Baywood buys site in Blue Lagoon to build 225-room hotel

1101 Northwest 57 Avenue Miami (Credit: Google Maps) Baywood Hotels paid $10.5 million for part of a lot in the Waterford at Blue Lagoon office park where it has approval to build a 225-room hotel. Baywood bought the 1.4-acre property at 1101 Northwest 57 Avenue in Miami for $166 per square foot, records show. The seller is Blue Lagoon Development LLC, which is tied to Miguel Mouriz of New…

Miami commissioners approve Adler’s mixed-use project on city property

Michael Adler and a rendering of Miami Riverside Center A deal by the Adler Group to redevelop the city of Miami-owned Miami Riverside Center won narrow approval by commissioners, despite criticism tied to the developer building a new city administrative building. The Miami City Commission voted 3-2 on Thursday to approve the 99-year lease agreement with Lancelot Miami River LLC…

Miami River Commission asks city to sink development plan

The Miami River Commission voted unanimously Monday to recommend that the City of Miami not approve 555 River, a proposed 12-story hotel and office complex at 517–663 NW South River Drive. Board members listened as a parade of residents from the historic Spring Garden neighborhood complained that the project is out of scale for the area, is not in keeping with the area’s marine character…

The Long-Coming Largest American Mall – American Dream Miami – Another Step Closer

Rome wasn’t built in a day, and the next property to take the title of largest mall in the United States won’t be either. The American Dream Miami was proposed about three years ago and might not be complete until after the mid-2020s. But the property is now closer to realization, with work set to begin on a critical piece of infrastructure necessary for the project. Bids are due this month on the…

Sec. Carson Cuts Ribbon On Redevelopment Of Liberty Square Public Housing Project From ‘Moonlight’

An apartment for $147 per month? In Miami? Sharon Gregory couldn’t believe it either — and she was moving in. Gregory is one of the people awarded a one-bedroom unit at Liberty Square, a housing project built in the 1930s that is undergoing a $300M renovation. Phase 1 opened this week at Northwest 15th Avenue and 67th Street. The housing project, known locally as “Pork N Beans” and referenced…

Miami OKs land swap for new administration building

The Miami City Commission has wrapped up a complicated real estate deal that will result in a new government administration building, freeing up a valuable riverfront site for three towers from a private developer. The major move did not come without contention and opposition, and ultimately a vote of 3 to 2. Voting to approve three resolutions on the deal June 27 were Chairman Ken Russell and…

Miami Beach Convention Center Hotel wins approval

Convention Center Hotel renderings with David Martin and Jackie Soffer All that’s left now: the aesthetic minutiae and the permits. Arquitectonica’s design for the 185-foot-tall, 800-room, $362 million Miami Beach Convention Center Hotel was unanimously approved by the Miami Beach Design Review Board on Tuesday. The hotel development team, led by developers David Martin of Terra and Jackie Soffer of Turnberry Associates, will still need to return to the city’s planning department to hash o…

Natiivo Miami is the new luxury building with the AirBnb brand

Natiivo Miami is the latest residential and hotel development in Downtown Miami, a luxury resort that is boosted in this case by the famous AirBnB system, the giant of private apartment reservations that competes with the largest hotel chains worldwide. Natiivo will be a condominium where you can spend your holidays or any other time of the year in Miami, but at the same time you will have the…

Video: Counselors of Real Estate Chair Julie Melander Top Ten Issues Affecting Real Estate

In this video, Julie Melander, the current chair of the Counselors of Real Estate, an international organization of commercial property professionals from leading real estate, financial, law, valuation and business advisory firms, as well as real property experts in academia and government, discusses what her organization has identified as the current and emerging issues expected to have the most…

Casa Hotels adds to South Florida portfolio with boutique Miami Beach hotel

1420 Collins Avenue Casa Hotels Group, a Chilean investment firm, paid $7.3 million for a boutique hotel in South Beach. The Odyssey of South Beach LLC, led by Ronnie Menashe, sold the 27-key Odyssey Hotel at 1420 Collins Avenue in Miami Beach to Casa Hotels Group, property records show. The Art Deco property traded hands for about $270,000 per key. The 9,600-square-foot hotel marks the fifth…

