Developer Moves Forward with Plans for 7,500-Unit Mixed-Use Development and New Tri-Rail Station in Miami’s Little River District

Swerdlow Group, led by veteran developer Michael Swerdlow, is moving forward with plans to transform the Little River District in Miami’s Little Haiti neighborhood. The proposed development, spanning approximately 63 acres, will include 7,500 residential units, combining affordable, workforce, and market-rate housing. Swerdlow’s vision for the area builds on his…

Developer Planning 7,500 Units In Little River, Will Build New Tri-Rail Station

Swerdlow Group is advancing plans for a massive project in Little River, according to Multi-Housing News. The development will include approximately 7,500 residential units, with a mix of affordable, workforce and market-rate housing. The affordable units will be higher end and look like market rate apartments, similar to Swerdlow’s recently completed Sawyer’s Walk…

$103 Million Loan Secured for Mixed-Use Development ‘The Gardens Residences’ in North Miami

Berkadia has arranged a $103 million construction take-out loan for The Gardens Residences, a mixed-use multifamily project in North Miami being completed in two phases. The financing was secured by Berkadia’s Senior Managing Director Charles J. Foschini, Managing Director Christopher Apone, Vice President-Originations Lourdes Carranza-Alvarez, and Associate Director…

659-Unit Condo Tower West Eleventh Residences Breaks Ground, Nearly 100% Sold (New Renderings)

The 44-story West Eleventh Residences is now officially under construction, and almost the entire building was sold before groundbreaking. The developer told the SFBJ that just nine condo units remain to be sold, out of 659 available. The new 482-foot tower will include: 659 condo units 30,000 square foot, tri-level experiential entertainment venue 4,840 sf…

New Permitting Activity At 41-Story HUB Miami

There is now permitting activity this week for the the 41-story HUB Miami tower site. A site work permit went into prescreening with Miami’s Building Department on September 24. The site work permit was first applied for in May 2023, but later moved to inactive status. It was reactivated on September 20, with a note stating that the soil permit was ready to be submitted.

Commuter Train Service Between MiamiCentral & Aventura To Enter Engineering Phase

Brightline has provided an update on the commuter rail service planned on its tracks, known as the Northeast Corridor. The project is expected to formally move to the engineering phase in October 2024, according to a development update released to investors on September 20. Brightline said it has substantially completed negotiations with Miami-Dade County…

Romero Britto buys his art studio in Miami’s Little River

Brazilian artist and sculptor Romero Britto purchased his biggest gallery piece, his company’s headquarters. Britto paid $11.8 million for the 58,000-square-foot art studio at 795 Northwest 72nd Street in Miami’s Little River neighborhood, according to a press release. Real estate investor Joe Del Vecchio sold the property. The Britto Group creates artwork for consumer goods…

Developer Seeks Funding for ‘Flagler Villas’, Planned for 5215 West Flagler Street in Coral Gables

An affordable housing developer is seeking funding for a 60-unit complex in Miami-Dade County. Flagler Villas would comprise 60 affordable residences, reserved for seniors earning up to 30 percent of the area median income (AMI). At the time of publication, Miami-Dade County reported that a one-person household would have to earn $23,850 a year to qualify.

Citadel Tower Submitted At Taller 1,032′ Height

Citadel’s new supertall headquarters tower has been submitted for site plan review, at a taller height. In late August, the plans were submitted to Miami-Dade for zoning review showing a height of 1,032 feet above sea level. Zoning review is currently in process. With the new site plan filing on September 23, the height has been increased to 1,049 feet above sea level.

You Can Now Watch Live As The 56-Story Casa Bella Tower Rises

A webcam showing construction of the 56-story Casa Bella Residences by B&B Italia tower is now live and available on YouTube. The webcam was created by Ryan RC Rea. You can expect to see lots of activity on the feed. Crews now appear to have reached the typical residential floors, where shell construction typically moves fastest. A groundbreaking ceremony…

Bal Harbour Condo Tower Designed By SOM Breaks Ground

In Bal Harbour, a 24-story condo tower designed by Skidmore, Owings & Merrill is now under construction. A ribbon-cutting ceremony was held on September 20 to celebrate groundbreaking. It will include 56 ultra-luxury units “Designed to provide a single-family home experience,” with private elevators and garages. Units will range in size from 3,300 to nearly 13,000 sf.

Elliott buying Brickell office tower for $450M, as hedge fund amplifies its South Florida investments

Paul Singer’s Elliott Investment Management is under contract to puvrchase the 701 Brickell office tower in Miami for about $450 million. The deal marks the New York-based hedge fund’s expanding investments in South Florida. Elliott is buying the 33-story tower at 701 Brickell Avenue in Miami from New York-based Nuveen Real Estate, according to a source.

Blackstone subsidiary nabs $95M loan for Medley industrial complex

Link Logistics secured a $95 million loan for a quartet of recently completed warehouses in Medley. An affiliate of New York-based GID provided the loan to Link Logistics, the industrial real estate subsidiary of investment giant Blackstone, led by CEO Stephen Schwarzman. Both firms are headquartered in New York. The mortgage is secured by Palmetto 74 Logistics Center…

Ansin family’s Sunbeam buys North Bay Village condo complex

The billionaire Ansin family’s Sunbeam Properties paid $8 million to complete a bulk purchase of an aging condo complex in North Bay Village. Sunbeam acquired the 24-unit, six-building Treasure Island Cove property at 1631 North Treasure Drive, said Andy Ansin, president and CEO. The acquisition equates to about $333,000 per condo. Treasure Island Cove was built…

Future Of $4B American Dream Miami Clouded Amid Lawsuit Over Land Sale

Nearly a decade after it was first proposed, the American Dream Miami mall remains just a dream, and its future is getting more uncertain. Triple Five Group, the Canadian development firm that proposed the 6M SF retail and entertainment complex outside of Hialeah, recently filed a lawsuit to keep alive its plan to purchase a large segment of the site to make way…

Miami Beach won’t raze Jackie Gleason Theater

Miami Beach has rejected a call to tear down and replace the landmark Fillmore Miami Beach at Jackie Gleason Theater but now must decide what to do next and who’s going to pay for it. Commissioners this month asked administrators to talk with Live Nation, the theater’s operator, to decide whether to tear out the interior and start over or just renovate what’s there…

283-Unit River District 14 Condo Project Gets $78M Construction Loan

River District 14 has obtained construction financing. Forman Capital granted a $77,805,708 loan to an affiliate of Alta Development. River District 14 will include two 16-story towers with 283 fully furnished condo units, allowing short term rentals. More than 50% of units have been sold. “The new construction condominium market continues to sizzle, and residences…

$77.8 Million Loan Secured for Short-Term Rental Condominium Project in Miami’s River District

Forman Capital, a private direct real estate lender, has provided a $77.8 million loan to finance the construction of River District 14, a short-term rental condominium project in Miami. Developed by Alta Development, the project will be situated on a 1.3-acre site at 1420 NW 14th Ave., near the Miami River. Construction is set to commence before the end of the year….

Developers Propose 42-Unit ‘River Square’ for 2655 N.E. 205th Street in Miami

Two Sunny Isles Beach-based developers have proposed a mid-rise housing complex in Miami-Dade County. The South Florida Business Journal reports that the venture, known as “River Square”, would measure eight stories above grade and offer 42 apartments. The one-bedroom and two-bedroom residences would span 677 to 1,056 square feet. The publication notes that…

Developer proposes 42-unit multifamily project in Ojus, amid record South Florida apartment pipeline

A developer proposes a 42-unit multifamily project in Ojus, amid a record apartment construction pipeline in South Florida. Entities managed by Jacobo and Fortuna Toledano of Sunny Isles Beach want to build the eight-story building on a 0.7-acre assemblage on the southwest corner of the Florida East Coast Railway tracks and Northeast 206th Street in unincorporated…

Solina Bay Harbor Breaks Ground at 1055 93rd Street in Bay Harbor Islands

Solina Bay Harbor, a boutique condominium development by RedHoek+, has officially commenced construction after surpassing the 50% sales milestone within six months. Located at 1055 93rd Street in the heart of Bay Harbor Islands, this exclusive project is set to redefine the standard of luxury living in the area. In partnership with The INSIDE Network, sales and marketing…

Little River Tower Submitted To FAA, Demolition Permit Issued

A tower planned in Little River under Florida’s Live Local act is advancing. Miami’s Building Department issued a total demolition permit for the property on September 9, records show. On September 17, the FAA received a submission showing a proposed structure height of 360 feet above ground, and 368 feet above sea level on the property. The 28-story tower had a hearing before…

South Miami Moves Forward With $309M Transit Oriented Development

South Miami commissioners voted Tuesday to move forward with a redevelopment at its City Hall property. The development will be transit oriented, according to a presentation to commissioners. It is a short distance from a Metrorail station. There will be two phases to the $309m development. Combined it will have: 70,000 square feet of civic space…

13th Floor will redevelop South Miami city hall with 670 apartments, new municipal building

13th Floor Investments will redevelop South Miami’s city hall with a mixed-use project that will include 670 apartments and a new municipal building. On Tuesday, city commissioners voted to select the Coconut Grove-based firm as the developer. The $309 million project, called Link at SoMi, will be on the 4.5-acre site 6130 Sunset Drive. Link at SoMi will include…

Inside Miami’s Milestone Senior Housing Project, Block 55 at Sawyer’s Walk

More than 90,000 units are needed in Miami-Dade County for renters earning below 80 percent of the area median income—which is roughly $75,000—according to an analysis released earlier this year by nonprofit Miami Homes for All. And seniors are among the most cost-burdened population. One project that caters to this vulnerable segment recently opened in the Overtown…

“Miami has jumped the shark”: Analyzing South Florida’s office sales slump

South Florida real estate players became giddy in recent years over the influx of businesses and ensuing office leasing spree at record rents. The bonanza prompted an investment sales flurry, with buildings from Brickell to Boca Raton trading at ever-rising prices. But that party ended. The Federal Reserve imposed 11 aggressive interest rate hikes, lenders turned skittish…

Miami Office Deal Volume Increases, Prices Surge

Miami’s office market continued its good performance recorded at the beginning of the year, CommercialEdge data shows. The metro’s significant development pipeline was coupled with heightened investment activity, as assets changed hands at high prices. The Offices at 601 is the most recent office project delivered in Miami as of August. The Offices at 601 is a recently…

Waldorf Astoria’s Miami Supertall Tower Now Several Floors Up

Waldorf Astoria’s 1,049-Foot Miami supertall tower is rising vertically out of the ground, photos by Ryan RC Rea show. Second-level columns appear to have been poured as of early September. A foundation pour for the tower was completed in June, and the developers obtained a record-breaking $668M construction loan that same month. Completion of the tower…

What is happening to Shops at Sunset Place? Future of South Miami mall takes new path

It’s déjà vu for a South Miami landmark on the verge of disappearing and turned into the next big thing. We’ve seen this a few times before on the 10-acre property at Red Road, Sunset Drive and U.S. 1. First, a beloved bakery plant, where Holsum doughnuts and bread sent up the most heavenly of scents, cleared the way for a mixed-use center called Bakery Centre.

Omega scores $103M refi, bridge loan for North Miami apartment project, as South Florida financing flows

A developer scored a $103 million loan for a nearly finished apartment project in North Miami, marking a continuing surge in South Florida lending. Omega Real Estate Management landed the financing, which consists of a construction loan refinancing and a bridge loan, for the 358-unit Gardens Residences at 1155 Northeast 126th Street, according to Berkadia’s Charles…

Lost sizzle: BurgerFi vacates four South Florida restaurants and corporate office as part of bankruptcy strategy

BurgerFi is cutting the fat from its real estate, abandoning leases at four South Florida restaurants and its corporate office in Fort Lauderdale. The fast food chain, which also owns Anthony’s Coal Fired Pizza, abandoned leases for its headquarters at 200 West Cypress Creek Road, three BurgerFI spots in Pembroke Pines, Jupiter and Delray Beach and a pizzeria in Hallandale…

Lease roundup: Toscana Divino making a comeback in Key Biscayne, Christmas pop-up on tap in Coral Gables

Italian restaurant Toscana Divino, once a staple at Mary Brickell Village, will re-open as a pop-up in Key Biscayne. Toscana Divino Hospitality Group leased retail space at the Towers of Key Biscayne residential condominium at 1121 Crandon Boulevard, according to the tenant’s news release. The pop-up will be open on Fridays and Saturdays starting Oct. 4, Eater Miami…

Nurock Cos. Proposes ‘the Residences at Foxcroft Cove’ for 3300 Foxcroft Road in Miramar

In January 2023, Florida YIMBY reported on a project we knew then as “Foxcraft Estates”. Led by Pinnacle, the venture called for 84 homes on a 2.13-acre site. Yet, the developer didn’t close on the land acquisition, so the project never came to fruition. Now, we have an exciting development regarding this affordable housing venture. The South Florida Business Journal…

Developers plan 500-unit resi project on Fort Lauderdale church property, as religious site redevelopment becomes canon in South Florida

A development partnership proposes a 500-unit residential project on a 3.2-acre assemblage in Fort Lauderdale that includes a church, as redevelopment of religious sites surges in South Florida. Tal Levinson and Eric Malinasky’s preliminary plan is for a pair of six-story buildings with about 400 units to 500 units and ground-floor retail on the southwest corner of Northwest…

Cleared for landing: Patrick Bet-David pays $25M for Broward office building and airplane hangar

Patrick Bet-David is ready for takeoff after paying $25 million for a Fort Lauderdale office building and airplane hangar. An entity tied to Bet-David acquired the mixed-use project at 1200 and 1400 Northwest 62nd Street in a bankruptcy sale, records show. Bet-David is an author and social media influencer with more than 10 million followers on Youtube, X, Instagram…

Related, BH score approval for larger Plantation mixed-use project

Related Group and BH Group are planning a larger mixed-use project in Plantation than the joint venture previously envisioned. On Tuesday, the city’s planning and zoning board approved a site plan for Plantation City Center, a complex featuring 512 apartments and townhomes, 24,970 square feet of retail space and 833 parking spaces. The joint venture had previously…

Urban League advances plan for 469-unit affordable housing development in Oakland Park

The Urban League of Broward County expects to break ground next year on Village at Oakland Park, a 469-unit affordable housing development that will include for-sale townhouses west of I-95 in Oakland Park. The Oakland Park City Commission on Wednesday rezoned the 19.7-acre development site, on the northwest corner of Northwest 21st Street and Northwest 26th…

Sienna Motors expands in Pompano Beach, buys shuttered dealership for $22M

Sienna Motors is expanding in Pompano Beach, acquiring a shuttered dealership less than a block away from its existing auto sales site for $21.9 million. An affiliate of Sienna, led by CEO Claude Senhoreti, acquired the former home of defunct Pompano Ford Lincoln at 2714 North Federal Highway, and an adjacent retail strip plaza at 2860 Northeast 17th Avenue…

Boca Raton Approves Glass House at 280 E Palmetto Park Road in the City’s Downtown Area

The City of Boca Raton has approved Glass House Boca Raton, a luxury residential development and the first modern glass building to be constructed in the city’s downtown area. Situated at 280 East Palmetto Park Road, the 9-story development will feature rooftop amenities on the 10th level and is expected to reach completion by the fourth quarter of 2026. Sales for the 28-unit…

Mill Creek Residential Proposes ‘Modera Boca’ for 400 South Dixie Highway in Boca Raton

Boca Raton-based Mill Creek Residential could replace a mixed-use building with a 12-story residential venture in Palm Beach County. Modera Boca would comprise close to 330,000 square feet of leasable space. The South Florida Business Journal reports that there would be 304 homes in six different floorplans, featuring studios, lofts, and multi-bedroom units.

Boca Raton approves Anthony Perera and ASG’s Glass House condos

Anthony Perera and ASG Development won approval from Boca Raton for their planned Glass House condos. Groundbreaking for the nine-story, 28-unit project at 280 East Palmetto Park Road is slated for early 2025, according to a press release. Douglas Elliman Development Marketing is leading sales for Glass House, which launched in February with prices ranging…

JV buys Delray Beach hotel for $58M, amid resurgence of hospitality investment sales

A joint venture scooped up the Ray Hotel Delray Beach, Curio Collection by Hilton for $57.7 million, marking a resurgence of hospitality investment sales. Tmgoc Ventures and Certares Management bought the four-story, 141-key hotel at 233 Northeast Second Avenue, according to records and real estate database Vizzda. The property’s sale price according to the deed…

Ventas expands South Florida health care portfolio with $37M Riviera Beach hospital purchase

Ventas bulked up its South Florida hospital portfolio after paying $37 million for a 79-bed facility in Palm Beach County. An affiliate of Ventas, a Chicago-based, health care-focused real estate investment trust led by CEO Debra Cafaro, acquired Kindred Hospital The Palm Beaches at 5555 West Blue Heron Boulevard in Riviera Beach, records and real estate database…

CS Ventures buys Worth Avenue luxury storefronts for $30M

Spencer Schlager and Charles Rosenberg’s CS Ventures bought six Worth Avenue luxury storefronts for $30.3 million. The investment firm bought the 8,500-square-foot retail building at 243 Worth Avenue from Middleburg, Virginia-based Greenstone Realty Advisors, records show. The building, built in 1925, is center stage on the island’s luxury shopping corridor.

Senior Housing Asset in Lake Worth Trades for $64M

Focus Healthcare Partners has bought Mariposa, a senior housing community in Lake Worth, Fla. Ventas sold the asset for $63.8 million, and a seven-year, $48 million fixed-rate acquisition loan from Freddie Mac was involved, according to public records. JLL Capital Markets represented the seller and procured the buyer. Arbor Senior Living is the new property manager.

Video: RealPage Director of Research & Analysis Provides Multifamily Market Update; Occupancy, Performance, Wildcard Markets

In a recent episode of America’s Commercial Real Estate Show, the show’s host engaged with Carl Whitaker, Director of Research & Analysis, Market Analytics at RealPage, to discuss the multifamily housing market. Their conversation explored current trends, market forecasts, and challenges facing multifamily properties in the U.S., offering valuable insights…

America Needs More Affordable Housing, Not Just Class A Inventory

Highlights: After eight consecutive FOMC meetings of holding the federal funds rate steady at a 23-year high, the Federal Reserve lowered its benchmark policy rate by 50-bps to the target range of 4.75% to 5.0%.The notion of ‘higher-for-longer’ is well in the rear view mirror as the focus on the Fed’s dual mandate has shifted away from price stability to maximum employment.

How interest rate cuts could impact commercial real estate

The Federal Open Market Committee (FOMC) lowered its benchmark by 50 basis points—the first rate cut in over four years—bringing the target federal funds range to 4.75%–5.25%. The Fed indicated it will continue to decrease interest rates, but the timing and pace of rate decreases will depend on multiple factors, including inflation and other future economic data.

Using bridge loans with agency financing in multifamily

Bridge loans and agency loans can be a powerful combination for multifamily investors. A bridge-to-agency execution pairs flexible short-term capital with competitive long-term financing to help investors implement a business plan with an eye to locking in long-term fixed rates. “Our goal is to provide clients with as many options as possible and let them choose what’s best…

Protect data and residents with multifamily technology

While apartment safety and security is wide ranging, it can be divided into two categories: data security and physical security. Multifamily technology is key to addressing both. Multifamily technology for data security. Multifamily technology can help organizations improve data security by providing real-time visibility into cash flows. The same technology can help prevent rent…

House Of Wellness Hotel Proposed In Brickell, With 832 Lodging Units

A pre-application has been filed with Miami-Dade reviewers for a hotel tower in Brickell called House of Wellness. House of Wellness is proposed to rise 43 stories, and include: 832 lodging units 347 parking spaces A rooftop pool deck is planned on level 43. Approval of the development is planned through Miami-Dade’s Rapid Transit Zone, rather than through the City of Miami…

Mexican firm sells condo dev site in Brickell to partner

A Mexican firm that invested in Brickell development sites over the past two years sold one of the properties. Yet, it still plans to partner on developing the planned condo project, according to a source familiar with the matter. Menesse International sold the 0.4-acre vacant lot at 1870 Brickell Avenue in Miami for $10.3 million, according to records. The purchasing entity ties…

850-Foot Construction Crane Planned To Be Installed At Bentley Residences Site

Two very tall construction cranes are planned for the Bentley Residences Miami site in Sunny Isles, according to a new FAA filing. Tower Crane #1 at Bentley Residences is planned to reach 850 feet above ground, or 857 feet above sea level. Tower Crane #2 is planned to reach 742 feet above ground, or 749 feet above sea level. The work schedule for the cranes is estimated to begin…

Miami Metro Ranks #3 For Job Growth Over The Past Year

The Miami area continues to outpace the rest of the country when it comes to job growth, according to the U.S. Bureau of Labor Statistics. As of July 2024, the metro area job growth was 2.6 percent over the previous year. The U.S. as a whole saw 1.6 percent growth during the same period. The Miami metro added 75,300 nonfarm employees during the period. Only New York…

Developer Aimco Gets Construction Financing For ‘Condo Quality’ Edgewater Apartment Tower

Aimco says it has obtained construction financing for a “condominium quality” luxury apartment tower in Edgewater. Work is already underway, photos taken in August show. The developer secured $56 million of preferred equity from investment firm Sixth Street, and $172 million of senior construction financing from Apollo. Apartments in the 38-story waterfront tower…

Aimco scores $172M construction loan, $56M in equity for Edgewater apartment tower

Aimco scored a $228 million financing package to develop a 114-unit apartment tower in Miami’s Edgewater, as construction loans keep flowing in South Florida. The Denver-based real estate investment trust landed a $172 million senior construction loan from Apollo Global Management, and $56 million in preferred equity from partner Sixth Street, according to news…

FPL Wants To Install Solar At Metrorail Station To Power New Transit Oriented Development

A residential development currently under construction could be powered by solar panels installed at an adjacent Metrorail station. Metro Grande is being built next to the Okeechobee station. Construction is well underway, photos by MiamiSprings.com show. The development planned to have a combined 286 apartments, along with retail, with Cornerstone Group…

Ira Giller’s Miami Beach mixed-use project design gets green light

Miami Beach architect Ira Giller can move forward with plans for a new mixed-use building in his home city’s Mid-Beach neighborhood. Earlier this month, the Miami Beach Design Review Board approved the design for Giller Tower, a planned seven-story building at 976 Arthur Godfrey Road and 3915-3925 Alton Road. The project would include ground-floor retail and restaurants…

Infinity Collective evicts LuxUrban Hotels from South Beach building

Infinity Collective is the latest Miami Beach landlord to give troubled hospitality firm LuxUrban Hotels the boot. Last month, New York-based Infinity, led by Steve Kassin, Etienne Locoh and David Berg, took possession of a five-story short-term rentals building at 1700 Alton Road after winning an eviction lawsuit against Miami-based LuxUrban, court records show.

