room Hotel

The owner of Jungle Island has filed plans for a themed hotel. The hotel is planned to rise 12 stories and include 300 rooms. A 7-story parking garage with 965 spaces will also be built. An outdated parking garage will be demolished to make way for the new development. The original Jungle Island ballroom and conference facilities will be modernized and integrated into…

Developer Unveils Plans To Build Civica With 342 Residential Units

Plans for Civica are being switched from office to residential. According to the newly revised plans, Civica will now rise 27 stories and include: 342 residential units amenities commercial and office 590 parking spaces in an 8 level garage (a minimum of 389 spaces are required by zoning) The number of floors is increasing from the 22 stories previously planned, but the height…

One Brickell City Centre – New Rendering Shows Helicopter

The developers of the One Brickell City Centre supertall have released a new rendering showing what appears to be a helicopter coming in for a landing. The rendering was first spotted by Ryan RC Rea at the project site. Developers Swire Properties and Related Companies plan to begin demolition at the property in early 2023, followed by foundation work. Related founder…

WeWork Miami Occupancy Hits 97% – Top Worldwide

Miami is the top performing market for WeWork worldwide when it comes to office occupancy, according to a new report from CoStar. WeWork’s offices in Miami were 97% occupied in the second quarter – far above New York (68%), San Francisco (75%), and Boston (57%). Other coworking operators are seeing similar results in Miami, and are looking to expand. The report…

Phased Construction Permit Issued At Wynwood Diamedix

A phased construction permit has been issued for Wynwood Diamedix, Miami Building Department records show. The project is also known as PRH N. Miami. It includes two 12-story buildings across the street from each other on east and west parcels. The phased permit on one parcel was issued on November 18. Across the street, another phased permit for the second parcel…

Revealed: 43-Story Westpine Proposed In Brickell

Plans for a 43-story residential tower called Westpine have just been filed in Brickell. Westpine is planned to top off at 474 feet above ground and include: 328 residential units approximately 1,155 square feet of ground-floor retail space 357 parking spaces A letter from the developer’s representative states: Consistent with the County’s vision for developments within the RTZ…

Rents are now rising at the slowest pace in 19 months

Rents for both single-family homes and apartments are still rising, but at a far slower pace, as inflation squeezes consumers and landlords lose pricing power. Rent growth in November slowed for the 10th straight month, with rents up just 3.4% compared with November 2021, according to Realtor.com. That is the smallest gain in 19 months. In the 50 largest metropolitan markets…

First Financial drops $29M for Miramar gas station, convenience store

A Los Angeles-based investment firm paid a high-octane premium for a gas station and convenience store in Broward County. An affiliate of First Financial Capital bought the Mobil at 16961 Miramar Parkway in Miramar for $28.8 million, according to Vizzda and records. The buyer obtained a $20.1 million mortgage from Bank of Hope, also based in Los Angeles. The seller…

Kushner, Aimco sell piece of Fort Lauderdale assemblage

Kushner Companies and Aimco sold a piece of their three-lot development assemblage near downtown Fort Lauderdale’s Brightline station. Woodfield Development paid $18.3 million for the 0.8-acre site at 520 West Broward Boulevard, with plans to build a 41-story multifamily tower, according to records. The buyer took out a $9.1 million loan tied to the property…

Todd Nepola pays $24M for Lauderdale Lakes shopping centers

Todd Nepola’s Current Capital Management picked up a pair of adjacent shopping centers in Lauderdale Lakes, beefing up its Broward County retail portfolio. An affiliate of Hollywood-based Current Capital paid $23.7 million for Oakland Shopping Center at 4101-4397 North State Road Seven, and Lakes Medical Center at 4455-4485 North State Road Seven, according…

Developer wins approval for 13-story Embassy Suites hotel in Dania Beach

A Doral-based developer won approval in Dania Beach for a 222-room Embassy Suites by Hilton hotel on Federal Highway. Benito Irastorza, CEO of Iras Group, is the manager of an LLC that acquired the hotel development site in August 2016 for $3.1 million, according to state and county records. Irastorza plans to build a 13-story hotel on the 1.2-acre site, just south…

Merit Hill Capital picks up another Broward self-storage property

Merit Hill CEO Elizabeth Schlesinger and the Pines West Storage Center at 400 Northwest 172nd Avenue in Pembroke Pines (Merit Hill, Google Maps, Getty) South Florida is going through a mini-surge of self-storage deals, with Merit Hill Capital picking up its second Broward facility in less than a month. An affiliate of Brooklyn-based Merit Hill paid $17 million for Pines…

Trinsic scores $92M refi for Aura Boca apartment building

Trinsic Residential Group landed a $92 million refinancing for its Boca Raton multifamily project. MetLife Investment Management provided the fixed rate loan for Aura Boca, an eight-story building with 322 units at 789 West Yamato Road, a press release states. Steven Kohn and Alex Hernandez with Cushman & Wakefield arranged the financing. An affiliate of Dallas-based Trinsic paid…

Wanxiang’s real estate arm sells Bristol condo in West Palm for $12M

Wanxiang America Real Estate sold a condo in West Palm Beach’s Bristol tower for $12 million, setting a price-per-square-foot record in the building. Records show Wanxiang USA Holdings Corporation sold unit 1403 at the condominium at 1100 South Flagler Drive to Jason Horowitz as trustee of the LATOSUD Trust. The selling entity is an affiliate of Wanxiang America Real Estate…

Palm Beach Gardens Office Building Changes Hands

A joint venture between Alchemy-ABR Investment Partners and Breakers Capital Partners has sold 4200-4400 Northcorp Parkway, a Class A office property in Palm Beach Gardens, Fla. ABS National Business Parks acquired the asset for $38 million, in an off-market deal. According to CommercialEdge data, the 115,000-square-foot property previously traded in 2016 for $30.1M…

PrivCap sells assisted living facilities in Margate, Davie

PPrivCap Companies sold a pair of assisted living facilities in Broward County for a combined $12.7 million. The Boca Raton-based investment firm sold the properties at 6810 Southwest Seventh Street in Margate and at 4681 Southwest 66th Avenue in Davie to entities led by Zalman Skoblo and Zvi Jacobowitz of Brooklyn, according to records.