Video: Miami’s biggest concrete pour for Aston Martin Residences

Construction crews poured the last of 14,000 cubic yards of concrete at about noon on Sunday, marking the end of the foundation spread for the Aston Martin Residences condo tower in downtown Miami. The marathon concrete pour began at 9 p.m. on Friday at 300 Biscayne Boulevard. G&G Business Developments, led by the Coto family of Argentina, is developing the 66-story, 818-foot, 391-unit luxury tower…

Developer sells hotel site in Wynwood, plans retail project nearby

A rendering of the retail project planned for 300 Northwest 29th Street (Credit: Shulman + Associates) Red Group sold a development site in Wynwood — where it had planned to build a modular hotel — to a former Related Group project manager. With the profits from the land sale, Red Group plans to build a 10,000-square-foot retail and restaurant project nearby in Wynwood, according to the company’s…

Demand for apartments reaches 5-year high across US

Chicago and Houston skylines (Credit: Unsplash) Across the nation demand for apartments is now at a five-year high, a consequence of slow home sales and economic uncertainty. The number of move-ins during the second quarter shot up 11 percent compared to last year, according to the Wall Street Journal, citing data from RealPage. That surge caused the national occupancy rate to hit 95.8 percent…

Blackstone bets on Broward County with hotels purchase

Blackstone CEO, 14500 Hotel Road and 14700 Hotel Road, 130 North University Drive Blackstone scooped up three Broward County hotels for $43.2 million, signaling the private equity company’s growing footprint in South Florida. The New York-based company bought two hotels in Miramar — a 125-room Courtyard by Marriott and a 130-room Residence Inn — along with a 138-room Residence Inn in…

BH3 plans retail project in Miami Design District Opportunity Zone

BH3 Co-Founders Greg Freedman Daniel Lebensohn BH3 is planning a nine-story retail development in Miami Design District’s Opportunity Zone, The Real Deal has learned. The $55 million, 86,000-square-foot project at 3801 North Miami Avenue will have retail and showroom space, with 25-foot high ceilings on the ground-floor and 14-foot high ceilings on levels two through nine, according to…

Miller Construction Launches Three New Industrial Buildings In Hialeah

Miller Construction is underway with the simultaneous build of three warehouse/distribution buildings totaling 415,460 square feet at Miami Axis Park, for developer Lincoln Property Company. “With the vacancy rate for Miami-Dade’s tight industrial market at around four percent, delivering next-generation warehouse/distribution space quickly and cost-efficiently is vital,” said Miller Construction President…

Hialeah leads list of top 10 US cities to own a home: ranking

(Credit: iStock) If you are looking for a home, you might not have much luck in the Northeast. Nine of the 10 best cities to buy or own a home are either west of the Mississippi River or in Florida, according to a study by GoBankingRates. With a median home value of $483,900 and a state income tax rate of 5.53 percent, Jersey City was the only metro area in the Northeast to make the cut, clocking in…

Office rents in U.S. are going up — barely

(Credit: iStock) Office rents across the U.S. are ticking up. The average asking rent in May for office buildings over 50,000 square feet in size rose 0.4 percent compared to the previous three-month period, coming in at $36.33, according to data firm Yardi Matrix’s recent national report, covered by Connect Commercial Real Estate. The growth stems from solid demand thanks to a healthy job market.

JP Morgan buys North Beach branch on Collins Avenue

Chase branch at 6916 Collins Avenue with Jose Sasson and Roberto Susi of Axiom Capital Advisors If you can’t beat ‘em, join ‘em? Amid a surge of redevelopment in North Beach, J.P. Morgan bought its Chase bank branch to ensure its ongoing presence, The Real Deal has learned. J.P. Morgan paid $8.45 million in an off-market deal for the branch building at 6916 Collins Avenue, said Roberto Susi, principal…

Forever 21 is in trouble. So some executives asked its landlords to pitch in, report says

From left: Simon Property Group David Simon, Forever 21 CEO Do Won Chang, and Brookfield CEO Bruce Flatt (Credit: Getty Images) Forever 21 is another major retailer attempting to fend off the woes of the retail industry. But its executives remain split on how to chart a path forward. While billionaire co-founder Do Won Chang wants to keep the company’s ownership intact, some breakaway executives…