Rothschild pulls plug on 830 Brickell office, marking third firm to exit South Florida after market boom

Financial services firm Rothschild & Co won’t be opening at the 830 Brickell tower, marking the third company that leased during South Florida’s boom to scrap its planned office. Rothschild, which traces its roots to 18th century Europe when Rothschild family members rose to prominence in banking, had leased 5,000 square feet last year at 830 Brickell in Miami. The deal marked…

Alo Yoga founders expand retail portfolio with $17M South Beach acquisition

Alo Yoga founders Danny Harris and Marco DeGeorge expanded their retail portfolio by acquiring a South Beach condominium’s ground-floor retail space. An entity managed by Delaware corporations tied to Harris and DeGeorge, co-CEOs of Beverly Hills-based Alo Yoga, paid $17.3 million for four commercial units on the first floor of The Decoplage, a 16-story condominium…

Victoria’s Secret to Open New Miami Beach Flagship Store on Lincoln Road

Women’s undergarment apparel retailer Victoria’s Secret has signed a lease to occupy 8,000 square feet on Lincoln Road, a high street retail corridor in Miami Beach. Jonathan Carter and Ryan Brodsky of Colliers represented the landlord, ALTO Real Estate Funds, in the long-term lease negotiations. Brandon Nocella of Strategic Retail Advisors represented the tenant.

Multifamily Project Proposed For First Time At 250-Acre Miami Office Park

Apartments could be coming to Waterford Business District, the sprawling office and hotel complex directly south of Miami International Airport. London and Regional Properties is proposing a plan to add up to 600 apartments to the surface parking lot and grounds surrounding the Pullman Miami Airport hotel at 5800 Blue Lagoon Drive. The developer’s plans…

Location Ventures’ receiver seeks to sell Miami Beach dev site for $18M

The receiver managing the assets of defunct firm Location Ventures wants permission to sell a Miami Beach development site for $17.5 million. Receiver Bernice Lee filed a motion on Tuesday seeking an order from U.S. District Judge Cecilia M. Altonaga to allow the sale of the 0.7-acre assemblage at 1234 and 1260 Washington Avenue. Pakman Miami Beach, a Fort Lauderdale entity…

Miami Urban Development Review Board to Consider ‘2157 Flagler Residences’ for 2157 and 2199 West Flagler Street in Miami

A retail plaza with buildings constructed in the 1960s and 1970s could be replaced with a project dubbed “2157 Flagler Residences”. WR Flagler LLC has proposed an eight-story venture comprising 197 apartments ranging from 524 to 1,056 square feet. The South Florida Business Journal reports that floorplans span studios to two-bedroom layouts. Communal amenities…

Robert Rivani’s Black Lion scores design approval for Miami Beach mixed-use building renovation

A Miami Beach board gave Robert Rivani’s Black Lion the green light to revamp the exterior of a mixed-use building off Lincoln Road. Earlier this month, the Miami Beach Design Review Board unanimously approved the planned renovation of the building at 1691 Michigan Avenue and its garage facades. Miami-based Black Lion is giving the six-story structure…

Second Mercedes Benz Tower Now Under Construction In Brickell

The second tower at Brickell’s Mercedes Benz Places is now under construction. Foundation construction at the first tower is also now nearly complete, according to Serhant, which is handling condo sales. The second tower now underway will be 763 feet, while the first tower will reach 780 feet, according to plans submitted to the county in July. The combined development…

Demolition Underway At Two Small Brickell Properties

Demolition is now underway at two small properties in Brickell currently housing multifamily buildings. A video posted by Due Italiani a Miami shows demolition this morning at the first building, at 239 SW 12 Street. Building department records show a demolition permit was also issued on the same day for another building directly behind it, at 250 SW 11 Street. The properties…

32-Story Tower Planned In Edgewater

Plans have been filed for a 32-story tower in Edgewater. The development is planned to include: 68 lodging units; 57 off-street parking spaces; recreation and amenities on levels 7, 8, 9 and 32. Residential units on levels 10-26 will be 1 bedrooms, ranging from 720 to 750 square feet. On levels 27 through 31, there will be larger units. The top of the tower is planned at 385 feet…

Baywood scores approval for 124-key Hyatt House in Doral, amid uptick in hospitality project proposals

Baywood Hotels scored approval for a 124-key Hyatt House hotel in Doral, amid an uptick in hospitality project proposals across South Florida. The six-story building will rise on the vacant portion of the 3.3-acre site at 10234 Northwest 19th Street, adjacent to an existing 135-key Residence Inn by Marriott. On Wednesday, the town council unanimously approved the project.

South Miami Leaders Consider 13th Floor Investments for $309M City Hall Redevelopment Project

South Miami leaders are considering 13th Floor Investments for a $309 million redevelopment project that would transform the city’s municipal complex. The project’s design is by Miami-based Corwil Architects, with Coral Gables-based RJ Heisenbottle Architects serving as the historic preservation consultant. Known as The Link at SoMi, the mixed-use development would…

Miami-Dade departments getting new offices after $182M acquisition

Miami-Dade County paid $182 million for a 1970s office complex that will house various departments. An affiliate of New York-based Bushburg Properties sold The Current Miami at 9250 West Flagler Street to Miami-Dade, records and real estate database Vizzda show. The 26-acre property includes a six-story building and a one-story building spanning a total of 671,088…

BH, Lennar launch sales for Greenview at Presidential Estates near Aventura

BH Group and Lennar launched sales for a luxury 103-single-family home community near Aventura, nearly 17 years after litigation with neighboring homeowners stalled the project. The joint venture’s Greenview at Presidential Estates will offer six options featuring four-, five- and six-bedroom houses priced between $2.5 million to $3.5 million, according to a price sheet obtained…

Miami and Sunbelt Ranked Among Cheapest Places to Rent Coworking Spaces

For some businesses, rents for offices aren’t worth the cost of admission anymore given the slowdown the CRE asset class has seen with the work-from-home trend picking up since the pandemic. However, the solution to save money might be opting for coworking spaces – with Miami and other Sunbelt areas leading the charge. A report from CoworkingCafe compared the annual…

Construction Starts on ‘Royal Pointe Apartment Homes’ at 11350 Dunbar Drive in Miami

Hollywood-based Cornerstone Group, in partnership with the Martin Memorial AME Church, has started construction on an affordable housing development in Miami-Dade County. The developer first filed the pre-application phase in September 2021. Now, the venture is one step closer to completion. Royal Pointe Apartment Homes will comprise 102 residences, spanning…

$9.1M Sale of Miami Industrial Building Brokered

Avison Young has brokered the $9.1 million sale of an industrial property located at 7400 NW 37th Avenue in Miami. RAM Steel Framing occupies the building, which totals 109,000 square feet. John Crotty, David Duckworth, Michael Fay and Brian de la Fé of Avison Young represented the seller, Plage Associates, and the buyer, Azora Exan, in the transaction. The same team previously…

Residences at Six Fisher Island Breaks Ground, Expected to Complete in 2026

Related Group, along with partners Teddy Sagi, BH Group, and Wanxiang America RE Group, have officially broken ground on the Residences at Six Fisher Island, a highly anticipated residential tower within the exclusive Fisher Island community. Situated on the last development site of the 216-acre island, the project will feature just 50 bespoke residences spread across…

Construction Permit & Building Heights Submitted For Overtown Condo Development

An Overtown condo development is moving forward with multiple new filings to prepare for the start of construction. The condo tower is known as One West Twelve Residences. It will allow short term rental flexibility. Yesterday, the planned height of the building was filed with the Federal Aviation Administration for review. According to the FAA filing, the tower is planned…

Report: Downtown Miami To Aventura Rail Line Sees Costs Increase By 72%

The Northeast Corridor rail line planned between MiamiCentral and Aventura was originally estimated to cost $538M. Now, the estimated cost has increased 72% to $927M, according to the SFBJ. FDOT has agreed to increase funding for the project, the report said. Originally, FDOT had committed $103.5m toward the project, (the remainder was to come from Miami-Dade…

Demolition Of First Building At One Brickell City Centre Site Essentially Complete

Demolition of a building at the One Brickell Citycentre site is now nearly complete, according to Due Italiani a Miami. Work to demolish a second building on the site is still not approved however. The demolished building is at 710 Brickell Avenue. The second building at 799 Brickell Plaza is closer to the Brickell City Centre complex. A demolition permit for 799 Brickell Plaza…

44-Story Lofty Brickell Tower Begins Vertical Construction

Vertical construction is now underway at the 44-story Lofty Brickell tower, according to photos by Ryan RC Rea. The photos show that building columns’ are now rising out of the ground, with cranes in place. The cranes were approved by the FAA in July for heights of 650 feet above ground, or 653 feet above sea level. Lofty Brickell is planned to include 364 residential units…

Related Group JV Closes $527M for Miami Condo Tower

Related Group and Integra Investments have closed $527 million in financing for St. Regis Residences, Miami. The 50-story condominium property on the Biscayne Bay waterfront in the South Brickell neighborhood is on track for completion in 2027. TYKO Capital provided the loan, led by Adi Chugh. Robert A.M. Stern Architects (RAMSA) designed the property…

Shops at Sunset Place redevelopment scores South Miami approval

Alex Vadia’s Midtown Development is moving forward with plans to redevelop the Shops at Sunset Place in South Miami into a mixed-use project with about 1,500 residential units. The South Miami Planning Board on Wednesday evening unanimously approved a resolution granting initial site plan approval for the site at 5701 Sunset Drive. The resolution next heads to the South Miami…

How ELLE Residences Are Bringing a Touch of Europe to Miami

Miami’s condo market is ripe with luxury high-rise developments that attract a high-profile clientele. After Armani, Fendi and many others, ELLE is the latest European brand that wants a slice of the scrumptious Magic City pie. I believe that developments by European brands will set a new standard in Miami’s condo market, said Nuñez y Lugones.

Lease roundup: Ugo Colombo’s CMC scores bagel shop in Coral Gables, AEW lands four retail tenants in Broward

Bagel Emporium & Grille will move its Coral Gables restaurant to CMC Group’s 4000 Ponce building in the city. The bagel and deli shop leased 9,000 square feet on the ground floor at the office and retail building at 4000 Ponce de Leon Boulevard, according to the landlord’s news release. Bagel Emporium, which now is at 1238 South Dixie Highway, will move next year.

MIA Passenger Count Up 10% In 2024, Breaking New Records

Miami International Airport is setting records for the number of passengers using the facility in 2024. From January through July, a total of 33,840,894 passengers have either departed or landed at MIA, up 9.91% compared to the same period in 2023. If current trends continue, MIA will have broken new passenger records three years in a row. MIA passed 50 million…

Close Flagler Street To Cars On Weekends, City Resolution Urges

Miami commissioners are scheduled to vote on a resolution urging Downtown Miami’s Flagler Street be closed to vehicles at certain times. Miami-Dade County controls the street, so City of Miami commissioners can only pass a resolution urging the county consider the closure request. City commissioners are scheduled to consider whether to adopt the resolution at a meeting…

Vow to pick solid waste plant site goes up in smoke

The only crucial item missing Tuesday from the “who, what, where, when” discussion about a new waste-to-energy facility was the “where.” Miami-Dade County Commission Chairman Oliver G. Gilbert III vowed at the commission’s last full meeting two weeks ago that the “where” would be answered this week. It wasn’t. At Tuesday’s fretful and sometimes contentious…

Surprise Land Swap Offer Upends Miami-Dade Decision On Site For New Incinerator

Facing a packed room of concerned and angry residents, Miami-Dade County commissioners punted on a decision about where to put a new trash incinerator that officials say is needed to ensure that real estate development can continue in the region. After months of consideration — and spirited debate at Tuesday’s meeting — commissioners voted to defer a plan put forward…

Ansin family’s Sunbeam proposes nearly 3,000-unit resi project in Miramar, amid record apartment pipeline

The billionaire Ansin family proposes a massive mixed-use project with more than 2,800 residential units in Miramar, amid a record multifamily construction pipeline in South Florida. The Ansins’ Miramar-based Sunbeam Properties wants to develop Park Miramar on a 125.8-acre vacant site the firm owns on the northeast corner of Miramar Parkway and Red Road, according…

First Look: Newgard Development Group’s Brand-New Renderings of Natiivo Fort Lauderdale

Newgard Development Group has unveiled new renderings for Natiivo Fort Lauderdale, a 40-story residential tower featuring 384 units at 200 West Broward Boulevard in downtown Fort Lauderdale. The project, designed by Arquitectonica with interiors by IDDI, aims to bring a fresh approach to urban living. These renderings offer a detailed look at the building’s residences…

Maxx scoops up 145-unit apartment complex in Wilton Manors for $47M, amid multifamily investment sales slowdown

Maxx Properties scooped up a 145-unit apartment complex in Wilton Manors for $46.6 million, amid a South Florida multifamily investment sales slowdown. The Purchase, New York-based firm bought the ANKR Wilton Manors complex consisting of 11 three-story rental buildings and a clubhouse at 513 Northeast 21st Court from Gables Residential, according to records…

Construction Starts on Second Phase of Atlantic Crossing at 777 East Atlantic Avenue in Delray Beach

In 2021, Florida YIMBY reported on the first phase of Atlantic Crossing, a mixed-use venture that offers apartments, office space, and retail ventures. Now, we’ve learned that Ohio-based Edwards Cos. has broken ground on the venture’s second phase in Delray Beach. The South Florida Business Journal reports that the second phase of Atlantic Crossing will feature three buildings.

Macy’s offloads two South Florida retail properties for a combined $28M

Macy’s offloaded a couple of retail properties in South Florida, selling both for a combined $28 million. Most recently, an affiliate of Columbus, Ohio-based Washington Prime Group paid $15 million for a Macy’s department store at Boynton Beach Mall at 801 North Congress Avenue in Boynton Beach, records and real estate database Vizzda show. Washington Prime…

Focus Healthcare drops $64M for Palm Beach County assisted living facility, as senior care deals continue

Focus Healthcare Partners scooped up a 377-unit assisted living facility in Palm Beach County for $63.8 million, as South Florida senior care facilities continue to trade. The Chicago-based firm bought the Mariposa property consisting of a three-story building and a one-story building at 9130 Hypoluxo Road in an unincorporated area of the county from Ventas, according to records…

West Palm Beach adds hundreds of rentals

Thousands of residential units are in the development pipeline in West Palm Beach, following a rush of post-pandemic investment in the coastal city. While many of those projects are luxury condominiums years out from completion, others are rental buildings beginning to open their doors. In this lease roundup, Related Companies, Tortoise Properties, Hyperion Group…

The first rate cut is here: now what?

Moody’s CRE economists weigh in on the long-awaited Fed move Today’s 50 basis point rate cut from the Federal Reserve is more aggressive than many expected. It marks a crucial step on the road towards recovery for the overall economy, and especially for the Commercial Real Estate (CRE) industry. Economist Twinkle Roy notes that businesses should…

Why Light Industrial Properties Will Continue to Shine

The often-overlooked multi-tenant light industrial subsector has strong fundamentals and will remain solid in a supply-constrained environment, according to a new research study by BKM Capital Partners. The report argues that the light industrial subsector demonstrates particular resilience, especially when compared with other property types, including…

2023 Was Another Challenging Year for Insurance Expenses

Insurance coverage cost and availability has become an increasing pain point for commercial real estate (CRE) market participants. Property insurance expenses traditionally inflated by roughly two to three percent per year, which is a typical expense budgeting target of underwriters, lenders and asset managers. However, year-over-year insurance cost growth has spiked…

Moody’s Mid-Year Multifamily Performance Review

Highlights: As of the second quarter of 2024, our primary 82 multifamily markets were evaluated based on their year-to-date (YTD) change in effective revenue. Two of the top five metros were from the Northeast and two of the bottom five metros were from the Western region. The Northeast was the top-performing region with effective revenue up 125 basis points (bps) YTD…

Video: Costar Director of Office Analytics Provides Office Market Update; Miami Gets a (Bright Spot) Mention

Office Real Estate Sector Shows Signs of Optimism Despite Persistent Challenges The latest episode of America’s Commercial Real Estate Show featured an insightful discussion about the U.S. office market. Hosted by a seasoned real estate expert, the show welcomed Phil Mobley, National Director of Office Analytics at CoStar. The conversation centered on the state of the office…

The CRE outlook: new normals, the Fed, and the latest performance data

The Commercial Real Estate (CRE) industry has been anxiously awaiting action from Jerome Powell and the Federal Reserve for several quarters now. Even though the industry has largely begun to emerge from its most recent lows, the first rate cut is crucial to recovery. The question remains, however: will these cuts be enough to get the CRE market back up to speed?

Unpacking the Menu of Inflation Reduction Act Incentives for Commercial Real Estate

Earlier this week the Urban Land Institute Northwest hosted the first in a series of webinars helping CRE owners identify opportunities to leverage Inflation Reduction Act (IRA) incentives and understand how they fit in with other regulatory and financing mechanisms already in place. In this first webinar, “Introduction to IRA Tax Incentives,” Ben Evans at the US Green Building…

Using IRR to evaluate real estate investments

The internal rate of return (IRR) is a powerful tool for assessing a commercial real estate investment’s profitability. IRR can be particularly valuable when comparing potential investment opportunities with varying cash flows over time. What is IRR? IRR measures an investment’s compound annual growth rate, accounting for all cash flows over the life of the investment.

Converting Office To Industrial Space Is Picking Up Steam

One of the growing trends in commercial real estate is converting vacated office space into industrial use. Since the onset of the pandemic, more employees have been working from home. While office vacancies in some markets are recovering, it’s still nowhere close to 2019 levels. Of course, CRE developers have noticed that trend and are getting creative. During the year-to-date…

Whale & Star Wynwood to Develop Eight-Story Cloud One Hotel, Residences in Miami

A joint venture doing business as Whale & Star Wynwood Owner LLC has announced plans for a new, eight-story mixed-use project in the Wynwood neighborhood of Miami. Spanning half a city block at 2215 N.W. 1st Place, the development will feature a 214-room hotel, as well as 87 residential condominiums. The City of Miami’s Wynwood Design Review Committee recently…

Wynwood’s Whale & Star Site Eyed for Mixed-Use Redevelopment with Hotel and Condos

Plans have been submitted for potentially redeveloping the Whale & Star building in Miami’s Wynwood Arts District into a mixed-use project. The site is located at 2215-2237 Northwest 1st Place, 175 Northwest 22nd Street, and 170 Northwest 23rd Street, and spans 37,822 square feet. Currently, the property contains 27,406 square feet of commercial buildings, which would be…

German group scores approval for 214-unit hotel with 87 condos in Wynwood, amid district’s development boom

A German group scored design approval for a 214-key hotel with condos in Wynwood, amid a continuing flurry of development proposals in Miami’s arts district. On Tuesday, the Wynwood Design Review Committee voted in favor of the eight-story building with 87 condos and 11,400 square feet of commercial space on the southeast corner of Northwest 23rd Street and Northwest First…

Construction Starts on ‘The Dolce by Wyndham Miami’ at 1745 James Avenue in Miami Beach

Our sources report that two developers have broken ground on a mid-rise hotel in Miami Beach. The Dolce by Wyndham Miami is a five-story venture offering 90 rooms, occupying a 15,000-square-foot property that once hosted a 36-unit condo, which has been demolished. Upon its anticipated completion in 2026, the hotel will create 45 jobs. Communal amenities at the high-end…

MG Developer expands into hospitality after buying Miami hotel for $36M

MG Developer is entering the hospitality sector after paying $36 million for a hotel near Miami International Airport. Coral Gables-based MG, led by Alirio Torrealba and Diego Torrealba, acquired Regency Miami Airport by Sonesta, a five-story hotel with 176 rooms at 1000 Northwest 42nd Avenue, records and real estate database Vizzda show. The deal breaks down…

Brickell Tower Designed By Robert A.M. Stern Architects Gets Giant Construction Loan

The 50-story tower St. Regis Residences, Miami has obtained a massive construction loan after reaching a sales milestone. Developers Related Group and Integra Investments closed on $527 million in financing to build the luxury tower from TYKO Capital. It is one of the largest residential construction loans in Florida to date, following the $668 million loan for Miami’s Waldorf…

Gus Machado’s family sells late car dealer’s longtime Hialeah dealership for $19M

Gus Machado Ford in Hialeah is no longer owned by the late car dealer’s family, which sold the auto retailer site for $19.3 million. A trust managed by Machado’s surviving relatives sold the 5.7-acre property to an entity managed by Victor Benitez, records and real estate database Vizzda show. City National Bank of Florida provided the buyer with a $15.4 million mortgage.

Domus Brickell Center Gets FAA Approval, Demolition Permit Issued

FAA height approval has been issued for a 35-story tower known as Domus Brickell Center. A demolition permit has also been issued for the site. The FAA approval was issued on August 30, and allows for a permanent tower height on the property of 405 feet above ground, or 419 feet above sea level. The demolition permit was issued earlier in August, with Thornton Residential LLC…

Expansion Proposed For Miami Beach Hotel, Designed By Bjarke Ingels

The Standard Hotel in South Beach is proposed to be renovated and expanded, a new filing with the city shows. One wing of the hotel is proposed to be renovated, while another is proposed to be redeveloped. The number of hotel rooms will remain the same, while six residential units would be added. The design team includes Bjarke Ingles Group and Kobi Karp Architecture.

Plans Filed for Major Redevelopment of Sunset Place In South Miami with Nine Towers and Mixed-Use Components

Plans have been submitted to redevelop Sunset Place in South Miami, transforming the site into a massive mixed-use complex with nine towers. The proposed towers will rise to various heights, including two at 12 stories, two at 15 stories, one at 21 stories, one at 25 stories, and three at 33 stories. The architectural concept for the Sunset Place redevelopment moves away from…

Shops at Sunset Place redevelopment scores South Miami approval

Alex Vadia’s Midtown Development is moving forward with plans to redevelop the Shops at Sunset Place in South Miami into a mixed-use project with about 1,500 residential units. The South Miami Planning Board on Wednesday evening unanimously approved a resolution granting initial site plan approval for the site at 5701 Sunset Drive. The resolution next heads to the South Miami…

Nine Towers Rising Up To 33 Stories Proposed At Sunset Place

Plans have been filed for a massive redevelopment of Sunset Place. The redevelopment would include nine towers. They would rise 12 stories (2), 15 stories (2), 21 stories, 25 stories, and 33 stories (3). Sunset Place is proposed to include: 1,513 residential units 287 hotel keys 1,300 seat movie theater / performing arts theater 149,506 square feet of retail 50,892 square feet of office…

90s-Era Shops of Sunset Place Mall Could Be Replaced with Mixed-Use Venture at 5701-5795 SW 72nd Street in South Miami

The Shops of Sunset Place, which was built in 1999, has become mostly vacant in recent years. Currently home to a movie theater, 40 apartments, and some office and retail space, the venture could soon find new life as a massive, mixed-use venture. The revitalization, known as “Sunset Place”, would span 1.47 million square feet amongst nine high-rise towers.