Deerfield Beach voters to decide on Hensel Phelps’ mixed-use development

Voters will decide in a referendum if Deerfield Beach can sell city land for a mixed-use development with an office building, hotel, retail stores, restaurants, and income-restricted apartments. A development team led by construction company Hensel Phelps offered to pay $6.5 million to the city…

Chetrit revives $1B Miami River megaproject

The Chetrit Group is resuscitating plans for its $1 billion megaproject along the Miami River, and is tapping hospitality mogul David Grutman to run the food and beverage operations. New York-based Chetrit secured approval in 2015 for the 4 million-square-foot phased project, planned for a 6.2-acre site south of the river between I-95 and Southwest Second…

Caroline Weiss beats daughter in suit over Blue Lagoon dev site

After eight years, Caroline Weiss won a legal civil war with her daughter, who contested her mother’s ownership of a prime development site in Miami’s Blue Lagoon neighborhood. Following a non-jury trial nine months ago, Miami-Dade Circuit Court Judge Migna Sanchez-Llorens on Monday ruled in Weiss’ favor. The judge determined that her eldest child…

Adam America, Stellar plan apartments in Ojus

Stellar Communities and Adam America Real Estate are planning a 223-unit apartment project in Ojus, marking the partnership’s second wager on the neighborhood. The developers want to build a 12-story building on 2 acres between Northeast 192nd and 193rd streets, near West Dixie Highway, according to a proposal filed to Miami-Dade County…

Miami Beach board approves Galbut hotel, Shvo office project

A trio of major projects scored key approvals from the Miami Beach Preservation Board on Tuesday. Russell Galbut can move ahead with the redevelopment of an apartment complex into a hotel in the city’s South of Fifth neighborhood. Michael Shvo can charge forward with his reimagining of the office clock tower on Lincoln Road. And Witkoff and…

Location Ventures closes on $36M Coral Gables development site

Rishi Kapoor closed on a $35.6 million Coral Gables development site, after securing city approval to build a 16-story mixed-use condominium project. Kapoor’s Location Ventures bought 1.6 acres on the southeast corner of Ponce De Leon Boulevard and Menores Avenue from the Hollo family’s Florida East Coast Realty, according to records.

FTX eyed high-end office space in Miami before bankruptcy

If FTX didn’t collapse, a handful of the crypto exchange’s executives would be working out of a posh office building in the heart of Miami’s financial district. The now-bankrupt FTX was set to move into a 35-story, high-end tower at 1450 Brickell Avenue in Miami’s financial district, according to people familiar with the matter, who asked not to be named. The new office space would…

Related-party transactions: Where do Ross and Pérez go from here?

Steve Ross mentioned it almost in passing. After more than 40 years together, his Related Companies and Jorge Pérez’s Related Group had recently “just kind of split,” he said during an industry talk in Miami last week. Ross didn’t state his partner’s name, but he was referring to Related Group. The separation, which Ross and Pérez said was “very amicable…”

Miami Worldcenter Delivers 80,000 SF ‘Jewel Box” Retail

The developers of Miami Worldcenter have completed another 80,000 square feet of lifestyle-driven retail space. The stand-alone building, known as Block F-East, marks one of the final retail components of the 27-acre project to be delivered as active vertical development continues at the $4 billion mixed-use development in the heart of Downtown Miami. Featuring…

Brick & Timber closes on $62M purchase of Cube Wynwd

Brick & Timber Collective closed on its third building in Miami’s Wynwood neighborhood. Brick & Timber paid $62 million for Cube Wynwd, an office property at 222 Northwest 24th Street, according to sources. The sellers, Ben Mandell’s Tricera Capital and Alex Karakhanian’s Lndmrk Development, kept a roughly 20 percent stake in the building, sources…

Judge approves foreclosure of Chetrit’s Tides hotel in Miami Beach

Chetrit Group is on the hook for more than $82 million, after a judge ruled in favor of its lender’s foreclosure of the shuttered Tides South Beach hotel at 1220 Ocean Drive. The ruling is the latest in the case pitting an affiliate of Safe Harbor Equity against New York-based Chetrit. Safe Harbor Equity sued CG Tides and other Chetrit entities, as well as Meyer Chetrit…

Residential rental demand in Miami stays hot

Overall, the Miami residential rental market remains very hot and housing is still in high demand, according to local real estate experts. Inventory levels are continuing to remain low because Miami-Dade is a beneficiary of both domestic and foreign immigration, said Carlos… “We have our own little kind of micro-economy…”

First Glass Installed At 648-Foot Miami River Tower

The ellipse shape of the 54-story, 648-foot Miami River tower can now clearly be seen, and glass is being installed, new photos by Phillip Pessar show. The Kobi Karp-designed building will become the westernmost tower in Miami to surpass the 600-foot mark. The phase currently under construction will include 632 apartments, retail space, and a public riverfront…

Miami Worldcenter advances on several fronts

Miami Worldcenter, one of the largest private urban real estate developments in Florida at the heart of downtown Miami, is advancing on several phases for its 27 acres of office space, retail, residential and hotel, with the addition of a new site and the completion of its 80,000-square-foot retail building. Miami Worldcenter – a $4 billion mixed-use project, developed by Miami…

As inflation rise slows, investment questions remain

In the smallest 12-month rise since last December, the Consumer Price Index report issued Tuesday slowed to a 7.1% increase through November, from 7.7% in October and 8.2% in September, but the Federal Reserve increased interest rates by 75 basis points in November for the fourth time in a row, making goods and property less affordable. According to the…

Evolve doubles down on apartment development in Wynwood Norte

Evolve Companies is doubling down on Miami’s Wynwood Norte district. The company wants to build an 11-story building with 105 apartments at 475 Northwest 36th Street, just a block north of its other rental project in the pipeline, John McDonald, Evolve’s development manager, told The Real Deal via email. Evolve recently…

Sale-leaseback: Stockbridge picks up John Deere site in Miami-Dade for $20M

In a sale-leaseback deal, Stockbridge Capital Group picked up a John Deere dealership in northwest Miami-Dade County. The purchase pumps up its South Florida industrial portfolio for the second time in a two-month span. An affiliate of San Francisco-based Stockbridge paid $20.1 million for the 5.6-acre property at 4343 Northwest 77th Avenue, according to…

Lease roundup: Aldi to open near MIA; more…

German supermarket chain Aldi will open a store at the Midway Crossings shopping plaza near Miami International Airport. Aldi has a 20-year ground lease for the property at 7797 West Flagler Street in an unincorporated area of Miami-Dade County, where the supermarket chain is building a nearly 20,000-square-foot store… West Palm Beach-based Sterling Organization…

Miami Beach board to vote on Shvo’s office project and Witkoff’s Shore Club

A pair of major redevelopment projects in Miami Beach are up for consideration by the city’s Historic Preservation Board next week. Michael Shvo, who is developing three office projects in Miami Beach, is seeking approval to redevelop the iconic clock office tower at 407 Lincoln Road. And a partnership between…

Terra, Shoma partner on rentals in Miami-Dade’s Fontainebleau

Terra and Shoma Group propose an apartment complex in the Fontainebleau neighborhood west of Miami International Airport. The duo submitted plans for a 375-unit garden-style community on 17 acres that the developers own on the southwest corner of Northwest 87th Avenue and the Dolphin Expressway, according to an application filed to Miami-Dade County last week.