Longpoint bulks up South Florida industrial portfolio with $27M Medley purchase

Longpoint continues bulking up its South Florida industrial portfolio, recently paying $27.2 million for three Medley warehouses. An affiliate of Boston-based Longpoint, led by founding partner Dwight Angelini, acquired the 113,936-square-foot complex at 9942 Northwest 89th Court, records and real estate database Vizzda show. The deal breaks down to $237 per sf…

Court clears way to partly demolish Coconut Grove Playhouse

At the end of August, the Third District Court of Appeal dismissed the latest petition filed by city residents to stop county plans to partially demolish the Coconut Grove Playhouse, clearing the path for the project to proceed. The Playhouse’s fate has been in limbo for years, dating back to 2004 when county voters approved a far-ranging bonding measure that would have under…

FAA Approves 764-Foot 848 Brickell Tower Designed By Skidmore, Owings & Merrill

The Federal Aviation Administration (FAA) has officially approved the height of 848 Brickell, a 51-story Class-A office and retail development in Miami’s Brickell neighborhood. Planned by Key International in collaboration with Sterling Bay, the project has been given the green light to rise 764 feet above ground, or 775 feet above mean sea level. This approval, issued…

Mixed-Use Development Proposed In Wynwood

Plans have been filed for a new mixed-use development in Wynwood. The 8-story project is planned to include: 87 multi-family dwelling units 214 lodging units 11,350 square feet of commercial space 87 on-site parking spaces, spread over two floors Zoning requires 252 gross parking spaces. A 30% Transit Corridor Waiver is being requested to reduce that to 177 spaces.

Developer Says 444 Brickell Won’t Be Demolished Until 2028 ‘At Earliest’

Related Group says 444 Brickell will not be demolished until 2028 at the earliest, according to the Herald. Demolition of 444 Brickell will allow for a new section of baywalk to connect two existing baywalk sections, along with a new tower. The property has been designated as an archaeological landmark, as part of a deal to allow two towers to proceed next door. Miami’s Historic…

Here’s When Citadel’s Brickell Supertall Tower Is Expected To Begin Construction

An expected construction start date for Citadel’s new supertall headquarters tower has been revealed. Construction is estimated to begin in the third quarter of 2025, a Citadel spokesperson told The Real Deal. Miami-Dade records show that the zoning review application was accepted on September 9, after an initial August 26 filing was revised. The development is now being assigned…

Triple Double, Stonerock Capital could lose downtown Miami office buildings to foreclosure

Two years after buying a pair of downtown Miami office buildings, Triple Double Real Estate and Stonerock Capital Partners could lose the properties to foreclosure. An affiliate of Atlanta-based Ardent Companies filed a foreclosure complaint… against the Triple Double and Stonerock Capital entity that owns…. at 200 Southeast First Street, as well as… 44 West Flagler Street. Ardent alleges…

The Graham Cos. Reshapes Plans for Lakeside Apartments at 14650 Oak Lane, Miami Lakes, FL

The Graham Cos. is shifting plans for a multi-family housing development in Miami Lakes. Previously, the developer secured a zoning approval for a senior living facility on the 9.5-acre site. Now, it hopes to move forward with the Lakeside apartments, which would offer 220 units in four four-story buildings. The one-bedroom to three-bedroom units would span 750 to 1,409 sf…

Graham family plans 220-unit multifamily complex in Miami Lakes, amid record South Florida rentals pipeline

Graham Companies, the family owned developer of Miami Lakes and its biggest property owner, proposes a 220-unit multifamily complex in the town. Led by CEO Stuart S. Wyllie, Graham wants to build the Lakeside project with four four-story buildings on a 9.5-acre vacant site at 14610, 14620, 14640 and 14650 Oak Lane, according to the Miami Lakes Town Council…

Cult Movie Director’s New Studio Is Latest Signal Of Miami Beach’s Pivot Away From Partying

Acclaimed oddball film director Harmony Korine is opening a 30K SF creative design studio on Lincoln Road. The new headquarters for EDGLRD, a digital-first studio focused on film, gaming, advertising and sensory experiences, on the top floor of 230 Lincoln Road was announced by Miami Beach City Commissioner Joseph Magazine from the stage at Bisnow’s Future of Miami…

Developer Seeks Approval for ‘Alexandria Gardens’ at 13317 Alexandria Drive in Opa-locka

An affiliate of VS Real Estate could build an apartment complex featuring workforce housing in Opa-locka. Alexandria Gardens would comprise 216,152 square feet of new construction amongst seven four-story buildings. It would offer 225 apartments. The South Florida Business Journal reports that 12.5 percent of the units (28) would be workforce housing. The developer…and children’s playground. There would also be 285 parking spots, averaging to about 1.27 per unit.

Video & Pics: Banco Santander Announces It Will Begin ‘Landmark’ Brickell Tower

Banco Santander says it is proceeding with plans to build a new 1.6 million square foot tower in Brickell. A 14-story office tower is currently on the site. Demolition will begin shortly, according to the company. The property has already been fenced off, according to Ryan RC Rea. There are currently 650 Santander employees working from the old tower, who will be moved…

Site Work Permit Issued For Former Miami Arena Site, Where 2,350 Units Planned

Miami’s Building Department has issued a site work permit for the former Miami Arena site. The permit was issued on August 26, with Coastal Construction listed as the contractor, records show. Three towers are planned on the property, to be built in phases. A master construction permit for the first tower, with 894 residential units, is currently moving through the approval…

Monceau entangled in legal rift with partner over Goulds workforce housing dev site

Family-owned Monceau Real Estate allegedly reneged on buying out a partner involved in a Goulds workforce housing development site, a recently filed lawsuit alleges. Jason Talbot, principal of Miami-based Workforce Housing Partners, sued Miami Beach-based Monceau and its sibling owners, Adrian, Julien and Sarah Haccoun, in Miami-Dade Circuit Court on Friday for breach…

848 Brickell Office Tower Approved By FAA At 764 Feet

The Federal Aviation Administration has issued a letter stating that an office tower planned on Brickell Avenue does not represent a hazard to air navigation. The tower is known as 848 Brickell. The approval letter was issued on September 5 to developer Key International. Skidmore, Owings & Merrill is listed as a representative. The approved height is 764 feet…

Developers Respond to South Florida’s Affordability Crisis with Modern Workforce and Affordable Housing Projects

As South Florida’s population continues to grow, so does its affordability challenge. According to Miami Homes For All, the tri-county area currently faces a shortage of 90,181 housing units for households earning below 80 percent of the area median income, estimated at around $75,000 annually. The recent passing of Florida’s Live Local Act offers incentives aimed at addressing…

Developers Secure $527M Financing for St. Regis Residences Miami in South Brickell

Developers Related Group and Integra Investments have announced the closing of $527 million in financing for St. Regis Residences, Miami, a highly anticipated residential tower located on the Biscayne Bay waterfront in Miami’s South Brickell neighborhood. The loan, provided by TYKO Capital, marks one of the largest residential construction loans in South Florida’s…

Florida Developers Score $527M Loan for Miami Condo

Florida CRE developers Integra Investments and Related Group have scored a $527 million loan to work on a multifamily project in Miami. The 50-story tower at 1809 Brickell Avenue is set to feature 152 condos, according to a report from Bisnow. The unit options will range from two to six bedrooms. The Brickell project will include eateries such as an “upscale restaurant…”

Related, Integra JV pays $100M for waterfront St. Regis Brickell site

Integra Investments sold the St. Regis Residences, Miami development site to a joint venture it formed with the Related Group. Downtown Miami-based Integra, led by Paulo Tavares de Melo, sold the waterfront 3.2-acre property at 1809 Brickell Avenue for $100 million to 1809 Brickell Venture, property records show. The Integra and Related entity recently…

Construction Tops Off at The Standard Residences in Midtown Miami

Construction at The Standard Residences, Midtown Miami, a 12-story pied-à-terre-style building, has reached its topping-off milestone, and window installation has progressed up to the eighth floor. The project previously secured $45.045 million in financing from Bank OZK and has announced two major food and beverage offerings: Solana by Juvia Group on the rooftop…

Vita at Grove Isle Tops Off Construction, Set for Late 2025 Completion

Grove Isle’s first new residential development in decades has reached a major milestone as CMC Group, led by developer Ugo Colombo, topped off construction of Vita at Grove Isle, a 65-unit luxury condominium. Situated on the 20-acre private island of Grove Isle, just offshore from Miami’s Coconut Grove neighborhood, the seven-story waterfront development is comprised…

Mill Creek Residential Downsizes Second Phase of ‘Moderna Aventura’ in Miami-Dade County

In April 2023, Boca Raton-based Mill Creek Residential broke ground on the first phase of Moderna Aventura, which will offer 420 apartments, 6,400 square feet of retail, and 632 parking spots. The developer received approval for a second phase with the same specs, but now has filed plans for a smaller phase. The South Florida Business Journal notes that it’s “rare” for…

Acre scores controversial upzoning approval for 337-unit rental project near MiMo’s Legion park

A developer scored approval for a controversial upzoning for a 337-unit apartment project adjacent to Miami’s Legion Memorial Park, despite vehement pushback from neighbors. The Miami Planning, Zoning and Appeals Board greenlit the rezoning of a 3.5-acre vacant assemblage on the northeast corner of Biscayne Boulevard and Northeast 64th Street. Acre…

Lennar in contract to buy Barry University land, downsizes proposed project to 277 townhomes

Lennar proposes a 277-townhouse development on Barry University land in Miami Shores, marking a significant downsizing of the homebuilder’s previously planned project. Miami-based Lennar is under contract to buy about 24 acres of Barry-owned land immediately west of the university’s main campus at 11300 Northeast Second Avenue, according to a Barry spokesperson…

Lease roundup: Pipeline Workspaces renews Coral Gables office, French bakery opening in Kendall

Co-working and shared office space provider Pipeline Workspaces is staying put in Coral Gables. Miami-based Pipeline renewed its 14,000-square-foot lease at Alhambra West at 95 Merrick Way, according to a news release from the tenant’s broker. Shay Pope of Stream Realty Partners represented the tenant. Steven Hurwitz and Doug Okun were part of the…

How Miami-Based Pura Vida Took Over Florida and Then New York

Miami has seen an influx of New York restaurants and cafés lately, but over the summer, a Miami spot did a switch-up and returned the favor back to New York City. Pura Vida, the healthy café chain that has taken Florida by storm with its all-day breakfast and signature pastel blue umbrellas, is making waves beyond its home base with an ambitious expansion into New York…

Developer proposes 198-unit Live Local project near Seminole Hard Rock, amid flurry of applications under affordable housing law

A developer proposes a 198-unit Live Local Act project near the Seminole Hard Rock Hotel & Casino in Hollywood, amid a surge of applications under the state’s affordable housing law. An entity led by Eloy Garcia and Nick Mendizabal, founders of Car Factory Outlet, wants to build a 14-story building with 6,000 square feet of commercial space and 277 parking spaces…

Rreef sells Pembroke Pines multifamily complex for $110M — a 9% discount from purchase price two years ago

Rreef Property Trust sold a 368-unit apartment complex in Pembroke Pines for $110 million, marking a 9 percent discount from its purchase price two years ago. The deal comes as South Florida’s multifamily market is turning from the boom times of the past four years. Higher interest rates, elevated property management and upkeep costs, and skyrocketing insurance have…

DWS Group Fund Takes $11M Loss On Plantation Apartments

A real estate fund run by a Deutsche Bank subsidiary took a nearly 10% haircut on its recent sale of the Marela Apartments southwest of Fort Lauderdale. Abacus Capital Group paid $110M for the 368-unit, garden-style apartment complex in Pembroke Pines, or around $299K per unit. The seller was an entity controlled by RREEF Property Trust, which is run by DWS Group…

Pompano Beach Property Lands Financing for Rental-to-Condo Conversion

Plantation, Fla.-based Invesca Development and the Gold Coast Florida Regional Center, an EB-5 immigration investing program center, have secured a $55.2 million bridge loan to convert Envy Pompano Beach into condominiums. The 214-unit Class A rental property is located in Pompano Beach, Fla. Envy Pompano Beach in Pompano Beach, Fla., courtesy of Forman Capital.

MAXX Properties Buys 145-Unit Asset in Wilton Manors

Privately held MAXX Properties has bought ANKR Wilton Manors, a 145-unit rental community in Wilton Manors, Fla., between Pompano Beach and Fort Lauderdale. The previous owner was Gables Residential, according to Yardi Matrix information. This marks the buyer’s fifth multifamily asset in the state. The new ownership intends to modernize the community’s interior…

Schmier adds mixed-use complex to Boca Raton portfolio

Schmier Property Group pumped up its Boca Raton portfolio by acquiring a mixed-use complex for $32 million. An affiliate of Boca Raton-based Schmier, led by principals Brian and Robert Schmier, acquired Boca Financial Plaza at 5530 and 5550 West Glades Road, records and real estate database Vizzda show. Seacoast National Bank provided the buyer with an $18 million…

Jeff Greene fires back at One West Palm’s former project manager

Billionaire Jeff Greene is hitting back at the general contractor previously overseeing his One West Palm mixed-use project. Greene’s development entity 1370 South Ocean on July 29 countersued Coral Gables-based Kast Construction in Palm Beach County Circuit Court. Greene’s complaint alleges Kast mismanaged construction of the planned $3 billion two-tower complex…

Publix bags two more South Florida shopping centers for $67M

Publix filled up its real estate cart with more South Florida shopping centers, paying a combined $67 million for a pair of Palm Beach retail properties anchored by its stores. The sites are part of Publix’s recent $224 million purchase of a seven-shopping center portfolio across Florida that includes two retail properties in Davie acquired for a combined $83 million.

Data story: reimagining offices in a hybrid world

US vacancy rate of office buildings sits at a historic high four years after COVID-19 upended the industry COVID-19 completely upended work dynamics, but none more so than for office workers. Both central business districts (CBDs) and suburban offices became ghost towns. Suddenly, all “non-essential workers” – the typical white-collar worker – began performing their job…

Increasing Office Visits Not A Panacea for Record High Vacancy Rates

Highlights: According to Placer.AI – a startup that uses cell phone data to analyze foot traffic patterns down to the property level – nationwide employee office visits were 27.8% lower than compared to July 2019 and 16.5% higher than July 2023.Perhaps unsurprisingly, among the eleven metros included in Placer’s report, San Francisco’s office recovery has been the most mired…

Coastal Properties are Exposed to Multifaceted Risks, but Solutions Exist

Last week, the Urban Land Institute published Surge – Coastal Resilience and Real Estate, a report unpacking a range of risks  threatening coastal real estate, as well as highlighting solutions already in practice. From sea level rise and coastal storms, to sunny-day flooding, subsidence and erosion, the report put risk into dollar terms, as well as explaining risk pathways…

How the New PFAS Ruling Impacts CRE Transactions

Real estate professionals have a lot of questions about how PFAS may impact their deals EPA’s PFAS ruling of July 8, 2024. The ruling designates two of the most widely used categories of PFAS as hazardous substances under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA, also known as Superfund). This means that in order to evaluate…

Florida’s Live Local Act—An Admirable Vision Meets Reality

In the heart of Miami, the Wynwood neighborhood shines as a success story of urban development. Once an industrial area, Wynwood has transformed itself from warehouses and factories to a street-art-laden hub for creativity and innovation. Wynwood’s coffee shops, art galleries, vibrant bars, and cafes have attracted locals, tourists, and a community of entrepreneurs.

Industrial Absorption Set To Grow On Rate Drop Expectations

Industrial net absorption for the second half of 2024 is expected to reach approximately 114 million square feet, up from 67.1 million square feet absorbed during the first half of the year. First-quarter absorption was down substantially from its historic peak in 2021 when it totaled 749.3 million square feet for the year, according to CoStar data. It also lagged absorption recorded in the same per…

Developer Proposes Multifamily Development in RTZ at 1136 NW 8th Ave in Miami

On Saturday, Florida YIMBY reported on San Sebastian Luxury Homes, a venture seeking to double its density because of new Rapid Transit Zone (RTZ) rules. Now, we’ve learned of another transit-oriented development in Miami-Dade County. The South Florida Business Journal reports that an affiliate of New York-based Urban Builders Collaborative and Lettire Construction…

Mixed-Use Project with Affordable Housing Proposed for 1400 NE 116th Street in Miami

Biscayne Shores Development Group LLC, an affiliate of New York-based Ben-Josef Group Holdings, has plans for a residential project in Miami’s Biscayne Shores neighborhood. The unnamed complex would occupy a vacant 4.10-acre site that the developer purchased for $3.2 million in 2004. If city officials approve the project, it would comprise 561 apartments, with floorplans…

Related, Integra score $527M construction loan for St. Regis Brickell condo project

The Pérez family’s Related Group and its partner, Integra Investments, secured $527 million in construction financing for St. Regis Residences, Miami, a luxury condo development in Brickell. Tyko Capital, a private equity and credit investment management firm led by Adi Chugh, is the lender, according to a press release. The loan will fund construction of the 50-story branded…

So long, Miami: Andreessen Horowitz closes South Beach outpost amid doubt over office market’s viability

Venture capital firm Andreessen Horowitz closed its South Beach office, amid looming questions over South Florida’s ability to remain a magnet for out-of-state companies. Andreessen Horowitz exited in May its five-year lease for 8,300 square feet at Barry Sternlicht’s Starwood Capital Group headquarters building at 2340 Collins Avenue in Miami Beach, Bloomberg reported…

Andreessen Horowitz Exits Miami Office In Latest Blow To City’s Tech Dreams

Mayor Francis Suarez’s hopes of making Miami the Silicon Valley of the South and the country’s cryptocurrency capital have been dealt another setback. Andreessen Horowitz, one of Silicon Valley’s most high-profile venture capital firms, has shuttered its office in Miami Beach. The firm, also known as a16z, left its roughly 8,300 SF office at 2340 Collins Ave., a boutique office building…

Saddled with debt woes, Raoul Thomas’ hotel investments are unraveling. But he’s not giving up.

As Raoul Thomas clung to hope that he would recapitalize his $285 million loan on the Waldorf Astoria Washington DC in time to avoid losing the hotel, the financier got tired of waiting. Lender BDT & MSD Partners foreclosed last month after postponing the auction by 45 days to give Thomas time to cure his default. The historic 263-room property in the Old Post Office building…

County plans waste disposal complex at South Dade landfill

Miami-Dade County commissioners are expected to approve this week a $15 million professional services agreement for the transformation of the old South Dade Landfill into an updated Waste Facility Complex for the Department of Solid Waste Management. The project includes the preparation of a complete set of construction documents for a new…

Proposal Intends to Double ‘San Sebastian Luxury Homes’ Garden Style Units at 23220 SW 124th Avenue in Homestead

Developers have filed a pre-application for San Sebastian Luxury Homes, a garden-style housing development in Miami-Dade County’s Goulds neighborhood. In 2023, B2R Builders aimed to have the property rezoned from RU-1 to RU-3M, which would allow for the construction of 39 apartments in two buildings. Yet, the venture never came to fruition. B2R Builders acquired…

Q & A: Michael Swerdlow dishes on Overtown project and other recent deals

For nearly a half-century, Michael Swerdlow has been a driving force in retail and mixed-use development in Miami-Dade County. In the early 2000s, the Coconut Grove-based developer teamed up with Bloomfield Hills, Michigan-based Taubman Centers to build Dolphin Mall, a 1.4 million-square-foot outlet retail and entertainment center in Sweetwater. He cashed out in 2002…

Doral’s Beloved Cow Pasture to be Replaced by Warehouses

While many people visit Doral for its sprawling golf courses and upscale food halls, there’s one longtime attraction that isn’t labeled on Google Maps: the “cow lot.” The sprawling, 175-acre green space — situated on the corner of NW 107th Avenue and NW 41st Street — has long been a familiar landmark for Miami locals. Once owned by siblings Claudia Lemon Cook and Charles Buck…

Barry Sternlicht proposes Bjarke Ingels-designed redevelopment of the Standard Miami Beach

A group of investors led by billionaire Barry Sternlicht is proposing a luxury overhaul and redevelopment of the waterfront Standard hotel in Miami Beach. Starchitect Bjarke Ingels of BIG is designing the project, which is planned for the 100-plus-key hotel at 40 Island Avenue and adjacent properties at 1 and 2 Farrey Lane. Kobi Karp Architecture & Interior Design is the architect…

Plans Submitted To Miami-Dade County for 81-Story Dolce&Gabbana Tower at 888 Brickell Avenue

Plans have been submitted to Miami-Dade planners for the Dolce&Gabbana Tower, an 81-story mixed-use skyscraper designed by Studio Sofield with ODP as the architect of record. Located at 888 Brickell Avenue in Miami’s Brickell district, the tower is set to rise 1,049 feet and will house 259 residential units along with 102,805 square feet of commercial space, including retail…

Panattoni picks up former Miami Herald headquarters in Doral

Panattoni Development jumped into the Doral office submarket, picking up a two-story building that previously housed the headquarters for Miami Herald and El Nuevo Herald. An affiliate of Irvine, California-based Panattoni, led by Carl Panattoni, acquired the 9-acre property at 3511 Northwest 91st Avenue, records and real estate database Vizzda show. The deal breaks down…

Foundation Completed for Baccarat Residences Miami, Marking Key Milestone in 75-Story Condo Tower in Brickell

Related Group and GTIS Partners marked a significant development milestone this past weekend with the foundation pour of the highly anticipated Baccarat Residences Miami. The pour required over 10,000 cubic yards of concrete and 1,500 tons of reinforcing steel, setting a new record for both development firms. This project will be the legendary French crystal brand’s first…

The builders: Ranking Miami’s construction firms

At a busy intersection in North Miami, construction of the 382-unit Manor Biscayne apartment project is underway. So far, the eight-story building is a gray shell with gaping holes for windows and doors, flanked by a pair of cranes. Construction has reached the top floor, and interior finishes are expected to be installed next year, when the project is slated to be completed.