CGI Merchant allegedly owes vendors more than $200K: lawsuits

CGI Merchant Group was hit with four lawsuits over a six-month period, alleging non-payment of nearly $210,000 in bills for property management, security and other services. JLL, The Water Restoration Group, Cintas Corporation and Security Management Innovations are separately suing the Miami-based real estate investment firm and its affiliates in Miami-Dade…

Video: Kendall Capital CEO Clark Kendall Discusses Investing Climate Given Rising Rates & Inflation

Clark Kendall, President and CEO of Kendall Capital, which refers to itself a wealth management firm providing investment and financial planning services for middle-class millionaires, joins America’s Commercial Real Estate Show host Michael Bull to provide some perspective on the current market as well as strategies for investors. He begins by defining where…

Affordable Housing Community Opens in Liberty City

Miami-Dade County, the City of Miami, the Florida Housing Finance Corporation, Citi Community Capital and Wells Fargo, have completed Residences at Dr. King Boulevard, a 120-unit affordable housing community in Miami. An opening ceremony is scheduled for December 12th. Residences at Dr. King Boulevard will serve households…

FAA Approves 888 Brickell Supertall

Another Brickell supertall has just been approved by the Federal Aviation Administration. 888 Brickell will be permitted to rise to a supertall height of 1,042 feet above ground level, or 1,049 feet above sea level, according to a letter issued by the agency. Approval by the FAA was granted on December 9 after around 8 months of review. The application was filed on March 31.

Miami Multifamily Report October 2022: South Florida cools to sustainable growth rate

Miami rent evolution, click to enlarge Following an exceptional performance in 2021, South Florida’s multifamily market cooled to a more sustainable pace of growth. Overall rents grew 0.4 percent on a trailing three-month basis through August—20 basis points behind the U.S. rate—to $2,344. Year-over-year among large U.S. metros, only Orlando (16.9 percent) posted…

Investor alleges Chetrit cut it out of Hollywood Beach deal

An investor alleges New York megadeveloper Joseph Chetrit and a Miami attorney conspired to cut it out of a lucrative deal to redevelop the Hollywood Beach Resort. Miami-based private equity real estate firm EquiShares, led by CEO Matt Press, alleges it brought Chetrit and his firm Chetrit Group into a deal to form a partnership that would redevelop the oceanfront condo…

Robot Concierges, Yacht Drop-Off And Mark Wahlberg: How Miami Hotels Are Competing For ‘Bleisure’ Travelers

As Miami’s business community has experienced explosive growth, so has business travel to the city, and to ensure new visitors take home a memorable experience from the Magic City, hoteliers are continuing to try to outdo each other on amenities and offerings.Part of why, hotel industry insiders said last week at Bisnow’s State of Florida and Caribbean Hotels event…

Altman scores $75M construction loan for Kendall multifamily project

Altman Companies expects to break ground soon on a Kendall multifamily project after securing the land and a $75 million construction loan. The Fort Lauderdale-based development firm, led by co-CEOs Joel Altman and Seth Wise, paid $14.3 million for a nearly 12-acre vacant tract at 9501 Southwest 137th Avenue, according to Vizzda and records.

Moishe Mana scores $275M credit line for Wynwood portfolio

Moishe Mana secured a $275 million line of credit for a portion of his Wynwood portfolio, which could be a sign that he plans to redevelop the properties. A Mana affiliate borrowed $58.2 million from the credit line, records show. Centennial Bank is the lender. It’s collateralized by the properties surrounding his Mana Wynwood Convention Center, but the loan…

Video: Billionaire breakup: Related moguls split up

The partnership between two of the country’s megadevelopers, Jorge Pérez and Steve Ross, has come to an end. Ross, whose New York-based Related Companies has been expanding in South Florida, dropped a bombshell this week about the split with Pérez’s Related Group. The Real Deal‘s Katherine Kallergis, who broke the news of the split, spoke with Hiten Samtani…

URBIN Miami Beach Breaks Ground, With All 69 Units Sold Out

Location Ventures – the Miami-based, integrated real estate firm that delivers thoughtfully-designed and fully-connected real estate projects – announced today the groundbreaking of URBIN Miami Beach. The milestone marks construction commencement for the first-to-market, mixed-use brand that unites design-forward residences for short- or long-term rental with…

Miami-Dade Leaders Are on Their Knees Begging Elon Musk to Move Twitter to Miami

Ever since Twitter boss Elon Musk publicly aired his frustration with the company’s current home of San Francisco, Miami-Dade leaders have begun to collectively roll out the red carpet for the tech giant. Last week, a few hours after Musk fumed on Twitter about an investigation by San Francisco’s building department into the company converting space at its headquarters…

Sale Of Miami Gardens Distribution Center Negotiated

SATCO Lighting built the facility at 900 Northwest 159th Drive within Sunshine State Industrial Park for its own use in 1976. After leasing space in the area to accommodate overflow, the company needed a long-term solution and greater storage capacity. Fortunately, EastGroup Properties was constructing Gateway Commerce Park within very close proximity.

Crystal Cruises Inks 15K-SQ Lease for HQ in Aventura

Crystal Cruises signed a 15,206-square-foot lease at the Optima Office Campus in Aventura, Fla., according to the company’s brokers. Crystal Cruises’ new office, located on the 15th floor of the 28-story Optima Onyx Tower, will house the company’s headquarters. While the company builds out the space, it will be based elsewhere in the Optima campus.