Lease roundup: FIFA opens permanent office in Coral Gables ahead of 2026 World Cup

FIFA expanded its South Florida office ahead of the 2026 World Cup, with plans to keep the space permanently as a base for the Americas. The international soccer governing organization now has a total of 75,000 square feet on four floors at 396 Alhambra Circle in Coral Gables, after adding 15,000 square feet to its previously leased space, Bloomberg reported, citing anonymous…

Three Self-Storage Ventures Proposed for South Florida Region

The construction of self-storage facilities is on the rise in Florida. Our sources point to three separate ventures intending to meet the need for these services. The first is an Extra Space Storage facility headed for the 2.05-acre site at 2401 W. Okeechobee Road in Hialeah. The 113,475-square-foot storage facility will measure three stories above grade, offering 1,025 climate-controlled…

Bradley Houser: Attorney heads Orange Bowl Committee targeting tourism

In February, Bradley D. Houser was officially named the 86th president and chair of the Orange Bowl Committee, and he has not stopped carrying the bowl’s legacy, mission and commitment to the South Florida community.  In this role, Mr. Houser will lead the Orange Bowl Committee’s community outreach, education and youth sports programs, including a full slate of events…

Meet Miami-Dade’s go-to lobbyists for real estate developers

They add skyscrapers to Miami’s skyline and bring new single-family home communities into existence in southwest Miami-Dade. But they’re not the developers. No, they’re the developers’ hired guns: the lobbyists, land use lawyers and consultants who get projects off the ground and across the finish line. They know the ins and outs of municipal and county government and have…

Real Estate Developer Files Application to Build Miami Apartments and Commercial Space

Biscayne Shores Development Group LLC has filed a pre-application with Miami-Dade County to build a multifamily and commercial building. The affiliate of Ben-Josef Group is targeting a vacant 4.1-acre site, which it bought for $3.2 million in 2004, located on the west side of Biscayne Boulevard at 1400 Northeast 116th Street, according to a report from the South Florida…

New 14-Story Apartment Building Proposed Near Seminole Hard Rock Hotel & Casino in Hollywood

A new apartment building has been proposed directly across the street from the iconic Seminole Hard Rock Hotel & Casino Hollywood, utilizing Florida’s Live Local Act to bring more residential units to the area. The proposed development, named Guitar View, is slated for a 38,545-square-foot lot at 5200 S. State Road 7, currently occupied by a used car business called Car Factory Outlet.

Pembroke Pines condo complex deemed structurally unsafe to hit the market

A Pembroke Pines condo complex that was evacuated following monthslong structural safety concerns and allegations of prior board members’ mismanagement will hit the market. Heron Pond, a 304-unit complex at 8400 Southwest First Street, will go up for sale and the condo association will be dissolved, after engineering reports found extensive deterioration that needs…

Condo owners opposing sale of Pembroke Pines’ Heron Pond complex lose first court fight

A pair of condo owners at the embattled Heron Pond complex in Pembroke Pines lost their first court fight against the receiver’s plan to list the property for sale. The 25-acre Heron Pond, at 8400 Southwest First Street, is home to 304 units in 19 two-story buildings. Since last summer, the city has slammed Heron Pond with multiple unsafe structure notices, rendering six buildings…

Citrix sells its Fort Lauderdale HQ for $37M, leases back office space

Cloud computing and software company Citrix sold its headquarters in Fort Lauderdale for $37 million, leasing back its office space. Citrix sold the nine-story building at 899 West Cypress Creek Road, six-story building at 851 West Cypress Creek Road and adjacent garage, according to records and real estate database Vizzda. The buyer is an entity tied to Maksim…

Publix’s $83M double play: Grocer adds two Broward shopping centers to South Florida portfolio

Publix continues expanding its South Florida portfolio, picking up a pair of Davie shopping centers for a combined $83 million. The Lakeland-based grocery chain paid $50.7 million for Davie Shopping Center at 4601-4777 South University Drive, and $32 million for Regency Square Shopping Plaza 4801-4995 and 4997 Southwest 148th Avenue, records and real estate…

Could Mega Publix Supermarkets Be Coming to Broward?

Florida’s largest supermarket chain is on the path to expanding even further throughout the state — and it’s making huge moves in Broward. Publix has just purchased two Davie shopping centers for a combined total of $83 million. According to records acquired by the Real Deal, the grocery chain paid $50.7 million for Davie Shopping Center located at 4601-4777 S. University…

Bridge Loan Secured for Condo Conversion in Pompano Beach’s Growing Koi Community

Forman Capital has provided a $55.22 million bridge loan to facilitate the conversion of 214 Class A rental units into for-sale condominium residences in Pompano Beach, one of South Florida’s rapidly developing cities. The Envy project comprises two 11-story buildings located at 450 E. Atlantic Blvd. between Dixie Highway and U.S. 1, and is part of the larger Koi…

BH and Related score design board approval for oceanfront Pompano Beach condo-hotel project

BH Group and Related Group can plow ahead with a planned oceanfront condo-hotel project in Pompano Beach after securing a design board’s approval. The Pompano Beach Architectural Appearance Committee on Tuesday approved a site plan for a 24-story tower with a parking podium that would include 77 condominiums and 303 hotel rooms at 1 North Ocean Boulevard…

Invesca lands $55M loan for rental-to-condo conversion in Pompano Beach, aiming to match demand

Invesca Development Group landed a $55.2 million loan for an apartment-to-condo conversion of a 214-unit complex in Pompano Beach. The plan to switch the Envy complex, completed in 2021, at 425-475 East Atlantic Boulevard, comes amid continued demand for condos and a slowdown of the multifamily market in South Florida. Invesca and Gold Coast Florida Regional Center…

Buyers Sue To Get Their Deposits Back At Long-Delayed Boca Raton Mandarin Oriental

Construction of the 86 condos and 164 hotel rooms at the Mandarin Oriental Hotel & Residences, Boca Raton was originally scheduled to be complete in 2020. Four years past its original delivery date, the project remains an unfinished shell, with developer Penn-Florida Cos. promising to finish construction by the end of next year. But some of its hopeful residents are tired of waiting.

West Palm Beach Development Group Seeks $10.6M Incentive for 25-story Mixed-Use Project with Affordable Housing in Downtown West Palm Beach

A development group is seeking up to $10.6 million in incentives to incorporate affordable and workforce housing into its proposed 25-story mixed-use project ‘Fern & Gardenia’ designed by Miami-based Arquitectonica in downtown West Palm Beach. The city’s Community Redevelopment Agency (CRA) Board will review the term sheet for tax increment financing (TIF) from WPB Fern…

Construction Starts on ‘the Spruce’ Apartments at 2501 Spruce Avenue in West Palm Beach

Fort Lauderdale-based Affiliated Development has broken ground on the Spruce apartments, an affordable/workforce housing venture. The South Florida Business Journal reports that the Spruce will measure eight stories above grade, offering 270 apartments. Eighteen homes will be reserved for those earning 70 to 80 percent of the area median income (AMI), while another…

Affiliated Development Breaks Ground in West Palm Beach

Affiliated Development has launched construction on The Spruce in West Palm Beach, Fla., after closing $50 million in financing. Situated between 24th and 25th Streets in the heart of Northwood Village, The Spruce will be a 270-unit, eight-story mid-rise building located near Northwood’s shopping, dining and nightlife. Apartments will be offered in one-, two- and three-bedroom…

Affiliated scores $50M construction loan for West Palm multifamily project

Affiliated Development started construction of a planned West Palm Beach apartment building after nabbing a $50 million loan. Bank of Montreal provided the financing for The Spruce, an eight-story multifamily project with 270 units being developed on a 1.5-acre site at 2501 Spruce Avenue, a press release states. Fort Lauderdale-based Affiliated plans to complete The Spruce…

The last piece of paradise: Palm Beach battles for its only major dev site left

The room burst into applause. That’s not typical for development review meetings. But Maggie Zeidman, then-president of Palm Beach’s Town Council, had just suggested a new park in the heart of the island, one block away from the beach. “Whoever owns it gets to make it a park,” she said in the January meeting. “So I just leave it out there for you, if you can make that happen…

Bullish on Palm Beach County, Banesco USA brings local expertise to booming C&I and CRE Industries

Miami real estate may be grabbing headlines, but its neighbor to the north is also capturing the spotlight. Long known for its agricultural production, Palm Beach County is rapidly transforming into a major hub for high-end residential, finance and commercial investment, growth that continues to accelerate in the wake of the pandemic. TRD sat down with Banesco USA Senior…

AvalonBay plans Lake Worth Beach multifamily project adjacent to Publix-anchored shopping plaza

AvalonBay Communities acquired a multifamily development site in Lake Worth Beach that is next to a built-in retail component anchored by a Publix store. Arlington, Virginia-based AvalonBay is planning Northlake Promenade Apartments on a 9-acre site the firm acquired for $16.5 million, records and real estate database Vizzda show. The vacant property is adjacent…

Video: Atlanta Fed Commercial Real Estate Expert Brian Bailey’s View on the Economy, Lending, and the Market

In a recent episode of “America’s Commercial Real Estate Show” the show host engaged in a deep conversation with Brian Bailey, a commercial real estate expert from the Federal Reserve Bank of Atlanta. Their discussion provided valuable insights into the current state of the commercial real estate market, touching on key economic factors, market trends, and strategies…

CMBS Troubled Loan Tracker: Delinquency Rates Nationally Approaching Pandemic Highs

Conduit loan delinquencies ticked up for the tenth consecutive month to reach 6.5%. The rate is now 1.9% above their post-pandemic low of 4.6% in May of 2022 and 4% above their pre-pandemic low of 2.5% in March 2020. Large-loan, single-asset, single-borrower (LLSASB) has followed a similar double-hump pattern, and both segments of the market are marching toward their…

2024 Q3 State of the Property Insurance Market

Time really does fly by. As you read this, you’ll have finished off the first half of the year, celebrated our nation’s independence and engulfed yourself in a transitioning excess and surplus lines property market that picked up a fair amount of speed and momentum as the year progressed. I was at a talk recently, and the speaker indicated that if he had one wish, he would hope to be…

The Fed: Beige Book Reports Slowing Activity

The new Beige Book from the Federal Reserve Bank of Atlanta reports that economic activity slowed a bit in the Southeast during July and the first half of August compared to the previous six weeks. Still, employment in the district edged higher, even as some contacts said they were curtailing hiring for the rest of 2024. Most firms told the Atlanta Fed that it became easier to find talented…

Foundation Completed for One Park Tower at SoLé Mia in North Miami

Turnberry has completed the foundation pour for ONE Park Tower by Turnberry, a 33-story ultra-luxury condominium tower within the 184-acre master-planned community of SoLé Mia in North Miami. The tower, located at 2411 Laguna Circle, will feature 292 residences overlooking a seven-acre Crystal Lagoon® and natural landscapes. The project is designed by Arquitectonica…

Citadel Unveils Conceptual Plans for 1,032-Foot Super-Tall Tower at 1201 Brickell Bay Drive

Conceptual plans for Citadel’s new supertall tower in Brickell have been revealed, marking a significant addition to Miami’s ever-evolving skyline. The tower, set to rise 1,032 feet above sea level at 1201 Brickell Bay Drive, is the first phase of a multi-phase development that aims to reshape the landscape of Miami’s bustling financial district. The property is approximately 4.17 acres…

Conceptual Plans Revealed For 1,032′ Supertall At Citadel’s 1201 Brickell Bay Drive Property

Conceptual plans have just been revealed for a new Brickell supertall. Details of the multi-phase project were unveiled in a filing with county planners this morning. 1201 Brickell Bay Drive is planned to rise 1,032 feet above sea level with 54 stories, and include: 1,293,373 square feet of office area 212 hotel rooms and accessory uses, including health spa, fitness club, ballroom…

Details, renderings revealed for billionaire Ken Griffin’s $1B Miami supertall

Billionaire hedge fund manager Ken Griffin spent $670 million assembling land in Miami’s Brickell neighborhood in 2022, generating huge interest in his companies’ move to South Florida. Now his attorney has filed more detailed plans for the proposed supertall, a mixed-use tower with nearly 1.3 million square feet of office space, a 212-room hotel, fine dining restaurants with 915 seats…

Plans Revealed For Citadel’s Miami Supertall Headquarters Tower

Citadel CEO Ken Griffin filed plans for the hedge fund’s 1,032-foot-tall Miami headquarters, revealing plans for a tapering supertall with office space topped by a hotel. The hedge fund’s leader is planning a tower at 1201 Brickell Bay Drive with 1.3M SF of office space and 212 hotel rooms across its highest 14 floors, according to records submitted to Miami-Dade County Monday.

Santander To Demolish Brickell Office To Make Way For 41-Story Tower

At least four office towers are planned in Miami’s financial district of Brickell, with some developers searching for anchor tenants for their properties before beginning construction. Meanwhile, Santander Bank is plowing ahead. The Madrid-based bank will begin demolition of its Brickell office building in the next few weeks to make way for a new 41-story tower, it announced…

Watson Island developers plan two hotels, residences, more

Two Miami developers are teaming up to update a 20-year-old vision and revive 10.8 acres of city-owned land on the south side of Watson Island with reduced density and more open, walkable space for the public, including a 1,000-foot waterfront promenade along the bay. This November, city residents will be asked to approve Watson Harbour, a mixed-use development…

Doral OKs 552 residences, 10% for workforce

Development plans for Doral Parc: Midtown Doral Phase IV, V & VI are moving forward in the most northern part of Doral. Doral city officials approved the mixed-use development of 552 units across three 10-story buildings. Situated on the east side of Northwest 107th Avenue, between Northwest 86th and Northwest 90th streets, Doral Parc is to feature a mix of one-, two…

MG expands development pipeline into Doral

MG Developer is adding Doral to its mixed-use project pipeline. The Coral Gables-based firm and its partner, Ernesto de Luca, who owns a printing company in Doral, are planning Doral Parc, a complex of three buildings with 552 apartments, nearly 23,000 square feet of ground-floor retail and two garages, a press release states. The city of Doral recently approved the mixed-use…

Developer proposes 119-unit multifamily project near Miami’s Culmer Metrorail stop, amid record apartment pipeline

A developer proposes a 119-unit multifamily building near Miami’s Culmer Metrorail Station, amid a record South Florida apartment construction pipeline. New York-based Urban Builders Collaborative, through an affiliate, wants to develop the 16-story building on a 0.8-acre vacant site at 1136 Northwest Eighth Avenue, according to the developer’s application filed this month…

Condo Buyouts Stall As Developers Balk At Sellers Looking To ‘Hit The Jackpot

South Florida’s thousands of aging condos are at a crossroads. For unit owners it’s a crisis that will likely force hundreds of people out of their homes. For developers, it’s an opportunity to snap up some of the region’s most desirable development sites to build new luxury towers. Deadlines loom for condo owners to pay for expensive repairs mandated by a new law, creating…

Michael Lewis: It’s time for Florida to dig its oldest landmark out of the grave

More than 25 years ago, Miami Today reporter Marilyn Bowden revealed that an archaeologist’s dig at the mouth of the Miami River had uncovered a stone structure. Six months later the Miami Circle turned into a national sensation that everyone waited to see. Two weeks ago, we reported that parking is still lacking to get visitors to the site, where they still can’t see Miami’s most…

FIFA Expands Its Coral Gables Office Space As Workers Relocate From Zurich

Soccer’s international governing body leased another full floor to expand its recently opened office at 396 Alhambra Circle in Coral Gables, a spokesperson for Blanca Commercial Real Estate, which handles leasing at the property, confirmed. Bloomberg first reported the new deal, citing anonymous sources. FIFA, headquartered in Zurich, already has around 350 staff…

Resul Sahinol, Consul General for the Republic of Türkiye in Miami, Seeks to butild trade, investment, cultural ties with Türkiye

Resul Sahinol arrived in Miami in October 2023 after working in Washington as the Deputy Chief of Mission at the Turkish embassy. After serving ten months as the Chargé d’Affaires in Miami, Mr. Sahinol was officially appointed the Consul General for the Republic of Türkiye in Miami at the beginning of August. Established in 2014, the Turkish consulate in Miami caters…

$5.2M Sale of 17.5K Office Building in Miami Brokered

A broker has brokered the $5.2 million sale of an office building located at 2150 Coral Way in Miami. Jeremy Larkin and Craig Merlin of NAI Miami | Fort Lauderdale represented the seller, an entity doing business as Ocean Coral Way Inc., in the transaction. Alphatur LLC acquired the property, which totals 17,450 square feet and is situated along…

1,049-Foot Dolce&Gabbana Tower Submitted For Review

Plans for the Dolce&Gabbana Tower were submitted to Miami-Dade planners last week. According to a letter attached to the application, the developer is requesting administrative site plan review for the new building. The new filing shows the tower will rise 81 stories and include: 259 residential units 102,805 square feet of commercial uses, including retail, restaurant…

Coastland plans 371-unit rental project with workforce housing near Tropical Park, amid swell of below-market proposals

Coastland Residential plans a 371-unit multifamily project with workforce housing near Miami-Dade County’s Tropical Park, as developers continue to bet on below-market apartments. Pinecrest-based Coastland wants to build an eight-story building with 7,500 square feet of retail at 4201, 4321, 4351 and 4383 Southwest 75th Avenue in an unincorporated area…

Lewis Swezy proposes 132-unit low-income multifamily project, as developers seize on affordable housing

Developer Lewis Swezy proposes a 132-unit, age-restricted affordable apartment project in Miami-Dade County’s Princeton neighborhood. The plan comes as South Florida developers continue to seize on low-income housing, which can better withstand the current economic climate of elevated interest rates, as well as skittish debt and equity funding.

Blue Suede nabs $27M loan to update two Miami Beach hotels and apartment building

Blue Suede Hospitality Group landed a $27 million loan to refurbish two Miami Beach hotels and an apartment building undergoing renovations. Franklin BSP Realty Trust, an affiliate of New York-based asset management firm Benefit Street Partners, provided the two-year mortgage secured by Kayak Miami Beach at 2216 Park Avenue, Blue Moon Hotel at 944 Collins Avenue…

Yakov Cohen adds Aventura big box store to North Miami-Dade holdings

Yakov Cohen expanded his holdings in northeast Miami-Dade County after paying $17.7 million for an Aventura big box store. An entity managed by Cohen and partner, Shimon Bouskila, both of whom are based in Sunny Isles Beach, acquired the single-story, 28,376-square-foot building at 18495 Biscayne Boulevard, records show. The deal breaks down to roughly $624 a square foot.

Foundation Pour Completed For 75-Story Baccarat Tower In Brickell

A foundation pour took place this weekend for Brickell’s 75-story Baccarat Residences tower. The pour began on Friday and continued into Saturday, according to Due Italiani a Miami. Roads were closed during the pour. Baccarat is approved by the FAA for a permanent height of 848 feet above ground. The development will include 324 tower residences, 8 penthouses and 28…

Foundation Pour Completed For 65-Story E11EVEN Beyond Tower

A foundation pour was completed over the weekend at the E11EVEN Residences Beyond tower in Park West, according to the developer’s social media. A total of 760 concrete trucks were pouring 6,800 cubic yards of concrete, the post said. It is the second E11EVEN tower to begin construction on the same block. Both towers are planned to top off at the same height of 699 feet…

Construction Now Underway At 58-Story Downtown Miami Tower, Downtown 6

Construction is now underway at the 58-story Downtown 6 tower, according to the SFBJ. Completion is expected in about two years, the report said. The tower is being built on the same block where the two 52-story Downtown 5th towers were completed in 2021 by the same developer. A total of 1,042 apartments are included in those towers. Also on the same block, the 70-story…

Miami at Low End Florida’s Most Expensive Apartment Markets, Ranked by Rent-to-Income

Palm Bay, located along the Atlantic coastline, just about an hour southeast of Orlando, claimed the state’s highest… Meanwhile, only one of Florida’s largest apartment markets boasted a rent-to-income ratio below the national norm: Lakeland at 22% as of July. Deltona, Tampa and Miami also posted rent-to-income ratios within 100 basis points of the national norm.

MG Developer Receives Approval For 552-Unit, Mixed-Use Development In Doral As It Expands Into The City Of Doral

MG Developer, one of South Florida’s most prominent residential developers, has received approval from the City of Doral for Doral Parc: Midtown Doral Phase IV, V & VI, a premier mixed-use development with 552 units across three 10-story buildings, as well as 22,740 square feet of retail throughout two new parking garages. This ambitious project…

Developers Secure $178 Million Refinancing for Society Wynwood

National development firm Property Markets Group (PMG), in collaboration with Canadian-based private equity firm Greybrook Realty Partners (Greybrook), has secured $178 million in refinancing for Society Wynwood, a 10-story mixed-use building designed by MKDA at 176 Northwest 25th Street in Miami’s Wynwood Arts District. Eastdil Secured arranged the financing…

Onicx Lands Refi for Miami Medical Office Building

The 104,238-square-foot Mercy Medical Arts building at 3683 S Miami Avenue came online in 2017. The Onicx Group has received $20.7 million in refinancing for Mercy Medical Arts, a 104,238-square-foot medical office building in Miami. Lake Michigan Credit Union provided the loan, according to Miami-Dade County records. Berkadia Medical & Life Sciences…

FAA Approves 637-Foot Height for Edge House Miami at 1825 Northeast 4th Avenue in Edgewater

The Federal Aviation Administration (FAA) has approved the height for Edge House Miami, a new 55-story condominium tower planned at 1825 Northeast 4th Avenue in Miami’s Edgewater neighborhood. According to an FAA determination letter issued on August 19, the tower can rise 637 feet above ground or 641 feet above sea level. Designed by Kobi Karp Architecture & Interior…

Doral Approves Mixed-Use Development with 552 Units and Retail Space at Midtown Doral

MG Developer has received approval from the City of Doral for Doral Parc: Midtown Doral Phase IV, V & VI, a mixed-use development that will include 552 units in three 10-story buildings and 22,740 square feet of retail space in two new parking garages. This project is a joint venture between MG Developer and Latin American entrepreneur Ernesto De Lucas. As Doral continues…

Funding keeps flowing: Two recently completed Miami mixed-use projects score loans totaling $237M

A pair of mixed-use projects built in the last two years in Miami’s Wynwood scored loans totaling $237 million. In the larger deal, funds managed by Ares Management and Monarch Alternative Capital provided a $178 million loan to an affiliate of New York and Miami-based Property Markets Group, or PMG, and Toronto-based Greybrook Realty Partners.

Site Work Permit Issued for 56-Story ‘Villa Miami’ Condo Tower at 710 Northeast 29th Street in Edgewater

Miami’s Building Department has issued a site work permit for Villa Miami in Edgewater, marking a significant step forward in the development process. The permit, issued on August 2, comes with a revision filed on the same day and allows for excavation, piles, site improvement, and soil improvement. Moss & Associates is listed as the contractor on the permit, covering 22k sf…

Developer Royal Palm Companies Plans Branded Condo-Hotel In Miami With Up To 360 Units

Planning is now underway by a developer to build a branded condo-hotel in Miami, according to a press release. A rendering shows the building will have around 30 floors. The developer is working with the City of Miami to increase the site’s density to accommodate up to 360 units, the release said. An $8.36 million pre-development bridge loan was secured for the property…

Maturing Industrial Outdoor Storage Sector Sees New Opportunities For Growth

The industrial outdoor storage asset type has been maturing over the past several years and is now reaching a stage of transition that is creating new opportunities to create value for existing owners and new market entrants. Beginning about five years ago, investors began flocking to the IOS market and institutionalizing the asset class via aggregation. Smaller investment…

$8.36M Bridge Loan Secured for Condo-Hotel Development in Miami’s Arts & Entertainment District

Forman Capital has issued an $8.36 million pre-development bridge loan secured by a residential development site along North Miami Avenue in Miami’s Arts & Entertainment District. The borrower, Royal Palm Companies (RPC), led by Dan Kodsi, plans to develop a 40-story condo-hotel on the properties, likely under the Elevate brand. The transaction was finalized on August 16…

Dan Kodsi reworks plans for Miami resi tower, seeks density boost

Dan Kodsi’s Royal Palm Companies is reworking plans for a residential tower in Miami’s Arts & Entertainment District. When Kodsi and his former partner, Rafael Pecchio, acquired the site at 1317 to 1353 North Miami Avenue two years ago, they planned to build a 200-unit apartment building. Now, Royal Palm is moving forward with a roughly 30-story condo tower, joining other…

Meta Development launches sales for boutique Coconut Grove condos

Meta Development launched sales for a boutique Kobi Karp-designed condo project in Coconut Grove, with prices starting at $2.5 million. Meta, a joint venture between Miami-based Lucid Investment Group and Brazil’s Iron Capital, is planning Opus Coconut Grove for the site at 3137 Southwest 27th Avenue, according to a press release. The planned six-story building will have 14 units…

Rockpoint Lands $59M For Strata Wynwood

Rockpoint, a Boston-based private equity firm, secured a $59M loan from Fannie Mae for the residential portion of the mixed-use Strata Wynwood, according to a release. Strata Wynwood, at 21 NE 22nd St., was completed by CIM Group in 2022. It includes 257 apartments, 60K SF of creative office space atop a 474-car parking garage. CIM Group sold the property to Rockpoint…

Continental Realty Corp. Sells Davie Shopping Center for $22M

Completed in 1984, Ridge Plaza encompasses four buildings spread on some 13 acres. Image courtesy of JLL Capital Markets Continental Realty Corp. has sold Ridge Plaza, a 138,554-square-foot regional shopping center in Davie, Fla. An affiliate of JBL Asset Management purchased the asset for $22.3 million. JLL Capital Markets represented the seller. The shopping center…

Continental Realty sells Davie shopping plaza for $22M, amid uptick in retail deals

JBL Asset Management, through an affiliate, bought the Ridge Plaza retail center in Davie for $22.3 million, marking an uptick in shopping center deals. Continental Realty Corporation sold the 138,600-square-foot property at 9000-9200 West State Road 84, according to a news release from the seller’s broker. Danny Finkle and Eric Williams were part of the…

Alliance HP’s downtown Fort Lauderdale office tower faces foreclosure

Alliance HP could lose a downtown Fort Lauderdale office tower to foreclosure. An affiliate of Atlanta-based lender Trimont on Tuesday filed a foreclosure complaint in Broward County Circuit Court that alleges Bryn Mawr, Pennsylvania-based Alliance HP defaulted on a $59.2 million mortgage that matured in October of last year, according to real estate database Vizzda…

‘Oaklyn Crossing’ to Offer 101 Units and Retail Space at 3520 N.W. 9 Ave. in Broward County

About two acres of riverfront land in Broward County could be developed into an affordable housing development. Oaklyn Crossing (not to be confused with “Oaklyn”) would measure 62 feet high, offering 101 residences. The South Florida Business Journal reports that units would range from studio to two-bedroom floorplans. Other features include 170 parking spots and…

Grant Cardone is on a Broward multifamily buying binge, paying more than $200M for two projects

Grant Cardone can’t get enough of Broward County. In recent months, funds affiliated with his Aventura-based Cardone Capital acquired two apartment complexes in Fort Lauderdale and Plantation as part of a half billion-dollar shopping spree across Florida. Cardone, a crowd-funding multifamily syndicator and business advice guru is also possibly buying a third Broward…

Buyers sue developer of long delayed Mandarin Oriental Boca Raton

Frank and Nancy Scala signed a contract for a condo at Mandarin Oriental in Boca Raton, and expected to close on their unit in June 2021. That year, the Scalas sold their waterfront home in Boca Raton. They provided the developer with a nearly $1.3 million deposit. But the closing date for their $4.1 million condo came and went. According to their contract with the developer…

Boca Raton couple siphoned over $40M from investors in a real estate fraud, SEC alleges

A Boca Raton couple siphoned off most of the $56 million they raised from 660 people nationwide for purported real estate investments, according to a Securities and Exchange Commission lawsuit. West Palm Beach-based Wells Real Estate Investment, company CEO Janalie C. Bingham and her husband, Jean Joseph, promised investors their funds would go toward purchasing…

Tribune parent’s real estate arm expands West Palm Beach industrial portfolio

Twenty Lake Holdings, a subsidiary of Tribune Publishing owner Alden Global Capital, is expanding its industrial portfolio in West Palm Beach. An affiliate of Stamford, Connecticut-based Twenty Lake purchased five warehouses spanning 57,282 square feet at 601 Roseland Drive, records and real estate database Vizzda show. The deal breaks down to $262 per square foot.

Vanderbilt, Trinity land $96M refi for West Palm office tower, as South Florida financing keeps flowing

The joint venture that owns Northbridge Centre in downtown West Palm Beach, known as the “Darth Vader building,” landed a $96 million refinancing for the office tower. Vanderbilt Office Properties and Trinity Capital Advisors scored the refinancing for the tower at 515 North Flagler Drive from BMO, according to a news release from the landlords’ broker.

Q&A with a U.S. Practice Lead for Hospitality and Leisure

Like many other sectors of commercial real estate, the hospitality industry is entering a new normal as it seeks firm footing after severe ups and downs brought on by the COVID-19 pandemic. Hospitality now must deal with less business travel, a cooling of the leisure travel market and higher costs. In June, Scotsman Guide spoke with Tom Rowley, an executive managing…

The Warehouse Of The Future: Where Sci-Fi Meets Supply Chain

Traditional warehouses are dangerous workplaces. Warehouse injuries and illnesses nearly doubled from 42,500 to 80,500 between 2016 and 2021. In 2022, forklift accidents caused 73 deaths and thousands of lost work hours in 2021-2022. While the increase in the number of warehouses during these five years may inflate the statistics, the raw numbers still paint a hazardous work…

BNN Bloomberg Video: Christian Ulbrich sees real estate prices stabilizing globally

The Conversation: A Deep Dive into the Real Estate Sector. In a recent segment on BNN Bloomberg’s Trading Day, Amber Kanwar engaged in an insightful conversation with Christian Ulbrich, Global CEO of Jones Lang LaSalle (JLL), about the current state of the real estate market, the impact of potential rate cuts, and the evolving trends in the sector. The discussion provided…

Office Loan Maturity Monitor: U.G.L.Y.: Underperformance Grows vs Last Year

Highlights: A total of $880 million across 28 CMBS office loans reached fully extended maturity in July with a dismal payoff rate of 14%. Maturities with debt yield below 8% and limited lease rollover have underperformed but there are very few observations. Loan size continues to be a significant factor in whether or not a loan pays off but all sizes trail 2023. Spotlight: How a pickup…

Moody’s Identifies Oversupplied Multifamily Markets

Highlights: As of the second quarter of 2024, our 82 primary multifamily markets were evaluated based on their level of excess supply (or demand). Excess supply was measured by total completions less net absorption on a rolling 12-month basis – positive values imply excess supply and negative values excess demand. Excess supply (or demand) was then expressed as a percentage…

National Heat Strategy’s Vision Supports Resilience for CRE

July 22, 2024 was the hottest day on record, with extreme heat baking various parts of the US and the world throughout this summer. Known as the silent killer, extreme heat is the top weather-related cause of death in the US. While it sometimes gets less attention than storms and wildfires which cause structural damage and substantial insurance claims, extreme heat also…

Study: Florida Gained the Most High Income Households Last year

Florida is by far the top state where high income households are moving to, according to a recent analysis. SmartAsset analyzed IRS data from the 2021-2022 tax year for the study. Florida had a net inflow of 29,771 high-income households during the period. That includes 46,874 arriving high-income households, and 17,103 moving elsewhere. The average income of high-earning…

Video: MSCI Real Assets Chief Economist Jim Costello Discusses U.S. Commercial Real Estate Distress Tracker; Updates, Forecast, & Strategies

The commercial real estate market has been under the microscope lately, especially with the specter of distress looming large across various sectors. This topic took center stage in a recent episode of America’s Commercial Real Estate Show featuring Jim Costello, Chief Economist at MSCI Real Assets. The discussion provided critical insights into the state of distressed assets…

JP Morgan: Three reasons we see a potential comeback in commercial real estate nationally

The menacing commercial real estate (CRE) headlines just won’t stop. “U.S. office prices headed for ‘severe crash.” “Wall Street braces for commercial real estate time bomb.” The headlines suggest things will likely get worse. We disagree. CRE property prices have fallen 12%, in aggregate, since peaking in 2022. Following the fastest Federal Reserve (Fed) hiking cycle since the early 1980s…

Florida’s top affordable housing issues

The affordable housing statistics in Florida are staggering. The Sunshine State has only 25 affordable and available rental homes for every 100 extremely low-income renters, according to The Gap report from the National Low Income Housing Coalition. Most extremely low-income Florida renters—82%, the second highest in the country—are severely cost-burdened.

Ben-Josef family proposes 561-unit rental project near North Miami, amid record South Florida multifamily construction pipeline

The Ben-Josef family, owners of the Sagamore Hotel South Beach, propose a 561-unit apartment building near North Miami. Their plan comes as South Florida is experiencing a multifamily construction boom, putting the tri-county region in line for a record number of new units by year-end. Ben Josef Group Holdings wants to develop the project on a 4-acre vacant site between…

641 Foot Tower Approved By FAA For Edgewater

The Federal Aviation Administration has given approval for the height of a new tower planned to rise in Edgewater. According to the August 19 FAA determination letter, the new tower is permitted to rise 637 feet above ground, or 641 feet above sea level. The letter was sent to Meridian TC Real Estate Group LLC. Edge House, a condo building allowing short term rentals…

Miami-Dade (Including Miami Beach) Overwhelmingly Favors Mass Transit Expansion

Miami-Dade voters are strongly in favor of expanding rapid mass transit in the county, according to the results of a referendum held yesterday. The question posed to voters in yesterday’s primary election read: Does Miami-Dade County need to expand its existing rapid mass transit system? (Rapid mass transit is defined here as elevated Metrorail, passenger rail…

Miami International Mall’s market value plummets to $159M

Simon Property Group’s Miami International Mall is in precipitous condition. The struggling indoor retail center ‘s current market value nosedived to $159 million, compared to a $391 million valuation a decade ago, a recent Morningstar report shows. The 59 percent decline in value is on the heels of Simon securing a one-year forbearance on a $157.4 million commercial mortgage…

Simon-Owned Miami Mall Loses Half Its Value As Lender Negotiations Continue

Simon Property Group’s Miami International Mall was hit with more bad news after its appraisal value was recently slashed in half. A July appraisal valued Miami International Mall at $159M, roughly equal to the value of two CMBS loans tied to the property. Miami International Mall was appraised at $159M in July, down 59% from its $391M valuation in 2013…

Foundation Pour Completed For 521-Foot Tower In Edgewater

A foundation pour was completed over the weekend at the Edgewater site where a 521-foot tower is under construction, according to a social media post by a contractor.   The tower is known as 2600 Biscayne and will span an entire city block. In March, the developers obtained $181M in construction financing. Groundbreaking took place in late April. 2600 Biscayne will rise…

Miami Blue Lagoon Development Site Slated for Auction Following Foreclosure Ruling

A development site in Miami’s Blue Lagoon area, previously approved for apartments and a hotel, is now facing foreclosure and is set to be auctioned due to a $17.9 million lawsuit. Miami-Dade… Judge Thomas J. Rebull granted the foreclosure judgment on August 10 in favor of TIG Romspen US Master Mortgage against 7 at Blue Lagoon LLC and loan guarantor Caroline Weiss.

Lender wins final foreclosure judgment for Caroline Weiss’ Blue Lagoon dev site

Caroline Weiss is on track to lose a waterfront Blue Lagoon development site at the center of a bitter legal fight with her eldest daughter. Miami-Dade Circuit Court Judge Thomas ReBull on Aug. 10 granted final summary judgment for TIG Romspen, a lender that filed a foreclosure lawsuit last year against two Weiss entities that own a 7-acre assemblage on Northwest 7th Street…

University of Miami opens residential village, football center on hold

The University of Miami’s Coral Gables campus is debuting a large residential project that opened this month, and continues to work on future capital projects including a theater arts building to open this fall while delaying its highly publicized football operations center. The Centennial Village, said Jessica Brumley, vice president of facilities, operations, and planning…

PMG, Greybrook Obtain $178M Refinancing for Society Wynwood Mixed-Use Development in Miami

PMG and Greybrook have obtained $178 million for the refinancing of Society Wynwood, a 10-story mixed-use property located at 176 N.W. 25th St. in Miami’s Wynwood Arts District. Eastdil Secured arranged the financing through funds managed by Ares Management and Monarch Alternative Capital on behalf of the borrowers. Randy Barcelo of Stearns Weaver Miller…

PMG, Greybrook Miami Mixed-Use Site Lands $178M Refi

PMG and Greybrook Realty Partners have refinanced the recently completed Society Wynwood property, a 10-story, 318-unit mixed-use development in Miami’s Wynwood Arts District. The $178 million refinancing was provided by funds managed by Ares Management and Monarch Alternative Capital. Eastdil Secured arranged the construction refinancing package. PMG was…

Prologis pays $55M for Verizon subsidiary HQ near Doral, with plans for industrial redevelopment

Prologis bought a Verizon subsidiary’s headquarters near Doral for $54.5 million, with plans for an industrial redevelopment. The San Francisco-based real estate investment trust scooped up the one-story building at 9700 Northwest 112th Avenue in an unincorporated area of Miami-Dade County from TracFone Wireless, according to records and real estate database…

Developer Of 90-Story Dolce&Gabbana Brickell Supertall Pledges $1.5M Towards Transportation

The developer planning a 90-story Dolce&Gabbana supertall condo hotel has signed an agreement that will provide transit and transportation upgrades in Brickell. The Dolce&Gabbana tower is currently going through Miami-Dade’s review process under the Rapid Transit zoning plan. Approval of developments in the zone may be conditioned on public benefits.

Lynd considers $9M capital call to investors for Miami Gardens rental complex

Multifamily investor Lynd is considering asking its investors in a Miami Gardens apartment complex to pony up additional capital, as skyrocketing insurance premiums and other increased expenses hit South Florida properties. The San Antonio, Texas-based firm has put investors in the 234-unit Parc Place Apartments on alert that it may ask them to infuse $9.1 million…

424 Deeds Already Recorded At New 51-Story Downtown Miami ‘Vertical Neighborhood’

Buyers are quickly closing on their units at a newly opened 51-story tower in downtown Miami, according to county records. Closings of condos at the tower began in late June (a single deed was recorded in May). As of this morning, a total of 424 deeds have already hit county records, including 15 recorded yesterday alone. The building includes the Gale Miami Hotel & Residences…

Trinity Cathedral Site Apartment Tower Submitted To FAA At 448 Feet

The proposed heights for an apartment tower at the Trinity Cathedral site have been filed with the FAA. According to the August 14 filing, the tower is planned to rise 446 feet above ground, or 448 feet above sea level. The 42-story building will have 462 residential units and 14,000 square feet of space for the church. A total of 552 parking spaces will also be built as part of the development.

Work Underway At 38-Story Edgewater Hamilton House Apartment Tower Site

Construction work appears to now be underway at the Hamilton House site in Edgewater, a photo by Ryan RC Rea shows. Hamilton House is now planned to rise 38 stories, rather than the 60 stories previously submitted to planners, according to a representative of developer Aimco. The revised plans call for 114 luxury apartments and 7,000 square feet of waterfront restaurant…

Developer plans 75-unit Live Local Act project in Brownsville, amid surge in proposals under affordable housing law

Miami-based Biscayne Companies, led by Kevin Fantes and Alejandro Reyes, wants to develop a seven-story project on the northwest corner of Northwest 27th Avenue and Northwest 54th Street in unincorporated Miami-Dade County, according to Fantes. The development firm scooped up the nearly half-acre vacant lot for $1.5 million, according to the broker.

Walker & Dunlop Arranges $53.6M Construction Financing for Bay Harbor Islands Multifamily Development

Walker & Dunlop has arranged a $53.6 million loan for the construction of Clara Bay Harbor 100th, a multifamily development located at 1145-1163 100th St. in Bay Harbor Islands, roughly 15 miles outside Miami. Upon completion, the property — which is the second phase of a three-phase rental development by Clara Homes — will comprise 45 units. The developer will also use the proceeds…

Clara Homes lands $54M construction loan for Bay Harbor Islands project, amid record South Florida multifamily pipeline

Clara Homes scored a $53.6 million construction loan for its Bay Harbor Islands multifamily project, advancing the development into its next stage. The deal comes as financing for South Florida developments continues to flow, amid a record pipeline of apartments. Miami-based Clara is developing its project with three six-story buildings with a total of 150 units on several…

Doral City Council green-lights Trump Doral condo expansion

Doral City Council members approved the Trump Organization’s proposal to develop up to 1,500 luxury condos on the Trump National Doral Miami property. Mayor Christi Fraga and councilman Rafael Pineyro voted against the rezoning on first reading at a council meeting Wednesday evening. It passed 3-2. An affiliate of Donald Trump’s firm was seeking a zoning…

Galbut family pays off $213M construction loan for downtown Miami tower, amid unit closings

An affiliate of Galbut Family Office paid off the $213.4 million construction for the Gale Hotel & Residences project in downtown Miami. Bank OZK provided the financing for the 51-story, 688-unit mixed-use tower at 601 Northeast First Avenue in September 2021. The developer, Sixth Street Partners, began recording closings in late May, property records show. A spokesperson…

FM Capital Secures $11M Bridge Loan for Office Building in Miami Beach

FM Capital has secured an $11 million bridge loan for the financing of an office building located at 301 Arthur Godfrey Road in Miami Beach. Formerly known as the HSBC Building, the property is now known as the Citizens Bank Building. Noam Temchin of FM Capital originated the interest-only, floating-rate loan through Sheridan Capital on behalf of the undisclosed borrower.

Second Phase Of Quail Roost Station Breaks Ground Along Forthcoming Transit Hub In Miami-Dade County

Atlantic Pacific Companies has broken ground on an affordable housing project for seniors at Quail Roost Station in Perrine. This development will be a hub along Miami-Dade County’s forthcoming electric bus rapid transit system and offer direct access to public transportation along the South Dade TransitWay, making it a crucial part of its transit-oriented community initiatives….

Grant Cardone office building in NW Miami-Dade adds Venture X coworking space

A coworking franchise will soon move into a Northeast Miami-Dade office building owned by real estate investor Grant Cardone. Venture X and a franchiser have secured the second floor of the 11-story 10X Centre at 18851 N.E. 29 Ave. in Aventura, said Barrett Wolf, CEO and founder of Wolf Co Real Estate Brokerage Investments. The 19,127-square-foot office is now being built…

40-Unit ‘Belle Apartments’ Planned for 18234 Homestead Ave in Miami

Belle Development LLC hopes to move forward with the Belle Apartments, an eight-story venture near the future South Dade TransitWay. If approved, the project would offer 40 homes measuring 532 to 1,100 square feet. The average apartment would span 873 square feet, according to the South Florida Business Journal. Communal amenities would include a bike room and lounge.

Construction Progresses on 70-Story Okan Tower at 555 N. Miami Avenue in Downtown Miami

Construction continues to advance on Okan Tower, a 70-story mixed-use building under development at 555 North Miami Avenue in Downtown Miami. Designed by Behar Font & Partners and developed by Okan Group, the 902-foot-tall, 914,124-square-foot structure will include 399 residences, a 316-key hotel, 64,000 square feet of Class A office space, and a range of indoor…

Swire Tells Investors: Demand For Brickell Key Condos Exceeds Expectations

Developer Swire Properties says that demand for condo units in a new two-tower project in Brickell is exceeding expectations. Swire announced plans for The Residences at The Mandarin Oriental, Miami in June 2023, and launched sales in December. “The market response in relation to the sales reservations since December 2023 has exceeded expectations,” the company…

‘Rapid Leasing Velocity’ Reported At New $178M Wynwood Apartment Complex

The developers of the new Society Wynwood apartment complex are reporting strong demand for units, helping to secure a refinance. Developer PMG, and Canadian-based private equity firm Greybrook said they had obtained $178m in refinancing for Society Wynwood. Society Wynwood’s welcomed its first residents in March, and has experienced “rapid leasing velocity” since then.

Construction Permit Issued For Large New Whole Foods Market Next To Midtown Miami

Whole Foods Market has been issued a construction permit for a large new store near Midtown Miami, allowing work to begin. The construction permit was issued this morning (August 19). It was first applied for on January 22. According to the permit, a total of 50,812 square feet will be built out at an estimated cost of $7 million. The new Whole Foods will be located on the ground…

Construction Permit Applied For At $190M Brickell Tower

A construction permit application for a 39-story residential tower one block from Brickell City Centre has been submitted. The filing was submitted to Miami-Dade on August 8. Zoning and construction review are being handled by the county, rather than the city of Miami, under Miami-Dade’s Rapid Transit zoning plan. The estimated value of construction is listed on the permit…

Loews Strikes Deal for $305M Loan to Refinance Miami Hotel

Loews Corporation has struck a deal to secure $305 million to refinance a Miami, Florida hotel. The loan, co-originated by National Association, J. P. Morgan Chase, and Wells Fargo Bank, is interest only, carrying a 10-year fixed rate, as reported by the Commercial Observer, citing Fitch Ratings. The bulk of the loan will be allocated towards refinancing existing debt…

Grant Cardone Bets On South Florida With Aventura Complex Renovations

Grant Cardone is best known for discussing multifamily and residential real estate. However, that doesn’t mean he has stayed out of the office sector. Cardone’s Cardone Capital recently announced the renovations of a building he is calling the 10X Centre, and it’s a window into what Cardone sees as valuable office space right now. Cardone has been bullish on the Florida market…

Lease roundup: Latin Securities opens in downtown Miami, Spanish restaurant picks A&E District for first US outpost

Financial services firm Latin Securities opened an office in downtown Miami. Buenos Aires, Argentina-based Latin Securities, which offers wealth management, securities brokerage and other services, leased 4,000 square feet at Miami Tower at 100 Southeast Second Street, according to its broker. Fabio and Sebastian Faerman of FA Commercial represented the tenant.