This Week’s South Florida Deal Sheet

An Ohio multifamily investor has acquired two apartment complexes totaling 371 units in Miramar for $138M, The Real Deal reports. The Connor Group bought the properties, which sit on 28 acres, from North Carolina-based Bell Partners, assuming a $54M loan in the transaction. The financing was raised to $87M for the properties — the Grand Riviera Miramar…

Florida Developers Are Holding Off on Big Projects as Insurance Costs Surge

David Lynd, a San Antonio-based developer of large-scale apartment buildings, had been expanding his business in South Florida. But recently, he decided to put one of his new projects on hold. There’s no problem with demand. People in tech, finance and other businesses are pouring into the area, looking for a home to rent. It is the cost of insurance for commercial…

CitizenM to open three hotels next year, including at Miami Worldcenter

The brand’s second hotel in Miami will open at the Worldcenter, following the opening of citizenM Miami Brickell in July of this year. Surrounded by a mix of retail, hospitality and entertainment spaces, citizenM Miami Worldcenter is centrally placed within the business and financial hub of the city. The building will feature a series of sculptures placed across the facade…

Mainstreet wins approval for 30-story rental tower in Flagler Village

Mainstreet Capital Partners’ proposed 30-story apartment development  near downtown Fort Lauderdale won approval despite some design features that deviate from city standards. Fort Lauderdale-based Mainstreet is planning the 270-unit multifamily project, called Flagler Sky View. It will be in the Flagler Village area just north of downtown Fort Lauderdale…

NuRock advances affordable housing development in Hollywood

NuRock Companies is moving forward with its proposed affordable housing development in Hollywood with 134 apartments for low-income tenants. The Hollywood City Commission voted Wednesday to lend $640,000 to NuRock in support of the developer’s application to Florida Housing Finance Corporation for federal low-income housing tax credits…

Connor drops $138M for pair of Miramar rental complexes

Prolific multifamily investor The Connor Group now has its own slice of South Florida’s booming rental market. Dayton, Ohio-based Connor paid $138 million in two deals for a pair of adjacent apartment complexes at 11900 Southwest 31st Court and 3040 Southwest 119th Avenue, according to records and real estate database Vizzda. Greensboro…

GL Homes pays $35M for lots at Avenir in Palm Beach Gardens

GL Homes paid $35.3 million for land at the massive Avenir in Palm Beach Gardens. The Sunrise-based firm scooped up 337 home lots roughly at the northwest corner of Avenir Drive and Coconut Boulevard, according to records. The seller is the community’s master developer, Avenir Development, which ties to Coral Gables-based family-owned firm Landstar…

Cardone’s Lake Worth workforce housing complex found overcharging tenants

A Lake Worth apartment complex owned by Grant Cardone that is Palm Beach County’s largest supplier of workforce housing was found to have overcharged tenants for years. Wellington Club, the Cardone Capital-owned apartments at 9855 Herons Nest Court, left workforce units vacant and overcharged eligible tenants, according to an investigation by the…

Capital Square buys Parkland apartments for $155M

The Bell Parkland apartment complex at 5851 Holmberg Road in Parkland: Bell Partners sold an apartment complex in Parkland for $155 million, marking the third time this month that the firm has cashed out of a Broward County multifamily property. Capital Square, a firm focused on tax-beneficial investments such as 1031 exchange…

Square Mile Originates $185M Refi for Miami Asset

Bezel Miami. Image courtesy of Square Mile Capital Management Square Mile Capital Management has originated $185 million in refinancing for Bezel Miami, a 43-story, Class A multifamily community in Miami, within the $4 billion mixed-use development Miami Worldcenter. ZOM Living is the owner of the asset, which came online at the end of last year, with Stantec…

Moishe Mana Nabs $275M Credit Line for Wynwood Assemblage

Real estate investor Moishe Mana scored $275 million in financing for his Wynwood portfolio, property records show. The financing from Centennial Commercial Finance Group provided Mana a $275 million line of credit — of which he’s drawn down an initial $58 million loan, according to mortgage documents. The portfolio spans 17 low-rise properties in the southwest section…

Miami Worldcenter Associates, CIM Deliver 80,000 SF Retail Building, Future Home of Bowlero and Sports & Social

Miami Worldcenter Associates and partner CIM Group have delivered Block F-East, an 80,000-square-foot “jewel box” retail building within the $4 billion Miami Worldcenter campus in downtown Miami. The standalone, glass-encased building marks one of the last retail components to be delivered as part of the 27-acre mixed-use development. The building, which will be…

Retail investors pay $57M for Doral shopping center

Miami-based retail investors Domenico Albano and Americo D’Agostini paid $57 million for Doral shopping center anchored by a Navarro Discount Pharmacy store. Sofi Retails, a real estate investment firm managed by Albano and D’Agostini, acquired Doral Shops, a two-story retail plaza at 11402 Northwest 41st Street, according to a press release. Albano and D’Agostino…

$57M Sale of Doral Shops Brokered

Built in 2002 on nearly six acres, the shopping center was 99 percent leased at the time of sale to Navarro Discount Pharmacy, as well as 12 restaurants and several service-oriented tenants on the ground floor. The second floor of Doral Shops, which spans roughly 40,000 square feet, houses service retailers and some offices. Scott Sandelin and Edward Romo of…

Fortis CEO launches own firm, Landau Properties, plans Bay Harbor project

Jonathan Landau has stepped down as CEO of the luxury property developer Fortis Property Group to start his own firm. The former chief executive is launching Landau Properties, a new real estate venture that will look to acquire and operate properties in New York, South Florida and Boston. Landau will be joined by daughter Yaeli and son-in-law DC Lowinger. “I’ve always…”

Billionaire Stephen Ross confirms split with Pérez as both firms expand in South Florida

Billionaire developer Stephen Ross was ahead of the curve when he first invested in South Florida real estate in 1979 with his partner, Jorge Pérez. But more recently, Ross, chairman of New York-based Related Companies, and Pérez, chairman of Miami-based Related Group, have gone their separate ways. Without naming the firm, Ross said at a ULI event in Miami…

Z Capital slapped with $16M verdict in Carillon Miami Beach lawsuit

Z Capital Group was hit with a $16.3 million verdict for overcharging assessments to condo owners at the Carillon Miami Wellness Resort. A jury on Tuesday determined that for the past seven years James Zenni Jr.’s Z Capital levied inflated dues to unit owners at the oceanfront Miami Beach condo-hotel for the spa, hotel and electricity, according to the verdict…

Moinian nabs $185M refi for Miami Worldcenter apartment tower

The Moinian Group refinanced its Miami Worldcenter multifamily skyscraper with a $185 million loan. New York-based Square Mile Capital Management provided the mortgage for Bezel Miami, a 43-story tower with 434 apartments at 650 Northeast Second Avenue in Miami, according to records. Drew Fletcher with Greystone and Robert Kaplan with Cushman…