Backed by real estate titans, Miami-Dade Mayor Daniella Levine Cava cruises to reelection

Developers and commercial real estate investors are getting another four years of cozying up to Daniella Levine Cava. Miami-Dade County’s first female mayor cruised to a second term in office, nabbing 58 percent of a countywide vote in Tuesday’s August primary election. Although a non-partisan race, Democrat Levine Cava faced six challengers, four of whom are Republicans…

Affiliate of Gables Residential Proposes Community for 250 Racquet Club Road in Weston

The Weston City Commission heard the proposal for Gables Weston on August 19th, where an affiliate of Atlanta-based Gables Residential wanted to have the parcel rezoned from high-rise multi-family to planned development district. Plans called for a community with three housing types: 384 apartments, 80 single-family homes, and 28 townhouses. More specifically…

Chick-Fil-A plans new cold storage center in Weston

Atlanta-based restaurant operator Chick-Fil-A won approval to build a new cold storage warehouse and distribution facility in Weston to replace the one the company bought earlier this year. The Weston City Commission unanimously approved the company’s site plan for a one-story warehouse spanning 157,314 square feet, a standalone vehicle maintenance building with 9,252 sf…

Weston rejects rezoning for Gables Residential’s planned 384-unit apartment project

Gables Residential failed to win a rezoning of the old Bonaventure Resort & Spa site in Weston, 22.5 vacant acres where the Atlanta-based multifamily developer planned to build hundreds of apartments. Gables Residential, led by President and CEO Sue Ansel, paid $50 million for the Bonaventure Resort & Spa in 2022, then demolished the resort to clear the site for the…

13th Floor Breaks Ground on Hallandale Apartments

Developer 13th Floor Investments has broken ground on Parks at Hallandale, a 398-unit multifamily property in Hallandale Beach, Fla. The development will include both market-rate and workforce apartments across several five-story garden style buildings situated on15.5 acres. The property will include 6,500 square feet of ground-floor retail. Miami-based 13th Floor obtained…

Invesca Secures $94M in Additional Financing for Completion of Pixl Apartments in Plantation

Invesca Development Group has secured $94 million in financing to complete the construction of its Pixl apartments in Plantation. The project, located at 4350 West Sunrise Boulevard, will feature 330 apartments. The new funding was necessary to address the maturity of the original construction loan, manage additional costs from hiring a new contractor, and support the project…

Longpoint expands South Florida retail portfolio with $33M Pompano Beach purchase

Longpoint Realty Partners added another grocery store-anchored shopping center to its South Florida retail portfolio. An affiliate of Boston-based Longpoint paid $33.1 million for Palm Aire Marketplace at 299 South Powerline Road in Pompano Beach, records and real estate database Vizzda show. The 143,219-square-foot shopping center is anchored by Presidente…

$33.1M Sale of Palm Aire Marketplace in Pompano Beach Brokered

Colliers has brokered the $33.1 million sale of Palm Aire Marketplace, a shopping center located in the South Florida city of Pompano Beach. Presidente Supermarket and dd’s DISCOUNTS anchor the property, which totals 143,219 square feet. Other tenants at Palm Aire Marketplace include T-Mobile, Chase Bank and McDonald’s. Harry Blyden, Bastian Schauer, Ruben Suarez…

Adler Partners Inks Miami-Area Office Lease Renewal

Boston Proper has renewed its 42,563-square-foot office lease at Adler Real Estate Partners’ office and flex business campus in Boca Raton, Fla. Colliers negotiated the long-term deal on behalf of the tenant and CBRE assisted the landlord. The women’s fashion brand will maintain its headquarters at 1155 Broken Sound Parkway NW, a one-story building totaling 62,729 square feet…

Mixed-Use Property “The Press” in West Palm Beach Acquired for $80 Million, Plans for Major Improvements

Pebb Capital and Sabal Investment Holdings have announced the acquisition of “The Press,” a mixed-use property located at 2751 South Dixie Highway in West Palm Beach, Florida. The transaction, made in an off-market deal with Tricera Capital, includes plans for nearly $80 million in acquisition and repositioning efforts. These plans involve significant capital improvements…

Pebb, Sabal scoop up The Press office-retail complex in West Palm

Pebb Capital and Sabal Investment Holdings bought The Press, an office and retail complex in West Palm Beach. Miami-based Tricera Capital sold the complex at 2751 South Dixie Highway in an off-market deal to Boca Raton-based Pebb and Irvine, California-based Sabal, according to the buyers’ news release. Tricera and a spokesperson for Pebb and Sabal declined to disclose…

Witkoff, Blavatnik plan luxury hotel and private golf club at former Banyan Cay Resort in West Palm

West Palm Beach is getting a new private golf club and a luxury hotel after years of stalled progress at the Banyan Cay Resort site. Witkoff and Len Blavatnik’s Access Industries are splitting the former Banyan Cay Resort into two parts: Dutchman’s Pipe Golf Club, and the Belgrove, a 194-key hotel, the Palm Beach Post reported. The private club is expected to open this fall…

Vanderbilt wants to build a $520M West Palm Beach campus

Vanderbilt University pitched county leaders on a $520 million campus in downtown West Palm Beach. The Nashville-based “Southern Ivy” officially presented its vision for a graduate campus with artificial intelligence, data science and business programs during the Palm Beach County commissioners’ meeting Tuesday, following months of behind-the-scenes talks.

Vanderbilt Is Coming To West Palm Beach To Pitch A New Campus

Vanderbilt University officials will travel from Tennessee to West Palm Beach to meet with city and county officials. A new college campus could follow close behind. The West Palm Beach City Commission and Palm Beach County Commission will consider resolutions next week that will start to pave the way for a 300K SF campus in the heart of the city that could host up to 1,000 students…

CMBS Troubled Loan Tracker: Delinquency Rates Trending Higher Since the Spring, Likely Until 2025

Summary Delinquency rates notched up again in July for both conduit and large loan-single asset-single borrower (LLSASB) CMBS loans, with both segments now at 6.3%. This recent period of rising delinquencies began back in the spring, with conduit and LLSASB delinquency rates rising by 114 basis points (bps) and 166 bps, respectively. Some rise in troubled loans…

Video: KCnomics CEO KC Conway Provides U.S. Economic & Real Estate Outlook

The Discussion: Navigating Commercial Real Estate in a Shifting Economic Landscape The recent conversation between the host of America’s Commercial Real Estate Show and KC Conway, CEO of KCnomics, provided a deep dive into the current state of the commercial real estate market. Their discussion, which was national in scope and thus may apply less or not at all to Miami…

Finding an Attractive View: Bridge lending can help deals make sense in uncertain times

The first half of 2024 was marked by tumultuous shifts, creating challenges for conventional bank lenders. While agency lending from Freddie Mac and Fannie Mae never goes away, traditional sources of financing have thinned out. Traditional lenders have grown shy about the overall lending market. Who can blame them with interest rates so high, a mixed economy and the…

‘Extend and pretend’ remains the playbook for troubled lenders

A growing throng of banking and commercial real estate experts are sounding the alarm about the nation’s small and medium-sized banks, which may be on the cusp of another crisis. John Murray, Pacific Investment Management Company’s head of global private commercial real estate, told Bloomberg in June that he expected more regional bank failures in the U.S. because…

Podcast Transcript: FDIC’s Krishna Patel & Kathy Kalser Discuss Risks of Banking

The 2022 Risk Review provides a retrospective summary of conditions in the U.S. economy, financial markets and the banking sector. And continues to cover some of the core risks of areas of credit by which we mean loans, and market, which we mean interest rates, and financial market risks as of year-end in 2021, similar to our previous report.

Moody’s: Mid-Year Retail Property Performance Review

Highlights: As of the second quarter of 2024, our top 80 primary retail markets were evaluated based on their year-to-date (YTD) change in effective revenue/SF. Among our five regions, the Northeastern Region barely clinched the top spot, with effective revenue/SF increasing by 57-bps YTD – behind the Southwestern Region at 56-bps – while the Midwestern Region logged…

Housing and healthcare: An innovative combo

For people without stable housing who are living with challenges such as mental illnesses, chronic health conditions and substance use disorders, navigating a complex network of service providers across a city can be a major hurdle to getting help. At Hobson Place, a permanent supportive housing community in Seattle, help is literally next door. The project, completed…

Southeast Region Apartment Supply Volumes Could be Near a Peak

The Southeast region has been a key spot for investors recently, with annual supply volumes more than doubling over the past five years. However, the region could be approaching a peak for apartment completions. Annual deliveries in the Southeast went from around 20,000 units in the years leading up to the pandemic, to around 50,000 units in the year-ending 2nd quarter…

Mill Creek cuts back Ojus multifamily project, as South Florida sees record apartment construction pipeline

Mill Creek Residential scaled back the second phase of its Modera Aventura multifamily project, nearly halving the building plans. The Boca Raton-based firm now proposes an eight-story, 251-unit project, down from its previous plan for 15 stories and 420 units, according to Mill Creek’s application to Miami-Dade County submitted on Monday. The proposal also is for…

Related plans 316-unit public housing project near West Little River, as developers continue to bet on affordable rentals

Related Group’s affordable housing division proposes a 316-unit public housing project near West Little River, marking an expansion of the firm’s previously planned project on the site. Related Urban wants to build a 12-story building on the 4-acre site at 860, 930 and 950 Northwest 95th Street in unincorporated Miami-Dade County, according to an application. The project…

Trump National Doral seeks approval for 1,500 condos

The Trump Organization is reviving plans to expand Trump National Doral Miami, with up to 1,500 luxury condos and commercial space. An affiliate of Donald Trump’s firm is seeking a zoning change for 56.4 acres of the property at 4400 Northwest 87th Avenue in Doral to the city’s downtown mixed-use zoning. Trump Endeavor 12 LLC will go before the Doral City…

Donald Trump leaves his name off a luxe condo complex he’s building in Doral

Donald Trump plans to bring luxury condominiums to a Miami suburb, but they’re missing one notable selling point: Trump’s name. The former president’s latest South Florida real estate play moved closer to reality on Wednesday evening when the Doral City Council gave preliminary approval for the residential and commercial complex he wants to build on the edge…

Miami awaits judgment to remove final giant billboard

After striking down an ordinance that allowed extra-large LED billboards to rise in downtown Miami, the city is waiting for a declaratory judgment to take down one last sign. In a 4-1 vote on May 23, city commissioners rolled back a January 2023 resolution that allowed for 100-foot-tall, illuminated, multi-faced signs up to 1,080 square feet at an expanded list of locations including…

Bridge Industrial Begins Miami Project

Bridge Industrial is beginning a new project for a two-industrial building development in Miami, Florida. The privately owned real estate firm will start by first demolishing the former headquarters of logistics company Ryder System at 11690 Northwest 105th Street. That will make room for the new site on 16.8 acres, called Bridge Point Flagler Station. It will feature two industrial LEED…

Loews getting $305M refi for oceanfront Miami Beach resort

Loews Corporation is getting a $305 million refinancing of the loan backing its oceanfront Miami Beach resort. The financing is for the 5-acre, 790-key hotel at 1601 Collins Avenue in Miami Beach. Wells Fargo, National Association and JPMorgan Chase Bank are originating the loan, according to Fitch Ratings. It’s expected to close on Sept. 10. A spokesperson for Loews did not respond…

South Florida submarkets see rent declines, amid hefty new apartment supply

Across South Florida, some municipalities are experiencing a drop in apartment rents, marking a sharp turnaround from the tri-county region’s record rate hikes of recent years, a new report shows. Although this comes as bad news for landlords and a welcome reprieve for cost-burdened tenants, the rent declines in some areas may not be indicative of a long-term region-wide trend…

Naftali scores $35M loan for planned Miami Worldcenter high-rise

Naftali Group secured a $35 million pre-development loan for its mixed-use condo and rental tower at Miami Worldcenter. The New York-based developer obtained the financing from BHI, the U.S. arm of Israel-based Bank Hapoalim, according to a press release. The loan is for the planned 70-story high-rise at 1016 Northeast Second Avenue in downtown Miami. Naftali’s…

Doral Continues To Grow And Improve Its Reputation

“Doral continues to grow and improve its reputation.” This was stated by the Economic Developer of the city of Doral, Manuel Pila, after reviewing the economic analysis of Doral recently presented by Florida International University (FIU), which shows that Doral has an excellent reputation as a safe, modern, and efficient city for business. “The economic momentum…”

Citigroup Center Signs 46,000 SF of Lease Agreements

Citigroup Center is keeping and welcoming a series of tenants to its building thanks to the landlord striking roughly 46,000 square feet of lease agreements. The 34-story 810,000 square feet tower has kept four existing companies in addition to bringing in three new ones. The largest occupancy came from a new tenant, classified as a “large full service law firm,” which signed a lease…

Superior Manor Apartments Phase II Completes Construction In Liberty City

ANF has completed construction on the second phase of Superior Manor Apartments, a 76-unit affordable housing development in Miami’s Liberty City neighborhood. This project was developed by New Urban Development, the real estate affiliate of the Urban League of Greater Miami. Superior Manor Apartments Phase II provides affordable housing for residents earning…

Luxury South Beach Hotel Owner Proposes 561 Apartments In North Miami

A parcel in North Miami that has been vacant for more than 15 years could become the site of a 561-unit multifamily development. The development on the 4-acre site at 11400 Biscayne Blvd. would rise up to 15 stories and include 20K SF of ground-floor commercial space and a 723-car garage. Around 84 of the apartments would be designated as workforce housing, according…

Shvo Lays Off Miami Staff As Hurdles Mount For Ambitious Projects

Michael Shvo’s eponymous development firm is scaling back operations in South Florida despite having two projects in the early stages of construction. Shvo is down to four full-time office staff in South Florida after several employees were laid off last week, Bisnow has learned. The terminations — announced at a staff meeting on Wednesday, multiple sources said — were the latest…

Miami private credit firm raises over $670M for commercial real estate loan fund

A Miami-based private credit firm that specializes in commercial real estate lending raised $670 million for its latest fund. BridgeInvest announced Aug. 12 that it closed its fourth vintage specialty credit fund that will provide collateral-backed financing to existing properties or ones that are being renovated or repurposed ranging from $20 million to $150 million. The fund will target…

Heightened demand? MHG, Miami investor buy South Florida hotels

A Miami-based investment firm and a Midwest hospitality company… The deals come at a dubious time for South Florida’s hospitality market, as hotel investment sales… have faced financial woes. In the bigger deal, Brickell-based entity Habitus SPV Miami Airport BB1 bought the six-story, 110-key hotel at 5125 Northwest 36th Street in Miami Springs, near Miami International Airport…

Miami-Dade’s aviation department moving to new digs after $26M purchase of office building near MIA

Miami-Dade County paid $26.3 million for an office building for its aviation department. The county bought the six-story, 112,500-square-foot building at 7200 Northwest 19th Street in an unincorporated area of the county, north of Miami International Airport, from Walton Street Capital, according to records and real estate database Vizzda. Completed in 1982, the building…

CGI Merchant loses downtown Miami Gabriel hotel in UCC auction

CGI Merchant Group lost its downtown Miami hotel at 1100 Biscayne Boulevard in a UCC auction, marking the second time this week the firm parted with one of its properties due to debt woes. Coconut Grove-based CGI Merchant, led by founder and CEO Raoul Thomas, has been fighting foreclosure filings by lenders on three of its biggest hotels this year. Issues partly stem from elevated interest rates…

“A lot of square footage”: Six office buildings are on tap in Miami Beach. Will all get leased?

As South Florida became a magnet for out-of-state companies in the past four years, Miami Beach emerged as a budding office market. The city landed major leases at record rents during the influx of financial firms, family offices, hedge funds and other businesses. Developers seized on the boom, with plans for new Miami Beach projects. In all, six buildings are on tap…

Daniel Motha, Rishi Kapoor’s former right hand, fights SEC subpoena for emails

Daniel Motha played an integral role helping Rishi Kapoor establish Location Ventures. Now, Motha is fighting the U.S. Securities & Exchange Commission’s efforts to pry company information out of him. Motha, a former CFO for defunct Coral Gables-based Location Ventures, wants a Miami federal judge to deny a subpoena filed by the SEC seeking his tax returns, emails…

Lease roundup: Downtown Miami’s Citigroup Center, Hollo family’s 1101 Brickell land tenants

Law firm Fowler White Burnett will move its office to downtown Miami from the city’s Brickell neighborhood. The firm is one of two tenants that leased at the 34-story Citigroup Center at 201 South Biscayne Boulevard. Citigroup Center’s ownership team announced that a law firm leased 18,800 square feet at the tower and seafood company Pescanova leased 2,500 square feet.

Multiplan launches sales for oceanfront Surfside condos

Multiplan Real Estate Asset Management is launching sales of a planned boutique oceanfront condo building in Surfside, seven months after buying the site. The 12-story building, dubbed Ocean House, at 9317 Collins Avenue, will have 25 units, according to a press release. Prices start at $5 million. Multiplan CEO Marcelo Kingston said the firm plans to price the project’s penthouse…

13th Floor lands $83M loan to build 398-unit Hallandale Beach complex, amid record South Florida apartment construction

13th Floor Investments landed an $83 million construction loan for a planned 398-unit apartment complex in Hallandale Beach. The deal comes as South Florida is experiencing a continued flow of financing, despite elevated interest rates, and a record multifamily construction popeline. 13th Floor, led by managing partner Arnaud Karsenti, is developing the five-story…

Developer lands $85M construction loan for Hallandale Beach condo tower, as South Florida financing defies nationwide slump

Developer Giuseppe Iadisernia scored an $85 million construction loan for a 250-unit Hallandale Beach condo tower. The deal comes as South Florida construction lending continues to flow, especially for condo projects, despite elevated interest rates and economic uncertainty. Iadisernia scored the financing for the 25-story West tower, which is already under construction…

‘The Horizon of Oakland Park’ Gets Site Plan Approval for Broward County

Two developers have secured approval from Oakland Park city officials regarding a mixed-use venture in Broward County. The Horizon of Oakland Park will offer 331 apartments and retail space in two mid-rise buildings. The South Florida Business Journal reports that 10 percent of the homes (averaging to about 33) would be reserved as workforce housing. Communal amenities…

Billionaire Bill Malhotra plans 220-room hotel in Pompano Beach

Claridge Homes, a Canadian real estate development company led by billionaire Bill Malhotra, plans to build a 15-story, 220-room Courtyard by Marriott hotel near the oceanfront in Pompano Beach. Ottawa-based Claridge last year paid $4.5 million to acquire the development site at 101 South Ocean Boulevard, now the site of a vacant two-story office building…

Pier Sixty-Six in Fort Lauderdale Nears Completion, Announces Pioneering Spa Concept

Pier Sixty-Six is nearing completion and is on track for a Fall 2024 opening. Located on 32 waterfront acres along the Intracoastal Waterway in Fort Lauderdale, the redevelopment by Tavistock Development Company includes a world-class resort with 325 guestrooms and suites, 12 dining destinations, 40,000 square feet of event space, and62 condominiums.

Developer Seeks Funding for ‘the Villages at East Ocean’ at 405 E. Ocean Avenue in Boynton Beach

In 2017, Edgewater Capital Investments secured approval for the Villages at East Ocean, a mixed-use complex in Boynton Beach. Now, seven years later, the Miami-based firm is seeking $12.5 million in city incentives to move the project forward. Developers originally secured approval for an eight-story building with 371 apartments and 15,757 square feet of retail. Current plans…

ALINA 210 Receives Early TCO At 200 SE Mizner Boulevard in Downtown Boca Raton

El-Ad National Properties, a South Florida-based subsidiary of the Elad Group, has announced that ALINA 210, part of the second phase of the ALINA Residences in downtown Boca Raton, received its temporary certificate of occupancy (TCO) ahead of schedule on July 26, 2024. The nine-story building at 200 Southeast Mizner Boulevard, which features 30 residences, is now…

Alba Palm Begins Vertical Ascent At 4714 North Flagler Drive In West Palm Beach

Construction is ascending on Alba Palm Beach, a 22-story residential building at 4714 North Flagler Drive along the Intracoastal Waterway in West Palm Beach. Designed by Spina O’Rourke + Partners with Schmidt Nichols as the landscape architect and developed by BGI Companies and Blue Road Group, the 262-foot-tall structure will offer 55 residences, including four…

Bessemer Trust sells Palm Beach building for $19M, opting for newer digs

Bessemer Trust sold a Palm Beach office building for $18.7 million to a mystery buyer. New York-based Bessemer, a private wealth management firm, sold the two-story, 11,700-square-foot office building at 222 Royal Palm Way, according to records and real estate database Vizzda. The buying entity, 222 RPW LLC, ties to Gunster attorney Bradley McPherson.

Helgstrand Dressage sells remainder of Wellington sales center for $24M

Helgstrand Dressage sold the remaining 45 acres of its Wellington sales center for $23.6 million, just two years after selling off about half of the original property. The deal follows a tumultuous few years for the horse training and sales operation founded by dressage rider Andreas Helgstrand. In addition to a battle playing out for the horse show in Wellington, a documentary…

Calculating net operating income in multifamily real estate

Net operating income is a metric that can help commercial real estate investors evaluate a property’s performance and estimate its value. Here’s how it works. Calculating net operating income (NOI) is relatively straightforward, but it’s an important metric for multifamily investors. It can help assess a property’s profitability, estimate its value and compare potential investment….