Miami-Dade dev flurry: BH eyes Ojus rentals, Prologis bets on Beacon Lakes expansion

Developers in Miami-Dade County are betting on two asset classes that remain in high demand despite broad economic shifts: multifamily and industrial. The latest proposals filed to the county show that developers are planning apartments, including affordable units. Also, industrial giant Prologis wants to add more space at its already massive Beacon Lakes business…

Mortgage applications decline even as rates fall again

Mortgage applications continued their downward swing last week, but lower rates are sparking activity in the refinancing market. Applications declined 1.9 percent from a week earlier, the Mortgage Bankers Association revealed on Wednesday. The decline for the week ending Dec. 2 came even as mortgage rates continued to slip, down 73 basis points from a month…

Hidrock, Grupo Portland plan 400-unit rental tower in North Miami Beach

Hidrock Properties and Argentine developer Grupo Portland plan to develop a rental tower in North Miami Beach after finalizing their joint venture. The 50-50 partners began the entitlement process for the 20-story building at 1700 Northeast 164th Street and could break ground in 2024, said Hidrock’s Chief Investment Officer Eddie Hidary. Hidrock, led by Eddie, Abraham…

The Access playbook: Inside billionaire Blavatnik’s real estate ambitions in Miami and elsewhere

When Ziel Feldman’s HFZ Capital Group paid $870 million for a site on Manhattan’s High Line to build a luxury condo project, Jonah Sonnenborn was perplexed by the then-record price, which came out to more than $1,000 per square foot. “We bid roughly half of what HFZ acquired it for,” said Sonnenborn, the head of real estate at Access Industries. “We couldn’t…”

Mixed-use Allapattah project gets a city green light

A sprawling mixed-use residential building is proposed for the Allapattah neighborhood of Miami. Developer-owner Allapattah Investors LLC proposes the eight-story project for the southwest corner of Northwest 20th Street and 14th Avenue. Called Legacy 20th Street, the multi-family development will be home to 289 residential units, 3,750 square feet of retail, and 368 parking spaces…

Miami-Dade Courthouse opening target January 2024

Completion of the new Miami-Dade County Courthouse, in theory at least, is scheduled for Jan. 24, 2024, according to Alex A. Alfonso, acting assistant director of the Miami-Dade Internal Services Department. The exact project completion date continues to be negotiated, Mr. Alfonso said, “and has not been finalized.” The anticipated price is holding steady at $262,767,000.

Hotels partner to upgrade Lincoln Road

A beautification project to improve unkempt areas on the east end of Lincoln Road between the commercial district and the beach walk is advancing with the help of the owners of the Ritz-Carlton and the Sagamore South Beach hotels, who are investing millions of dollars. The owners of the Ritz-Carlton, at 1 Lincoln Road, and the Sagamore South Beach, at 1671 Collins Avenue…

New Miami-Dade Commission Juan Carlos Bermudez: Targeting affordable housing, transit and economic growth

Juan Carlos Bermudez has just joined the Miami-Dade County Commission as District 12 representative. As founding mayor of Doral, his list of public service accomplishments is long, but just in his past term the city earned a triple Certification on Data for Smart, Sustainable and Resilient Cities from the World Council on City Data.  He also led efforts to win approval from voters…

Blue Vista JV to Redevelop Florida Site Into Self Storage

Blue Vista Capital Management and H&M Development have partnered for the first time to redevelop a 100,000-square-foot recreational facility into a 962-unit self storage facility in Hialeah Gardens, Fla. The joint venture acquired the property from Triangle Soccer LLC for an undisclosed price. Fried, Frank, Harris, Shriver & Jacobson LLP’s Steven Rudgayzer advised H&M Development…

Jesta joins rental frenzy in new plans for North Bay Village Shuckers site

Jesta Group doesn’t want to miss out on South Florida’s booming multifamily market. Jesta revised its two-year-old development plan for the Shuckers Waterfront Grill site in North Bay Village, dropping significantly the number of planned hotel rooms in favor of apartments, according to filings with the city. Plans now call for a 30-story tower with 345 rentals and 245 hotel keys…

Bal Harbour Shops allegedly owes subcontractor roughly $1M: lawsuit

A subcontractor is suing Bal Harbour Shops over an unpaid construction bill totaling nearly $1 million. Medley-based Solution Construction sued the luxury shopping center three weeks ago in Miami-Dade Circuit Court, alleging Bal Harbour Shops owes $966,000 for an entryway and a garage ramp the subcontractor built. Solution’s attorney and a spokesperson…

Lease roundup: Hollo’s FECR moves, Sternlicht’s building nabs tenants

Florida East Coast Realty I Brickell | Miami The Hollo family’s Florida East Coast Realty moved its headquarters of 30 years in downtown Miami to nearby Brickell. The real estate firm, which Tibor Hollo founded more than 60 years ago, leased the entire 17th floor spanning 8,500 square feet at 1101 Brickell Avenue, according to a company news release. FECR’s…

Hawkins Way Capital sells Clifton Hotel in South Beach

Real estate investment firm Hawkins Way Capital sold the Clifton Hotel in South Beach, adding to a slew of recent hospitality sales. Records show the Los Angeles-based company sold the 35-key, 10,400-square-foot hotel at 1343 Collins Avenue in Miami Beach. The buyer is Jerusalem Group LLC, a Florida entity managed by Omar Limon. Limon is a Miami resident with…

Chetrit nabs $83M construction loan for Collins Park project

Chetrit Group got a financial boost for its Collins Park Hotel project, nabbing a $82.5 million construction loan. Kawa, a Hallandale Beach-based international asset manager, provided the financing, according to a spokesperson for Henry Bodek of New York-based Galaxy Capital, which brokered the loan. The new mortgage replaces a $62.5 million construction loan provided…

UDB battle not over: Megaproject opponents take fight to state

Mayor Daniella Levine Cava along with a rendering of the planned megaproject outside Miami-Dade County’s Urban Development Boundary: A controversial megaproject planned outside Miami-Dade County’s Urban Development Boundary faces new opposition. In the latest move, a resident is asking the state to review commissioners’ recent approval of the UDB expansion.

AN Editor Notes; Lessons from a crypto meltdown

Stuart Elliott It feels like a Madoff-meets-millennial moment.  The crypto party has come crashing down with the spectacular collapse of Sam Bankman-Fried’s FTX, the world’s second-largest cryptocurrency exchange. The fallout will be huge, with the company owing customers more than $8 billion.  How exposed will real estate be? Not very, it seems — even condo…

Joint Venture Acquires Last Parcel Within Miami Worldcenter Campus for $17.5M, Plans Residential Tower

A joint venture between Aria Development Group and Merrimac Ventures has purchased the last available parcel within the 27-acre Miami Worldcenter campus, a $4 billion mixed-use development by Miami Worldcenter Associates. The site, located one block from Brightline Miami Central at 33-55 N.W. 6th St., is known as The Miami Link. Jack Lowell, Cecillia Estevez and…

Native American tribe under contract to buy Magic City Casino

After holding on to Magic City Casino for 71 years, the Havenick family is ready to cash in its chips. The owners of the gambling facility at 450 Northwest 37th Avenue in Miami have entered into a deal to sell the former greyhound racing site to the Alabama-based Poarch Band of Creek Indians, The Miami Herald reported, citing an application recently submitted…

Brightline effect: Karsenti plans rentals next to Aventura stop

13th Floor Investments’ Arnaud Karsenti along with a rendering of the planned 350-unit apartment building at 19680-19770 West Dixie Highway: Arnaud Karsenti’s 13th Floor Investments wants a piece of the booming real estate market around the Brightline Aventura Station. The Coconut Grove-based firm is the prospective buyer of 2.4 acres of land just south of the soon-to-open…

Trump Group sues Suffolk again over delays at Sunny Isles project

The Trump Group reopened its lawsuit against its general contractor, Suffolk Construction, over delays at the $1.8 billion Estates at Acqualina project, months after the two companies entered into a settlement agreement. Affiliates of the Sunny Isles Beach developer, led by brothers Jules and Eddie Trump, filed an amended complaint against Suffolk last month seeking more…

Inside an Israeli billionaire’s Miami gamble

Teddy Sagi sits back on his white couch, his high-rise apartment window framing Dubai’s palm tree-lined Jumeirah Bay, and says he’s not the guy to ask for the details. Even though the Israeli billionaire is backing major new developments in South Florida, he’s worlds away. Inquire about those projects, and he can’t tell you much. “There’s no transaction in Miami …”

Z Capital allegedly owes $2M legal bill: lawsuit

Akerman says Z Capital Group needs to pay up. The law firm is allegeding that the New York-based merchant bank owes $2.2 million in legal fees for a pair of lawsuits involving a MIami Beach condo-hotel. Akerman is suing Z Capital and its entity that owns a majority of the Carillon Miami Wellness Resort at 6801 Collins Avenue, according to a Nov. 16 complaint filed in…

Doral Industrial Trades For $18.1 Million

Doral Industrial, a 93,046-square-foot industrial building in Miami, traded for $18.1 million. “Built in 1983, Doral Industrial sits on just over 4.5 acres and consists of 26 suites,” said Michael Alaoui, senior associate in Marcus & Millichap’s Miami office. “This well-maintained asset benefits from the neighboring demographics, which include a five-mile radius population of 428,000. […]…

Video: Macro Trend Advisors Founding Partner Mitch Roschelle Discusses Economic Outlook

Mitch Roschelle, Macro Trend Advisors Founding Partner, joins America’s Commercial Real Estate Show to discuss the current economy and expectations for it in the future and its effect on commercial real estate. Topics discussed include rising interest rates, trends in cap rates, and potential opportunities in commercial real estate. He begins by discussing the Fed’s efforts…

Cohen, Bouskila propose 261 apartments near Brightline’s Aventura stop

Developers want to build an apartment project near the Brightline Aventura Station, marking the latest proposal near a South Florida passenger train stop. Yakov Cohen and Shimon Bouskila filed plans for a 15-story building with 261 units and some retail on the site of an Aventura industrial complex… The 2-acre site is at 2655-2660 Northeast 189th Street. A few blocks to the north…

Aria, Merrimac nab Miami Worldcenter site for $18M

Aria Development Group and Merrimac Ventures are planning a new Miami Worldcenter condominium project after acquiring a redevelopment site for $17.5 million. The joint venture acquired the International Longshoremen’s Association’s former Miami headquarters at 33-55 Northwest Sixth Street for $11 million from the labor union, records show. Aria…

South Florida Experts Weigh In With 2023 Regional Real Estate Forecasts

Office building owners have it tough nationwide, but in South Florida the migration of companies to the Sunshine State coupled with limited trophy office supply should send rents higher. Limited land for new beachfront projects in Miami-Dade County will propel developers north to Fort Lauderdale and vicinity. And the countries of origin acquiring South Florida real estate…

Weekend Interview: Turnberry Associates Chairman And CEO Jackie Soffer

Jackie Soffer is chairman and CEO of Turnberry Associates, a real estate development firm that has become synonymous with some of Miami’s most iconic properties. Soffer, whose mantra is “Be the reason someone believes in good people,” is passionate about community-building and feels that great retail is part of the thread that makes up each community’s…

When the Fed’s no longer a friend; Rising interest rates force lenders to the sidelines

Two years ago, the Federal Reserve was purchasing billions in mortgage-backed securities, reducing the rate it charged banks for loans and relaxing regulations on banks. The policies led to an era of nearly free money for real estate players, and spurred a dealmaking bonanza. Now, some see the Fed as the problem. It increased rates to 4 percent from near zero…

How commercial real estate players use interest rate swaps and caps

In the months after the Federal Reserve started hiking interest rates, Manhattan’s largest office landlord went out and hedged more than $3 billion of debt to protect against what it sees as the biggest threat to its balance sheet: rising borrowing costs. “Needless to say, that’s far and away the most we’ve ever done in a year,” said Matthew DiLiberto, CFO at SL Green Realty.