The Fed: Signals of continued economic resilience from the output gap

At the July 31 FOMC press conference, Chair Powell said “recent indicators suggest that economic activity has continued to expand at a solid pace,” even in the face of a labor market that appears to be normalizing. Real GDP growth picked up significantly in the second quarter of 2024, according to the BEA’s advanced estimate, at an annualized rate of 2.8%. While this output…

Real Estate in Focus: Signs of Recovery After the Shocks

Key findings: Global commercial real estate is showing signs of recovery from the slowdown sparked by higher interest rates. Sales of commercial property worldwide in the second quarter of 2024 matched the levels of the same period in 2023, and price declines in the U.S. moderated. Challenges remain, including fears that slowing U.S. job growth could lead to an abrupt…

Using the cash-on-cash return in real estate

Cash-on-cash return is a common metric real estate investors use to measure how much cash flow they can expect from the equity they invest. Using the cash-on-cash return in real estate helps investors estimate how much cash flow each dollar invested in a deal will generate. In other words, it assesses how efficiently the cash, or equity, invested in a property will create…

The Amazing New Residential Buildings Being Developed with Office Space

One of the latest trends in the balance between work from an office and working from home worldwide has arrived in Miami. Mixed use Buildings, with Residential Condos with office spaces are the perfect mix for those looking to live and work in the same place, without doing it completely from home, just taking the elevator to work, without worrying about traffic, weather…

How U.S. elections could impact multifamily real estate

Key takeaways: The results of the upcoming election cycle will influence fiscal and regulatory policies affecting commercial real estate.
Because of legislators’ role in spending, the outcomes of Congressional contests are also important to consider. The results of local elections may be even more impactful, as they can influence city and state policies, such as zoning…

U.S. Inflation Falls Below 3% for the First Time in Over Three Years

The Federal Reserve’s efforts to curb inflation appear to be working, as consumer prices continued to trend down in July. The news could signal an interest rate cut by the Fed in September. The price of goods and services paid by U.S. consumers rose 2.9% in the year-ending July, according to the Consumer Price Index (CPI) for All Urban Consumers measured by the Bureau…

Brickell City Centre Retail Remains 100% Leased At End Of Q2, Swire Says

Brickell City Centre’s shopping mall continues to be 100% occupied, according to a quarterly release by owner Swire Properties. Swire’s second quarter earnings report was released to investors on August 2. It shows that the space was 100% occupied as of Jun 30, as it also was on December 31, 2023. The tally includes space allocated to prospective tenants who have signed letters…

Scott Robins, Philip Levine team up with Tricera to buy Aby Rosen’s Lincoln Road building at discount

Tricera Capital joined forces with Miami Beach-based real estate investors Scott Robins and Philip Levine to buy Aby Rosen’s Lincoln Road retail building at a discount. The joint venture paid $13.6 million for a single-story storefront at 318-334 Lincoln Road, according to a press release. An affiliate of RFR Realty, the New York-based firm founded by Rosen and Michael Fuchs…

Torose Equities expands into Miami Beach’s Lincoln Road after acquiring retail building at a discount

Torose Equities is expanding its reach, adding a Lincoln Road retail building in Miami Beach to its commercial portfolio, acquired at a discount. An affiliate of Miami-based Torose, led by principal Scott Sherman, bought 910 Lincoln Road, a two-story storefront spanning 8,700 square feet, records show. Torose paid $10.4 million for the property, partially financing the purchase…

Torose Equities Taking Advantage of ‘Wealth Migration’ in Miami Retail

The retail segment of CRE is thriving thanks to consumer demand – and Torose Equities is seizing the opportunity in Miami. Particularly, Scott Sherman, founder and principal of the real estate investment firm told GlobeSt that demand has been “strong” in the past year or two. “It’s become a more favorable asset class,” he said. “You’re seeing a lot of capital still actively pursuing…

Foundation Pour Completed At 62-Story Aria Reserve North Tower

A foundation pour was completed over the weekend at the 62-story Aria Reserve North Tower, according to a social media post by shell contractor L&R Structural Corp. Miami Building Department Records show a master construction permit for the tower was issued on June 11, with construction cranes installed shortly after. Aris Reserve includes twin towers, each rising…

CMC, Morabito finish Bay Harbor Islands condo project

CMC Group and Morabito Properties completed Onda Residences, their waterfront luxury Bay Harbor Islands condo project. The joint venture has sold all but three units in the eight-story, 41-unit condominium at 1135 103rd Street, according to a company statement. Ugo Colombo’s CMC and Valerio Morabito’s Morabito launched sales for the project three years ago and have…

Miami-Dade Map Shows Where Supertalls Are Permitted In Miami

Below is the the Airport Height Restriction Zones Map for Miami International Airport, issued by Miami-Dade. The map shows that parts of Downtown and Brickell allow for buildings of 1,049 feet above mean sea level, or supertall height. Park West property owners can develop up to 709 feet, while most of Edgewater is in a zone allowing 649 feet. Developers wanting to build…

Nuveen, Pimco list Waterford offices for sale, as Miami-Dade properties keep hitting the market

Nuveen Real Estate and Pimco put an office building at the Waterford Business District in Miami-Dade County on the market, The Real Deal has learned. The companies listed the 10-story 1000 Waterford at 1000 Northwest 57th Court, across from Miami International Airport, according to listing brokers… Bids for the building, which hit the market unpriced…

Okan Tower Construction Workers Warm Up ‘Like Athletes’

Construction crew at the Okan Tower construction site are warming up and stretching before work, “like athletes,” according to the social media feed of contractor  Jacob Companies. Photos uploaded this week show workers pouring walls and columns, while preparing slabs. Okan Tower will eventually reach a height of 70 stories, or 902 feet, making it one of the tallest in Miami.

South Florida’s multifamily construction pipeline reaches record, as developers seize on south Miami-Dade

Across South Florida, developers are building a record number of multifamily units. The booming pipeline comes as the tri-county region’s leasing frenzy has slowed and unbridled rent growth has calmed. By year-end, developers are expected to finish 23,863 units across South Florida, the highest number since 2002, according to Berkadia’s mid-year multifamily report.

Mill Creek cuts back Ojus multifamily project, as South Florida sees record apartment construction pipeline

Mill Creek Residential scaled back the second phase of its Modera Aventura multifamily project, nearly halving the building plans. The Boca Raton-based firm now proposes an eight-story, 251-unit project, down from its previous plan for 15 stories and 420 units, according to Mill Creek’s application to Miami-Dade County submitted on Monday. The proposal also is…

M-Tower Gets Residential Density Boost With New Utilities Agreement

Miami Dade’s Water and Sewer Department has agreed to provide utilities for additional units beyond what was originally planned for M-Tower, a 57-story residential building planned at 56 Southwest 1st Street in downtown Miami. The revised utility agreement, recorded in early July, now states the development will include 765 apartments, 4,708 square feet of retail, and 5,000 sf…

Second Phase of Caribbean Isles Could Offer 142 Residences at 19755 SW 110th Court in Miami

Miami-based Caribbean Village LTD., an affiliate of Pinnacle Housing, hopes to get approval for revised plans regarding the second phase of Caribbean Isles. The first phase, which finished construction in 2019, currently offers 123 units geared toward seniors. The second phase would offer 142 affordable housing units in an eight-story building. This is a 42 percent increase…

33-Story Tower At Miami Worldcenter Celebrates Top Off

The 33-story Crosby Miami Worldcenter has topped off, according to contractor Beauchamp Construction Co. A celebration to mark the event was held on July 19. Groundbreaking for the tower took place in January 2023. The Crosby has a permanent height of 390 feet. It will include: 450 condo units (allowing short-term rentals) 22,000+ square feet of amenities rooftop bar…

40-Story Downtown Miami Tower Without Parking Garage Tops Off After Just 18 Months

Downtown Miami’s 501 First tower topped off recently. The 40-story tower topped off in late June, just 18 months after breaking ground, according to an Instagram post. Glazing installation is also now nearing completion. The development includes 448 residential condos allowing short-term rentals, along with 3,198 square feet of retail. No parking garage was built.

M-Tower Approved At 600+ Foot Height, Gets Utilities For More Units

M-Tower’s new height has been approved by the Federal Aviation Administration. Miami Dade’s Water and Sewer Department has also agreed to provide utilities for additional units over what was originally planned. According to an FAA determination letter issued in July, M-tower’s proposed height of 605 feet above ground and 615 feet above sea level does not represent…

Rendering Released For Miami-Dade Waste To Energy Facility, Largest In U.S.

Miami-Dade is planning the largest waste-to-energy facility in the U.S. AtkinsRéalis Group said today that it had been awarded a $65 million contract to oversee the project, and released a conceptual rendering. The facility could cost $1.5 billion, and be capable of processing 4,000 tons of waste per day. A location has not been selected yet. Only one new WTE facility…

1,000-unit pre-2010 plan near Miami River & 27th Avenue bridge revamped, OK’d

A 1,000-unit residential development first proposed years ago for a site near the Miami River and the 27th Avenue Bridge is moving ahead. Delaware Parkway is the first phase of a larger overall development known as the Miami River Rapids MUSP (Major Use Special Permit). The city’s Urban Development Review Board has unanimously recommended approval…

Mr. Merrick’s Orderly Laws: Blueprint of Coral Gables in the Laws of the City’s Founder, Many Still on the Books

George Merrick’s meticulously planned Coral Gables, conceived a century ago, continues to be influenced by his visionary ideas – and by the laws that he implemented. We did a deep dive to see what strange ordinances are still on the books today and discovered a fascinating interplay between the City’s beginnings and the regulations that continue to shape our community.

North Miami Beach Development With Multiple Towers Rising Up 48 Stories Submitted For Review

Plans for the Uptown Harbor megaproject have been submitted to the North Miami Beach Planning and Zoning Board for review. Uptown Harbor is proposed to include ten high rise buildings, rising up to 48 stories, or 490 feet. The project is proposed to include: 375,000 SF of commercial-retail space 200,000 SF of office space 2,000 residential units 244-key hotel 4,743 garage…

Plat Documents Submitted For 600-Unit Development Across From Midtown Miami

Plat documents have been submitted to Miami-Dade for a proposed development across from Midtown Miami. The name of the new plat is Wynwood HQ. Wynwood HQ is planned to include a development with 598 apartment units, 12,836 square feet of retail, 4,997 square feet of office, and 3,327 square feet of restaurant, the filing states. North Miami Avenue, LLC is listed as the owner.

Commissioner re Miami-Dade Transit: ‘Northeast Corridor Will Be Under Construction The End Of Next Year’

Miami-Dade Commissioner Eileen Higgins has provided an update on the county’s plan to add multiple rapid transit corridors, according to Local10. The 13.5 mile Northeast Corridor commuter rail will be under construction by the end of next year, she said. The Biden administration recently announced that it is recommending the project receive $263.7 million in federal funding.

Tom Brady Enterprises Signs 8,415 SF Office Lease at THE WELL Bay Harbor Islands in Miami

Tom Brady Enterprises (TBE) Capital Management has signed an 8,415-square-foot office lease at THE WELL Bay Harbor Islands, a mixed-use project currently under development in Miami. TBE will relocate its headquarters to a 113,000-square-foot office building located at 1177 Kane Concourse within the development. Scheduled to open in 2025, the office building…

Dezer seeks site plan, waivers approval for long-planned Uptown Harbour project

Four years after scoring a key approval for the redevelopment of North Miami Beach’s Intracoastal Mall, Dezer Development is taking the next step. Sunny Isles Beach-based Dezer wants to build the massive mixed-use Uptown Harbour on the 29-acre site of the Intracoastal Mall at 3501 Sunny Isles Boulevard, as well as 3745 and 3909 Northeast 163 Street. The project already…

Allapattah apartment complex proposed near transit station

ERF Investments has proposed a five-story apartment complex that includes workforce housing in the Allapattah neighborhood of Miami-Dade County. The North Miami Beach-based developer filed an administrative site plan with county officials for a 0.25-acre site on the west side of Northwest 23rd Court, just north of Northwest 38th Street. The vacant property is surrounded…

Lennar drops $28M on Homestead dev site, in contract for Princeton site

Records show Lennar bought a 59-acre site in Homestead for $28 million. The seller, J.F.M. Development Corporation, managed by Nelson Graveran, won approval for a 296 townhouse development on the land last year, Florida Yimby reported. Dubbed Palm Cove Reserve, the planned units would range between 1,400 square feet and 1,700 square feet with three…

Developers Sign Utility Agreement For Four Seasons Private Residences Coconut Grove

The developers behind the Four Seasons Private Residences Coconut Grove have signed a utility deal to connect the new 20-story tower to Miami-Dade’s water and sewer system, executed on June 25. According to Miami’s Water and Sewer Department, the agreement will permit the connection for up to 72 residential units and a 5,071-square-foot restaurant. A construction permit…

New Renderings Revealed for Cassia in Coral Gables’ Merrick Park District

New renderings have been revealed for Cassia, a 12-story residential development by Alta Developers in the heart of Coral Gables. This fully furnished luxury turnkey condominium, designed by Behar Font & Partners, is located at 4011 Salzedo Street in the Merrick Park District. Cassia will feature 174 residences, including one-, two-, and three-bedroom units ranging from 662…

Construction Completes on Onda Residences at 1135 103rd Street in Bay Harbor Islands

Construction on Onda Residences, an 8-story residential condominium designed by Arquitectonica in Miami’s Bay Harbor Islands, is complete upon receiving its Temporary Certificate of Occupancy (TCO). This milestone marks the delivery of the boutique waterfront tower located at 1135 103rd Street as owners move forward with unit closings and prepare to move into…

Miami’s Brickell Office Market Hits Record $200 Square Foot Rents in 2024

The Brickell area of downtown Miami’s office market has seen rental prices soar to new heights due to intense demand from blue-chip companies based in New York, Chicago, Los Angeles and Latin America seeking premium office locations, surpassing the available supply. Brazilian bank Banco Master has secured the final 26,000 square feet in the prestigious 830 Brickell…

‘Delmas North Apartments’ to Offer 80 Workforce Units at 13650 N.E. Second Court in Miami

Delmas North LLC is one step closer to breaking ground on an 80-unit apartment complex, thanks to the security of a $16.5 million construction loan. Our sources indicate that the Delmas North Apartments will measure six stories above grade, offering homes measuring 557 to 1,057 square feet each. As an affordable housing development, residency will…

Lease roundup: Venture X co-working on tap in Boca Raton, Brazilian bank opening at 830 Brickell

Co-working space provider Venture X will open in Boca Raton. Venture X leased 29,000 square feet on the top floor of the Palmetto Central office complex at 1489 and 1499 West Palmetto Park Road, according to a news release from the tenant’s broker. Venture X is expected to move in in the third quarter of next year. Derek Baker of Colliers represented Venture X.

South Florida commercial real estate sales volume rebounds in 2nd quarter

The sales volume for commercial real estate in South Florida increased in the second quarter despite high interest rates, according to property data firm Vizzda. Tempe, Arizona-based Vizzda tracked all commercial real estate sales of at least $1 million in the tri-county area. There were $4.17 billion in deals in the second quarter, up 21.6% from the first quarter, up increasing 3.5%…

Miami offers least apartment space for $1,500 in Florida, report says

The city of Miami offers the least amount of space for a $1,500-a-month apartment than any municipality surveyed by RentCafe, a recent report stated. According to the report from RentCafe, a rental listing website run by Santa Barbara-based proptech company Yardi, the average size for an apartment that charges $1,500 a month in Miami is 533 square feet. That is 200 feet below…

IP Capital Targets Two Diverse Asset Types in Florida: South Florida and Tampa Bay are its biggest focuses

IP Capital Partners is looking to take advantage of one struggling asset class and one that is surging – the office and industrial sectors. Most notably the office space is looked at as a scary place for investors in the current landscape. Since the onset of the pandemic, the popularity of working from home has surged – hurting the office sector and driving up vacancies.

TM Residential Proposes 80-Unit ‘Shalimar II’ for 4800 SW 82nd Avenue in Davie

Miami-based TM Residential hopes to get a rezoning approval for a multi-family housing development in Davie. Shalimar II would require 85,000 square feet of new construction on a 4.85-acre build site. The South Florida Business Journal notes that plans call for 80 homes, measuring 767 to 1,731 square feet each. Floorplans span one-bedroom to three-bedroom designs.

White Oak Development Proposes ‘Saddlebridge Downtown Davie’ West of Davie Road and Southwest 42nd Street

In less than two weeks, Davie’s Planning & Zoning Board will hear plans for “Saddlebridge Downtown Davie”, a multi-family housing development in Broward County. The venture would be located on a mostly vacant parcel near the Bergeron Rodeo Grounds. If approved, it would yield 286 apartments in two four-story buildings connected by a pedestrian bridge. The units…

YMP Real Estate adds another Broward office complex to portfolio

For the second time in five months, YMP Real Estate beefed up its commercial portfolio by acquiring a Broward County office complex. An affiliate of Lauderdale Lakes-based YMP, led by Moshe and Yaffa Popack, paid $26 million for Commercial Place I and II, a pair of office buildings at 3230 and 3250 West Commercial Boulevard in Oakland Park, records show.

Developers Reveal Design Plans For 24-Story Tower At 20 N. Ocean Blvd. in Pompano Beach

The Related Group and BH Group have submitted design plans with proposed amendments for a new 24-story condo/hotel project designed by Nichols Architects along the oceanfront in Pompano Beach. The city’s Development Review Committee is set to review the plans for the 3.7-acre site at 20 North Ocean Boulevard on August 7. The developers, operating through…

Silver Star pays $27M for Delray Beach self-storage facility as part of company-wide pivot

Silver Star Properties paid $26.5 million for a Delray Beach self-storage facility as part of a company reorganization. Silver Star, led by co-CEOs David Wheeler and Gerald Haddock, acquired a two-building complex leased to Public Storage at 14810 Hagen Ranch Road, records and real estate database Vizzda show. The buyer obtained a $15.5 million loan that matures in 2026…

BDT & MSD nets $64M with $1B refi of Boca Raton Resort & Club

BDT & MSD Partners is making big equity gains thanks to a $1 billion refinancing of Boca Raton Resort & Club. Citi Real Estate Funding provided the two-year, floating-rate interest only loan, which replaces a previous $900 million debt secured by the 1,047-key luxury hotel and private club at 501 East Camino Real in Boca Raton, according to a Fitch Ratings report.

Developers File Plans for “the Gallery at Marina Village”, Located at 1300 Broadway in Riviera Beach

Three developers have filed plans for “the Gallery at Marina Village”, a mixed-use venture in Riviera Beach. Located on a vacant 2.45-acre parcel, the venture would comprise 418 apartments. The studio to three-bedroom units would measure 490 to 1,195 square feet each, with most hovering around 786 square feet. Related Group, Tezral Partners, and BH Group are leading the venture.

City Officials to Consider 25-Story Dormitory for 1200 S. Dixie Highway in West Palm Beach

In fall 2023, Palm Beach Atlantic University welcomed its largest incoming class—a record 3,800 students in its 55-year history. Now, to accommodate the Christian university’s growing size, it has plans for a 25-story dormitory. The South Florida Business Journal reports that the addition would require 358,400 square feet of new construction, replacing a 3,852-square-foot…

Centaur scores $160M loan for Panther National project in Avenir

Centaur Holdings landed a $160 million loan for Panther National, a planned luxury single-family home community near Palm Beach Gardens. West Palm Beach-based Southern Realty Trust and its affiliate, Sunrise Realty Trust, provided the financing, of which $85 million will refinance an existing note and the remainder will go toward the construction of Panther…

Adapting to Change: The Evolving Landscape of Retail Leasing 

Where Retailers are Looking to Lease  When scouting for lease locations, retailers prioritize visibility and accessibility for shoppers. This focus has boosted the appeal of open-air shopping centers over traditional, dimly lit malls, with even older, unrenovated centers thriving. These open-air shopping centers are usually located in the suburbs and considered safer bets for future…

Eric Eikenberg: Everglades Foundation CEO spearheads restoration plans

Since taking on the role of Everglades Foundation’s CEO in 2012, Eric Eikenberg has been South Florida’s leading voice on expediting restoration efforts and bringing extensive public awareness for the Everglades.  During Mr. Eikenberg’s tenure as CEO, The Everglades Foundation has provided scientific, technical, and policy support to numerous decision-makers…

CRE Lenders and Investors Increase their Focus on Sustainability, Survey Finds

Amid more frequent extreme weather events, varying regulations and raised consumer focus on sustainability, real estate lenders and investors are increasing their focus on the topic. However, the drivers and details of that focus continue to shift, with implications for the CRE landscape of the future. Today I’ll summarize findings from the Commercial Real Estate Finance…

How AI is revolutionizing treasury in commercial real estate

From cash management to resident engagement, artificial intelligence (AI) can play a transformative role in commercial real estate. That’s particularly true for treasury management, which is key to optimizing liquidity and helps drive strategic decisions. The increasing complexity and volume of financial data can challenge traditional treasury management approaches.

Apartment Occupancy and Rent Growth Nationally Continue to Stabilize in July

The U.S. apartment market continued to stabilize in July. Occupancy in market-rate apartments held steady at 94.2% in July, marking the third straight month of occupancy remaining at that rate. Historically speaking, occupancy tends to level off in July. Effective asking rents grew 0.3% during the month of July. That was less than the typical July pace from the 2010s decade…

Citizens Property Insurance seeks approval for rate hike

Citizens Property Insurance requested a 13.5 percent rate hike that will likely affect property owners in the most expensive home insurance market in the country. The Florida-backed insurer needs a nearly 93-percent increase to match the private market, but state regulations cap the amount that rates can rise annually, Newsweek reported. The smaller jump would…

Brickell Office Lease Hits Record High, Matching Manhattan Prices

Miami office space rents have broken a new record, according to the FT and Bloomberg. The reports say that Brazil’s Banco Master leased 26,000 square feet of space at 830 Brickell for around $190 per square foot. That’s a record price for Florida, and “on par with Manhattan’s priciest office space.” 830 Brickell is now 100% leased. It will become the tallest office tower…

Construction Update Issued For Legacy Miami Worldcenter

Construction at Miami Worldcenter’s 55-story Legacy tower could resume in two to three m0nths, according to The Real Deal. The report cited a July 11 letter to buyers stating that drawings necessary to resume construction had been completed. The tower broke ground in 2021, with a foundation pour in mid-2022. Work was halted when the tower reached level 16, where it…

Developer From Kazakhstan To Partner On 185 Units In Brickell

Developers have announced plans for a new building called Parkside in Brickell, according to the SFBJ. Parkside will include 164 condo-hotel units and 21 condo units. A rooftop pool overlooking Simpson Park is also planned. Developer BI Group of Kazakhstan and Miami’s Habitat Group are partnering on the project, after paying $14.8 million for a site at 1750 SW 1st Avenue.

Plat Docs Resubmitted For Trinity Cathedral Site, Where 42-Story Tower Planned

Plat documents for the Trinity Cathedral site were resubmitted this morning. The updated plat survey shows that a new development with 462 residential units and 14,000 square feet of space for the church is planned. It’s not clear why the plat is being resubmitted. A note says that corrections are being made. A 42-story tower is currently moving through the approval process…

Iconic Miami Sports Bar Duffy’s Tavern Sold for $4.5 Million

Months after New Times broke the news that the end of beloved Miami restaurant Duffy’s Tavern was near, the restaurant’s site has sold for $4.5 million. According to Kerdyk Real Estate, who handled the sale of the development site at Duffy’s Tavern Sports Grill, the landmark bar and restaurant at 2108 SW 57th Ave. has sold for $4.5 million in a site deal on July 26.

Last call for Duffy’s Tavern near University of Miami?

Duffy’s Tavern near the University of Miami campus in Coral Gables could be ending its 70-year run after the iconic bar’s owners recently sold the property. Wayne Russell and James Fabbricatore sold the business at the single-story building at 2108 Southwest 57th Avenue that’s been open since 1955, as well as an adjacent 3,150-square-foot automotive center, according to a press…

Alger family sells nearly 800 acres outside Miami-Dade’s UDB for $56M

The Alger family, who have been farmers in Miami-Dade County for generations, sold a nearly 800-acre land tract outside the Urban Development Boundary for $56 million. The deal marks the second big south Miami-Dade property sale this month by the Algers, as the family is trimming its land holdings. The Algers sold 797 acres across 22 parcels that span from north…

David Martin’s Terra completes Mr. C Residences in Coconut Grove

David Martin’s Terra delivered Mr. C Residences in Coconut Grove, with an expected sellout of more than $500 million. The developer partnered with Maggio Cipriani’s Mr. C on the luxury branded condominium project at 2678 Tigertail Avenue. Sales of the 20-story, 230-unit development launched in 2020, and the condos sold out during the pandemic. The biggest sale to be recorded…

SG Holdings Delivers 578-Unit Affordable Seniors Housing Community in Miami’s Overtown Neighborhood

SG Holdings, a partnership between Swerdlow Group, SJM Partners and Alben Duffie, has completed the housing component of Sawyer’s Walk, marking the delivery of the largest affordable senior living community in the United States within the last decade, according to the developer. The studio, one- and two-bedroom housing units, which are designated for seniors earning…

Limestone Asset Management Acquires Metro Miami Retail Property Leased to LA Fitness for $13.6M

Limestone Asset Management has acquired a single-tenant retail property in the Miami suburb of Doral for $13.6 million. LA Fitness occupies the building, which was built in 2001 and totals 37,500 square feet. Kevin Sanz of Orion Real Estate Group represented the buyer in the transaction. Alex Sharrin of JLL Capital Markets represented the undisclosed seller.

Nuveen, SJC Ventures Get $69M for Doral Retail Project

The developers will break ground on Doral Marketplace this fall. Image courtesy of CBRE The joint venture of SJC Ventures and Nuveen Real Estate has obtained a $69.4 million loan for the development of Doral Marketplace, a 83,329-square-foot shopping center in Doral, Fla. Construction is slated to begin this autumn, while the initial store openings are expected in the latter part…

Bridge Industrial Begins Office-to-Industrial Redevelopment in Miami

Bridge Point Flagler Station will comprise two industrial buildings totaling 326,448 square feet. Image courtesy of Bridge Industrial Bridge Industrial has begun demolishing the former headquarters of Ryder Systems in Miami, where it will develop a two-building, 326,448-square-foot Class A industrial complex. Bridge Point Flagler Station will come online on a speculative…

Developer scores $17M construction loan for apartments near North Miami, marking one of the first Live Local Act financings

Daniel Abreu scored a $16.5 million construction loan for an 80-unit apartment building near North Miami, marking one of the first Live Local Act project financings. Abreu plans a six-story building on a 1.9-acre vacant site at 13650 Northeast Second Court in unincorporated Miami-Dade County, according to the lender’s news release. Ocean Bank provided the construction financing.

Miami Commission Approves Watson Island Referendum; BH3 & Merrimac Unveil First Rendering

This November, City of Miami residents will vote on Watson Harbour, a mixed-use development planned for the south side of historic Watson Island. The project, proposed by BH3 Management and Merrimac Ventures, includes two hotels, retail spaces, offices, residences, dining areas, and expansive public spaces. Located directly on Biscayne Bay between Downtown Miami…

Watson Island condo revamp? Developers’ $160M+ purchases of city-owned sites head to Miami voters

Voters will decide whether the city can sell land on Miami’s Watson Island to two development groups in separate deals geared at developing more condos. Ecoresiliency Miami, a joint venture between ESJ Capital Partners and David Martin’s Terra, would tentatively pay $135 million for 5.4 acres that are currently part of the 13.3-acre Jungle Island property at 1111 Parrot Jungle…

Snafu pits affordable housing against county’s space needs

A triangle of “surplus” land in Miami’s Allapattah neighborhood has county commissioners squabbling over its best use. Commissioner Marleine Bastien wants to build affordable housing on the site at 2750 NW 20th St. A resolution she submitted at the latest county commission meeting proposed selling the less than two-thirds of an acre for $10 for construction of up to 150…

Tom Brady’s firm leases at Terra’s The Well in Bay Harbor Islands

Former quarterback-turned-businessman Tom Brady will move his family office’s headquarters to The Well health-focused development in Bay Harbor Islands. TEB Capital Management leased 8,400 square feet at the mixed-use project that’s under construction at 1177 Kane Concourse, according to a news release. The deal comes as South Florida has earned a reputation as a magnet…

$100 million grant to help restore Venetian Causeway bridges

As the scenic Venetian Causeway nears its 100th birthday, the federal government is allocating over $100 million to restore 11 historic bridges along the road that connects Miami to the beach so they can endure another 75 years. US Transportation Secretary Pete Buttigieg announced $100.5 million in funding for Miami-Dade County for the Venetian Causeway Bridge Replacement…

World’s largest cruise terminal nears PortMiami opening

PortMiami is preparing for growth with upcoming development focused on denser use to maximize limited port space, including an opening soon of the world’s largest cruise terminal. The two primary sides to the seaport’s business are cruise and cargo, said Hydi Webb, PortMiami director and CEO. “Over the next five years, we have a very strong capital development program…

First of Signature Bridge arches is finished

It’s official. The first of six towering arches that will become a Signature Bridge hugging a rebuilt I-395 in downtown Miami is complete. The I-395/SR 836/I-95 Design-Build Project is the massive undertaking of a partnership between the Florida Department of Transportation (FDOT) and the Greater Miami Expressway Agency and its contractor, the Archer Western…

Wynwood project The Wyn Mood C sets aside units as affordable housing

New workforce housing is coming to the Wynwood neighborhood of Miami. A project called The Wyn Mood C is planned as a four-story building offering 72 apartments, with 20% of the units reserved as workforce housing. Owner-developer Wyn 107 Development LLC plans the new building of about 53,401 square feet at 107 NW 31st St. The city’s Urban Development Review Board…

Zach Vella expands Miami portfolio with Wynwood retail purchase

Zach Vella is boosting his reach in Miami after acquiring a four-building portfolio in Wynwood. An affiliate of Vella’s eponymous Los Angeles-based real estate investment firm bought a restaurant currently leased to Barteco at 282-292 Northwest 25th Street, and an empty space previously leased to Dogfish Head Brewery at 325-339 Northwest 24th Street, according…

Debt payment concerns echo from baseball stadium debacle

A shift in bank letters of credit for $100 million in bonds reactivates an appalling baseball stadium deal that left taxpayers on the hook for $3 billion. That bond issue is among a fistful that Miami-Dade County and the City of Miami used in 2009 to build a stadium as Marlins owners claimed that without a new ballpark the team would leave. Those owners later sold out, bragging about…

Prologis Signs Aeronautical Engineer Global Turbine Services For 78K SF In Miami-Dade

Aeronautical engineer Global Turbine Services (GTS) signed a 10-year lease for 77,900 square feet at Prologis (PLD)’ Beacon Industrial Park in Miami-Dade County. The warehouse — located at 10814 NW 33rd Street, about 10 miles west of Miami International Airport — spans 115,200 square feet. The global industrial real estate investment trust purchased the property…

MHN Miami Multifamily Report – June 2024

South Florida’s strong fundamentals drove its performance following the first quarter of 2024. Advertised asking rents increased 0.2 percent on a T3 basis, to $2,427, marking the fourth consecutive month of positive growth. The average overall occupancy rate in stabilized properties decreased by 40 basis points year-over-year, but still stood…

830 Brickell in Miami Lands $565 Million in Financing Ahead of Completion

830 Brickell, a 57-story, 640,000-square-foot Class A+ office tower in Miami’s Brickell Financial District, has secured $565 million in financing ahead of its delivery this fall. The long-term loan from TYKO Capital will pay off the development’s existing construction loan from MSD Partners. This emphasizes 830 Brickell’s significance as a base for many firms establishing their…

Brickell Tower Height Approval Issued After Dade Objects To Taller Elevation

The Federal Aviation Administration issued a determination this morning that a proposed Brickell tower does not present a hazard to air navigation. According to the determination letter, a building height of 737 feet above ground or 750 feet above mean sea level is not a hazard. The proposed height was submitted to the FAA in April, following an objection by Miami-Dade’s…

Miami High-Rise Construction Activity More Than Double the Entire State Of California

There are currently 90 high rises under construction in the city of Miami – double what is currently under construction in the entire state of California, according to a map created by a Reddit user. The analysis looked at buildings now under construction that are taller than 10 stories. In Miami, 90 such buildings are underway – second most in the U.S., behind only New York.

SJC, Nuveen land $69M construction loan for Whole Foods-anchored project in Doral

SJC Ventures and Nuveen Real Estate are moving quickly to start building a Whole Foods-anchored project in Doral, recently securing a $69.4 million construction loan. Deutsche Bank provided the financing for the joint venture’s Doral Marketplace, a planned 83,000-square-foot shopping center on a 10-acre vacant property on the southwest corner of Northwest 41st Street…

Scott Robins, Philip Levine team up with Tricera to buy Aby Rosen’s Lincoln Road building at discount

Tricera Capital joined forces with Miami Beach-based real estate investors Scott Robins and Philip Levine to buy Aby Rosen’s Lincoln Road retail building at a discount. The joint venture paid $13.6 million for a single-story storefront at 318-334 Lincoln Road, according to a press release. An affiliate of RFR Realty, the New York-based firm founded by Rosen and Michael Fuchs…

Lights On At 588-Unit Forma As It Nears Completion

The lights are on at the 39-story Forma apartment tower near Midtown Miami as it nears completion. The development includes 588 apartments. Whole Foods has filed for permits to build a large supermarket at the ground floor of the tower. Those permits are still in process as of this morning. Crescent Heights is the developer, with Arquitectonica the architect.

First Rendering Released Of Proposed Watson Island Baywalk; Voters Will Decide

Miami voters will decide in November on charter amendments related to redevelopment at Watson Island. Revised development plans have been proposed for the north side, formerly Parrot Jungle, and the south side, formerly known as Island Gardens. If approved by voters, Ecoresiliency Miami LLC would pay $135 million for 5.4 acres on the north side. They would also build…

Construction at Dan Kodsi’s Legacy Miami Worldcenter still on hold

Construction is still stalled at Legacy Hotel & Residences after a design issue halted work at the mixed-use tower at Miami Worldcenter in March. But work could resume in the next two to three months. Dan Kodsi’s Royal Palm Companies is developing the 50-story building at 942 Northeast First Avenue in downtown Miami. Condo sales launched in 2019 and construction began…

FM Capital Secures $11M Bridge Loan for Office Building in Miami Beach

FM Capital has secured an $11 million bridge loan for the financing of an office building located at 301 Arthur Godfrey Road in Miami Beach. Formerly known as the HSBC Building, the property is now known as the Citizens Bank Building. Noam Temchin of FM Capital originated the interest-only, floating-rate loan through Sheridan Capital on behalf of the undisclosed borrower.

Developers Complete Remi on the River at 999 NW 7th Street in the Miami River District

Mast Capital, in partnership with AEW, has completed Remi on the River, a new multifamily development at 999 Northwest 7th Street in the Miami River District. Designed by Corwil Architects, the apartment community offers 342 rental units with various floorplans and amenities. It is situated near Miami’s Brickell Financial District, the Miami Health District, Downtown Miami…

Habitat, partner plan condo-hotel project in Brickell after paying $15M for dev site

Habitat Group is partnering with a Central Asian firm entering the U.S. market to build a condo-hotel on a Brickell development site acquired for $14.8 million. An affiliate of Miami-based Habitat, led by CEO Santiago Vanegas, and Kazakhstan-based BI Group bought an 0.6-acre assemblage at 1750 Southwest First Avenue previously slated for a Marriott-branded hotel…

Sant Ambroeus to Open First Miami Location at The Fifth Miami Beach

Sumaida + Khurana and Bizzi + Bilgili have announced that Sant Ambroeus will open its first Miami location at The Fifth Miami Beach. The restaurant and coffee bar will occupy over 7,000 square feet at the base of this Class A+ office building designed by Alberto Campo Baeza. Expected to open in late 2025, Sant Ambroeus is renowned for its contemporary interpretation…

Construction Concludes on ‘Remi on the River’ at 999 N.W. 7th Street in Miami

A market-rate apartment complex has officially ended construction along the Miami River. The aptly named “Remi on the River” is a 342-unit community offering studio to three-bedroom apartments. The South Florida Business Journal indicates that they measure 465 to 1,334 square feet. Rent for the smallest units starts at $2,171 a month, per Apartments.com. In-unit features…

Developers complete residential component for Sawyer’s Walk at 249 NW 6th Street in Overtown Area of Miami

SG Holdings, a partnership among Swerdlow Group, SJM Partners, and Alben Duffie, has completed the housing component of Sawyer’s Walk at Located at 249 Northwest 6th Street in Overtown, marking it as the largest affordable senior living community in the US within the last decade. The mixed-use development includes 1.5 million square feet of space, featuring 578 residential…

Villa Miami Gets General Contractor, Groundbreaking Set for This Summer for Edgewater Development

Moss Construction has been awarded the construction of Villa Miami, a waterfront residential development in Miami’s Edgewater neighborhood. The project, a collaboration between Major Food Group, David Martin’s Terra, and One Thousand Group, is set to break ground later this summer. “We’re thrilled to work with Moss Construction on another landmark…”

Financially troubled Columbus Center in Coral Gables facing deed in lieu of foreclosure

Affinius Capital may not own the Columbus Center in Coral Gables for much longer. The lender on the office building could move forward in a deed in lieu of foreclosure, according to… Minneapolis-based global alternative investment management firm Värde Partners is considering the workout… for the troubled $67.4 million loan on the property at 1 Alhambra Plaza…

Sunny Isles Now Ranks As The 14th Tallest City In The U.S.

Sunny Isles Beach ranks as the 14th tallest city in the U.S., according to a list compiled by the Council on Tall Buildings and Urban Habitat. The list ranks each city by the number of buildings over 150 meters, 200 meters, and 300 meters. Sunny Isles now has 16 buildings over 150 meters, behind Las Vegas (with eighteen 150 meter buildings) and ahead of Minneapolis…

Galbut family completes short-term rental-friendly Gale tower in Miami, closings underway

The Galbut family completed Gale Miami Hotel & Residences, a short-term rental condominium and hotel tower in downtown Miami. An affiliate of GFO Investments, led by cousins Keith Menin and Marisa Galbut, secured a temporary certificate of occupancy for the 51-story building at 601 Northeast First Avenue, developer Russell Galbut said. The company, Sixth Street Miami…

Miami Among The Fastest Growing Big US Cities Over The Past Year

Miami was among the fastest growing big U.S. cities, according to recently released Census data. Between July 2022 and July 2023, Miami’s population increased by 1.3%. That makes Miami the tenth fastest growing big city (defined as a population above 250,000), according to an Axios analysis. As of July 2023, Miami’s population stood at 455,924. The wider Miami metro…

Documents Submitted For Edgewater Development With 1,178 Residential Units

An Edgewater residential project on the the former Chinatown property is continuing to move through the planning process. On July 16, plat documents for the property were refiled with Miami-Dade to address comments made by the county, according to a note attached to the submission. The plat is named Seventeen Plaza. A Multi-story mixed use C.B.S. Building with 1,178…

OKO Group, Cain International Obtain $565M Loan for 830 Brickell Office Tower in Miami

Co-developers OKO Group and Cain International have obtained $565 million in financing for 830 Brickell, a 57-story office tower underway in Miami’s Brickell district. TYKO Capital, a joint venture between Adi Chugh and a Florida-based hedge fund that was established last year, provided the loan that pays off an existing construction loan that MSD Partners provided…

830 Brickell office tower lands $565M perm loan, among South Florida’s biggest refinancings ever

The office tower 830 Brickell scored a $565 million loan from an Elliott Investment Management-backed lender, marking one of South Florida’s biggest refinancings ever. Vlad Doronin’s OKO Group and Cain International are developing the 57-story tower at 830 Brickell Plaza in Miami. The project, the first new standalone office tower in the Brickell Financial District in the…

Lennar, BH drop $18M on shuttered Aventura area golf course to develop homes

Lennar and BH Group dropped $17.5 million on a shuttered 104.3-acre golf course near Aventura, to redevelop with single-family homes. The partnership plans to tear up the fairways and build a community with 103 homes on the site at 19650 Presidential Way, BH’s website shows. The redevelopment of the golf course, known as Presidential Estates, will add to the existing gated…

Lease roundup: Restaurant Sant Ambroeus will open at Fifth Miami Beach project

Italian restaurant Sant Ambroeus will open its first Miami-Dade County outpost in South Beach. Sant Ambroeus leased more than 7,000 square feet at The Fifth Miami Beach office building that’s under construction at 944 Fifth Street and 411 Michigan Avenue in Miami Beach, according to the developers’ news release. The restaurant will open late next year.

Townhome Developments ‘Magnolia at Pembroke Park’ and ‘Dania Preserve’ Emerge in South Florida

Communal amenities include a children’s playground and swimming pool. Currently, residences start at $518,990. At the time of publication, the website’s availability map indicated that 20 homes had already been sold. Lennar secured the build site for $5.2 million in September 2023. Magnolia at Pembroke Park is located at 5190 S.W. 37th Street, Miami, FL, 33155, straddling…

Investors scoop up dev site near Pompano Beach casino for $29M, amid near record South Florida multifamily pipeline

Atlantic Residential and Northwestern Mutual Life Insurance scooped up a development site for $29.1 million, to build apartments near Harrah’s Pompano Beach Casino. Their purchase comes amid a near record construction pipeline of multifamily units in South Florida, which has slowed leasing and calmed rent growth. Atlanta-based Atlantic and Milwaukee-based Northwestern…

Mixed-Use ‘Parc Residences’ Undergoes Construction at 3411 N. Federal Highway in Oakland Park

The former site of a strip club could find new life as Parc Residences, a seven-story residential building in Oakland Park. Our sources indicate that local developer Newrock Partners recently secured a $60 million loan that would go toward the construction of 165 apartments. The South Florida Business Journal notes that communal amenities at the mid-rise complex…

Construction loans keep flowing: Newrock, Brickbox land $60M to build 165-unit Oakland Park rental project

Newrock Partners and Brickbox Development landed a $60 million loan to build apartments in Oakland Park, as South Florida continues to defy a financing slowdown that’s gripping other U.S. markets. New York-based S3 Capital Partners provided the construction loan for the seven-story, 165-unit project planned at 3411 North Federal Highway, according to the lender’s news release.

L+R Hotels’ $22M loan on Fort Lauderdale Marriott enters special servicing

A $22.4 million loan on the Fort Lauderdale Marriott North entered special servicing, according to data from Morningstar Credit, further evidence of South Florida commercial property distress. The loan on the 315-key hotel at 6650 North Andrews Avenue was put into special servicing late last month due to a Dec. 1 maturity that looms, as the property’s net cash flow has…

ShopOne drops $36M on Publix-anchored Tamarac shopping center, amid retail deal uptick

ShopOne Centers REIT is laying down $36.4 million for a Publix-anchored shopping center in Tamarac, as retail deals continue to flow across South Florida. New York-based ShopOne bought the one-story Midway Plaza at 5701-5881 North University Drive from Beachwood, Ohio-based Site Centers, according to records and real estate database Vizzda. Completed in 1986…

Kolter drops $22M for Delray Beach dev site, amid its South Florida resi construction spree

Kolter Group scooped up an asphalt paving business’s headquarters in Delray Beach for $21.9 million as a potential development site. Delray Beach-based Kolter bought the 12.3-acre site at 2101 South Congress Avenue from George T. Elmore, trustee of the George T. Elmore Trust, according to records and real estate database Vizzda. The buyer took out $18 million in seller…

Industrial Complex ‘Bedner Oaks Commerce’ Proposed for West of State Road 7 in Palm Beach County

The Palm Beach Zoning Commission will consider plans regarding “Bedner Oaks Commerce,” an industrial complex proposed on a swath of agricultural land. The multi-million-dollar venture would occupy a nine- and five-acre site currently owned by Bedner’s Farms. The popular farmer’s market would remain on the site. According to the South Florida Business Journal…

321-Unit ‘Soleste Palm Station’ Planned for 2026 Completion at 520 N Rosemary Avenue in West Palm Beach

South Miami-based Estate Cos. recently secured a $72.5 million construction loan for “Soleste Palm Station,” a luxury housing development in West Palm Beach. Initially, per the developer’s website, construction was intended to start on the mid-rise complex in the third quarter of 2022. Now, new developments suggest that groundbreaking could happen later this year…

Estate lands $73M construction loan for West Palm rental complex, amid record multifamily pipeline

As South Florida is experiencing a near-record multifamily construction pipeline, Estate Companies scored a $73M loan to build a 321-unit complex in downtown West Palm Beach. Estate Companies landed a $72.5 million construction loan for a 321-unit apartment complex in downtown West Palm Beach. The financing for the planned complex comes as South Florida…

Related, BH under contract to buy waterfront West Palm Beach dev site

The Pérez family’s Related Group and the Toledanos’ BH Group are teaming up again to acquire a waterfront development site in West Palm Beach, The Real Deal has learned. Related and BH are in contract to acquire the property at 2001 North Flagler Drive for more than $30 million, according to sources. The developers plan a luxury condo project on the 0.8-acre site. Isaac Toledano…

Värde, Unity Medical partner up for West Palm Gardens office acquisition

Värde Partners and Unity Medical Properties are partnering up to acquire a medical office building in Palm Beach Gardens. An affiliate of Värde, a Minneapolis-based global investment firm, and Unity, a Monterey, California-based medical office real estate investment firm, paid $14.5 million for Laser and Surgery Center of the Palm Beaches. The joint venture also obtained $8.7 million…

One Less Headache for Small Businesses as SBA Moves Aim to Make Loan Programs More User Friendly

The American economy has slowly been rebounding from a tumultuous period. Between the Federal Reserve fending off inflation by hiking interest rates 11 times between March 2022 and July 2023, five prominent banks collapsing in 2023, and a debt ceiling deal narrowly passing in May 2023, several events powerfully altered the U.S. financial market.

Office Loan Maturity Monitor: Mid-Year Update and a Peek at Future Maturities

Highlights: A total of $1,072 million across 27 CMBS office loans reached fully extended maturity in June with the payoff rate of 31.5%.A $500 million loan secured by the Bloomberg HQ was extended despite strong characteristicsLoan size continues to be a significant factor in whether or not a loan pays off$1,075 million loan secured by 280 Park Avenue was extended from September…

Video: MBA Head of Commercial Real Estate Research Jamie Woodwell Provides Commercial Mortgage and Lending Updates

In a recent episode of America’s Commercial Real Estate Show, the show host provided an in-depth look at the current state of the commercial real estate mortgage market, focusing on lending, interest rates, and the future of the industry. The episode featured Jamie Woodwell, Head of Commercial Real Estate Research at the Mortgage Bankers Association (MBA), who…

How agency lending impacts affordable housing

Fannie Mae and Freddie Mac have helped to create a more stable and affordable housing market in America for more than 50 years. “The agencies were created to provide liquidity to the housing markets, when and where it’s needed most—during times of economic stress and for markets and product types that traditional lenders may shy away from,” said Greg Rice, Senior Commercial…