Scamsters paradise: The most audacious real estate cons of the past decade; Many start in Miami, but they rarely stop there

An enterprising scammer looking for an industry in which to make a mark — or find one — could do a lot worse than real estate. In the past year alone, authorities have revealed high-profile cases of money laundering in a never-ending game of Whack-a-Mole. Real estate moguls make their bones with chutzpah, confidence and persuasion. Perhaps that’s why a business that’s minted…

Kodsi’s Royal Palm scores $77M construction loan for Dania Beach project

A planned Dania Beach multifamily project got a construction boost after developer Royal Palm Companies secured a $76.5 million loan. 3650 REIT provided the financing for Royal Palm’s Elevate Apartments, an eight-story rental building with 293 units under development at 600 East Dania Beach Boulevard, records show. The mortgage replaces a $64.7 million construction loan…

3650 REIT Originates $77M Construction Loan in Dania Beach

Royal Palm Cos. has secured a $76.5 million construction loan from 3650 REIT to finance the completion of Elevate Apartments, a 293-unit, eight-story multifamily property in Dania Beach, Fla. The building at 560 E. Dania Beach Blvd. broke ground in the fourth quarter of 2021 and is approximately 45 percent completed. It is scheduled for delivery in November 2023. Royal Palm…

TPG, Value Store It pay $19M for Weston self-storage facility

TPG Real Estate Partners teamed up with Value Store It to buy a self-storage facility in Weston for $18.5 million. The joint venture paid roughly $25,000 per unit for the three-story building at 2400 Glades Circle, according to Vizzda and records. The seller, a joint venture between Chicago-based Harrison Street Real Estate Capital and Northfield, Illinois…

Criminally charged ex-West Palm club owner’s properties face forfeiture

A former owner of a West Palm Beach hangout who is accused of running an illegal gambling and prostitution ring could end up losing $1.6 million in real estate if he’s convicted. Dion De Cesare, who previously owned Renegades restaurant and nightclub, has been slapped with multiple charges, prompting prosecutors to seek the forfeiture of nine of his properties. They include…

Affiliated aiming higher on West Palm rental project

Affiliated Development is raising the roof on its plans for a multifamily project in West Palm Beach, literally. The firm now wants to build an eight-story, 270-unit apartment building on the land at 2501 Spruce Avenue and adjacent parcels in the Northwood district, which is bigger than the previous plan for a six-story, 200-unit project, according to city records.

Genting wants over $1B for waterfront Miami site

Malaysian gambling operator Genting Group is looking to cash in on its bet on Miami — while holding onto some of its chips. Genting is seeking more than $1 billion for its 15.5-acre waterfront assemblage, Bloomberg reported and sources confirmed to The Real Deal. The land at 1431 North Bayshore Drive in downtown Miami’s Arts & Entertainment District represents…

Genting Seeking $1B or More for Some Miami Property Holdings

Malaysian conglomerate Genting Berhad is reportedly marketing some of its Miami property holdings at north of $1 billion. That’s as the company focuses on other casino gaming ventures in the US.Genting is looking to sell 16.5 acres of prime, undeveloped real estate along Biscayne Bay if it’s able to command $1 billion or more. It will have more than quadrupled its investment after…

Bazbaz buys Wynwood development site for mixed-use project

Bazbaz Development can finally scratch a seven-year itch and move forward on a mixed-use project that’s been in the works in Wynwood. An affiliate of the New York-based developer paid $12 million for 1.5 acres at 2134 North Miami Avenue, records show. The seller is an entity managed by Brett Lang, a commercial real estate…

Treo sells Hialeah warehouses, doubles its investment

Interest rates are rising, recession fears abound and some property types are experiencing a decline in investment sales. None of this concerns South Florida’s industrial market. Case in point: Treo Group sold an industrial property in Hialeah at 1100 East 41st Street, as well as at 4005, 3965 and 3925 East 10th Court, for $19 million, or more than double what the Miami-based firm…

Hyatt Plans to Acquire Dream Hotel Group for $125M

Chicago-based Hyatt Hotel Corp. (NYSE: H) has agreed to acquire Dream Hotel Group’s lifestyle hotel brand and management platform, including the Dream Hotels, The Chatwal Hotels and Unscripted Hotels brands. Upon closing, Hyatt will pay a base purchase price of $125 million, plus up to an additional $175 million over the next six years as new developments open.

South Florida by the numbers: Art Basel at 20

“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics. The incomparable Art Basel (and Miami Art Week) return this week, marking the true start of “the season” with a fantastic cornucopia of festivals, exhibitions, conferences, dinners, and parties. Celebrating its 20th anniversary…

Lawsuit targets Miami Beach deal with Bulgari hotel developers

Miami Beach’s deal to hand over a public right-of-way to the Bulgari hotel developers violated the city charter, a recent lawsuit alleges. The lawsuit, filed against the city of Miami Beach in Miami-Dade Circuit Court two weeks ago, claims government officials unlawfully sold the public right-of-way for $7.4 million so the developer could increase the footprint of the proposed…

Three-tower project OK’d for Biscayne Boulevard

A new set of mixed-use residential towers and a companion office building are proposed for Biscayne Boulevard, to be known as 3333 Biscayne. Owner-developer 3333 Biscayne Boulevard LLC plans to build the structures at 3333 Biscayne Boulevard and 300 NE 34th St. in Edgewater. The city’s Urban Development Review Board recommended approval. The residential towers…

Tri-Rail tearing down nine barriers to enter downtown Miami

Nine hurdles stalling the $70 million project to bring Tri-Rail trains into Miami Central Station are being cleared, says David Dech, executive director of the South Florida Regional Transport Authority, long after the original completion date of 2017. Several factors have delayed completion of a link to the Brightline station. The tax-funded project is to add more…

Mega Signature Bridge project now targets delayed 2026 finish

Construction has begun on massive and distinctive arches that will support the new “Signature Bridge” coming to life on I-395 in the heart of Downtown Miami. The Florida Department of Transportation (FDOT) reports continued progress on the sprawling I-395/SR 836/I-95 Design-Build Project, a partnership between FDOT and the Miami-Dade Expressway Authority and…

Shake-a-Leg gets 25 more years to serve handicapped on bayfront

Shake-A-Leg Miami, a non-profit striving to give disabled and disadvantaged communities access to adaptable water sports, renewed its license with the City of Miami and will stay afloat at its prime bayfront location in Coconut Grove. Shake-A-Leg’s license agreement for use of city-owned waterfront at 2620 S Bayshore Drive was to expire 30 years after the non-profit found a…

Developers, brokers pursue wealthy art buyers during Miami Art Week

It’s that time of year: Developers and brokers throughout the Miami area are once again tapping into the art world in the hopes that wealthy buyers will open up their wallets to purchase real estate. The Related Group, Dezer Development, Douglas Elliman, One Sotheby’s International Realty, and projects like Miami Worldcenter and Standard Residences are hosting…

$4B Miami Worldcenter Debuts Public Art Program Ahead Of Art Basel

The developers of the $4B Miami Worldcenter project launched a 27-acre outdoor museum as Art Basel and Miami Art Week festivities take over Magic City for the next month. The $5M outdoor museum stretches along Northeast Second Avenue in Downtown Miami. Curated by international art dealer and curator Jeffrey Deitch and Miami art curatorial collective Primary…

South Florida Self-Storage Performance Signals Continued Robust Growth

Self-storage properties in Florida throughout the third quarter maintained a good velocity in sales, as sellers rushed to close deals before interest rates were raised further. And though economic headwinds impacted rent, sale price and occupancy, seller sentiment with regards to cash flow or profits was positive. Properties maintained high occupancy rates, coming in at 93 percent…

Alta kicks off plans for second rental building near Dadeland Mall

Alta Developers is diving into the final portion of its multifamily project near Dadeland Mall. Raimundo Onetto’s firm filed plans for a second 18-story building directly south of its first that’s under construction at 9600 South Dixie Highway, according to the application submitted to Miami-Dade County last week. The 2-acre development site is in an unincorporated…

Video: CCIM Economist KC Conway Discusses What Lies Ahead

KC Conway, aka The Red Shoe Economist, joins Americas Commercial Real Estate Show to discuss expectations for interest rates, pricing discovery, and opportunities in the current commercial property market. The discussion begins with frustration expressed about the Fed’s actions to date. He notes that the Fed is essentially, by its actions, telling lenders to quit lending because…

The Fed’s Beige Book: Tepid Growth, Tough Times for Low-Income Households

Economic activity in the Southeast grew tepidly during October and the first half of November, according to the Federal Reserve Bank of Atlanta’s new Beige Book collection of anecdotal reports from business contacts. Labor market conditions remained tight, though pressures eased somewhat, contacts reported. Nevertheless, many executives said attracting and retaining…

Miami’s next big art hub? Dilapidated, industrial district Little River attracts new galleries and art spaces

Two of Miami’s longest-running art non-profits have revealed plans to relocate to the city’s Little River neighbourhood over the next two years. Their moves to the district, situated just north of Little Haiti, bring new momentum to the area, which has been primed for an art-centric transformation by the local community and outside forces. Locust Projects, an alternative art…

$10.5M Sale of Seven-Building Multifamily Portfolio in Miami Brokered

Colliers has facilitated the sale of a multifamily portfolio comprising 42 units and seven buildings located at 10710, 10742 and 10752 S.W. 5th St. in Miami. An entity doing business as San Miguel Investments Ltd. sold the properties for $10.5 million to an undisclosed buyer. Mitash Kripalani of Colliers represented the seller in the transaction, and Virgilio…

Aria Dev and Merrimac Buy Last Miami Worldcenter Site for Condo Project

Miami Worldcenter, the 27-acre megadevelopment in Downtown Miami, is officially all booked. Aria Development Group and Merrimac Ventures paid $17 million for the last available parcel, a 24,000-square-foot site between 33 and 55 NW Sixth Street, one block east of the Miami Central station, the joint venture announced.

TA Realty Pays $241M for Miami Industrial Park

Medley Commerce Center. Image courtesy of CBRE TA Realty has acquired Medley Commerce Center, a 1 million-square-foot industrial park in Medley, Fla. According to CommercialEdge information, LACERA sold the asset for $241 million or $227 per square foot, marking one of South Florida’s largest warehouse transactions this year. The property had previously changed…

The Fed: How Supply Chain Disruptions Contributed to Inflation in 2021

Producer price index (PPI) inflation increased rapidly during the COVID-19 pandemic, with an uneven impact across industries. PPI inflation is the change in input costs to producers. How much did disruptions to supply chains contribute to this increase in inflation? Research Officer Ana Maria Santacreu and Research Associate Jesse LaBelle examined this question in…

Cañero proposes rental complex in south Miami-Dade

The Cañero Group is the latest developer to target south Miami-Dade County, with plans for a multifamily project. The Coral Gables-based firm wants to build a 247-unit complex at 24735 South Dixie Highway in the Princeton neighborhood in an unincorporated area of Miami-Dade, according to an application filed to the county in late September. Cañero Group has the….

Boich, Beal and Mathias score approval for Sunset Harbour project

A group led by Wayne Boich secured approval from the city of Miami Beach for a commercial project in Sunset Harbour. The Miami Beach Planning Board unanimously approved conditional use permits with some conditions for the planned five-story, 50,000-square-foot-plus office and restaurant project at 1920 Alton Road in Miami Beach…

This Week’s South Florida Deal Sheet

Boston-based TA Realty has closed on one of the biggest industrial deals to date in South Florida, acquiring a 12-building industrial park in Medley in Miami-Dade County for $241M. The 1M SF complex, located at 9701-9793 Northwest 91st Court, was sold by DWS, an Illinois-based global asset management company, according to CBRE, which represented DWS…

Miami Sued For $76M Over Allegedly Overcharging For Building Permit Fees

A property owner has sued the city of Miami, alleging it has been overcharging commercial real estate owners for building permit fees and illegally hoarding $76M that should be refunded. In a lawsuit filed this month in Miami-Dade County Circuit Court, the owner of a small retail property in Little Havana sued the city, claiming it has been charging owners unwarranted…

Married to the Job: Craig Robins and Jackie Soffer On Love, Art and Miami

Every industry has its power couples. The music industry has Beyonce and Jay Z. Among business titans, billionaire Barry Diller and fashion designer Diane von Furstenberg come to mind. For the real estate industry, at least in South Florida, it’s Craig Robins and Jackie Soffer. The two — each in their own right — are giants of Miami’s booming retail landscape…

13th Floor JV nab $102M construction loan for Delray project

13th Floor Investments’ Arnaud Karsenti and Key International’s Inigo Ardid and Diego Ardid with rendering of southwest corner of South Congress Avenue and Old Germantown Road: Arnaud Karsenti’s 13th Floor Investments and its partners scored a $102 million construction loan for their master-planned, mixed-use multifamily complex in Delray Beach. 13th Floor…

Two Roads’ suit spells trouble for Frisbie’s West Palm condo project

Two Roads Development’s Reid Boren and Taylor Collins with Frisbie Group’s Dave, Rick and Robert Frisbie Sr. and renderings of South Flaglar House: When Frisbie Group launched its high-end West Palm Beach condominium project this year, the hype was near deafening. Unit asking prices reached $75 million, promising a new level of luxury living in the city. The project marks…

MG3 drops $78M for Walgreens distribution facility near Jupiter

MG3 Group is upping the stakes on its industrial real estate wager. The firm’s real estate investment trust, or MG3 REIT, dropped $78 million for the Walgreens Distribution Center, an industrial facility that spans 98 acres in west Palm Beach County, according to the buyer’s news release. The property at 15998 Walgreens Drive is west of Jupiter, near…