Here are South Florida’s top five multifamily sales in June

Clockwise from top left: Doral View and Town Fontainebleau Lakes, Alister Boca Raton, Luma West Palm, Glen Apartments, Avana Cypress Creek Apartments Doral View and Town Fontainebleau Lakes – Blackstone Group | $209M Blackstone Group paid $208.75 million for a pair of neighboring apartment complexes in Doral, marking the largest multifamily deal in South Florida so far this year. The Related Group…

What Could Slow The Industrial Market in South Florida? ‘There’s Always A Black Swan Event’

The market for industrial property has been booming nationwide, but especially in South Florida, where developable land exists only in a 20-mile-wide strip between the Everglades and the Atlantic Ocean. Experts speaking on a Bisnow panel last week marveled at the growth of the sector, but also warned of “black swans” — unpredictable events with major consequences. Locally, the industrial sector has…

$1B Magic City Innovation District clears final hurdle

From left: Rendering of Magic City Innovation District with Guy Laliberte, Neil Fairman and Tony Cho It took five public hearings in front of the Miami City Commission, each lasting several hours and featuring vociferous opposition, but the developers of the Magic City Innovation District finally got approval for their $1 billion mixed-use project in Little Haiti. At about 1 a.m. on Friday morning, the…

Miami’s Regatta Harbour: Old Meets New

Considered the oldest neighborhood in Miami, Coconut Grove has always been a tourist magnet. Defined by its deeply rooted history, popular shopping and entertainment venues and the lively feel of the area, Coconut Grove is in the midst of a comprehensive rejuvenation process. One of the projects that is dramatically transforming the historic Dinner Key shoreline in Coconut Grove is Regatta…

Miami approves $7M in bond money for affordable housing

Mayor Francis Suarez The Miami City Commission approved the use of bond money to fund five affordable and workforce housing projects in the city. The commission gave the green light on Thursday to use $7.15 million of the initial $58.7 million portion of the Miami Forever Bond. Voters approved the $400 million bond in November 2017 to fund sea level rise and flood prevention, public roadway…

Miami-Dade County Zoning Law: Mandatory Minimum Electric Vehicle Parking Ordinance Passed

The Miami-Dade County Board of County Commissioners recently adopted an ordinance establishing off-street parking requirements for electric vehicles (EVs) which mandates minimum EV parking spaces in all new uses with limited exceptions provided below. The ordinance defines the terms pertaining to EV infrastructure, such as EV Supply Equipment (EVSE), EVSE Space, and EVSE-Ready Space and…

Miami doctor buys retail center near Kendall

13353 Southwest 42nd (Credit: Realtor) Coconut Grove real estate investor Ricardo Carozzi just sold Bird Road Plaza, a retail center near Kendall, for $5.1 million. A company managed by the Carozzi family sold the 17,488-square-foot property at 13353 Southwest 42nd Street for $291 per square foot, records show. The buyer is KBD 95 LLC, which is managed by Dr. Keila Hoover, a family physician in Miami.

Presidential debate 2020 Night 2: Here’s where these Democratic candidates stand on housing

From left: Michael Bennet, Joe Biden, Pete Buttigieg, Kirsten Gillibrand and Kamala Harris (Credit: Getty Images) Some of the 10 Democratic candidates for president taking the stage at Thursday’s debate in Miami have wrapped their housing policies in larger proposals like the environment. Former Vice President Joe Biden is among them. Biden wants to increase the energy efficiency of…

Convene, Industrious partner with Hines to operate new locations across US

From left: Ryan Simonetti, Jamie Hodari and Gerald Hines with 717 Texas in Houston (left) and The Kearns Building in Salt Lake City (right) Gerald Hines is getting into the co-working game. The Texas billionaire, whose eponymous real estate investment firm oversees $121 billion in assets, has announced a partnership with flexible-office startups Industrious and Convene, to open co-working locations…

Aventura Mixed-Use Project Receives $36M Construction Loan

Shalev Development Group has received $36 million in construction financing from BridgeInvest for Ivory 214, a mixed-use project in Aventura, Fla. The 10-story medical and office development will include a 100-key Tapestry Collection by Hilton hotel. The general contractor—a company related to Coastal Construction—broke ground in March of last year and expects to complete construction in…

Luxury Condo Project Moving Forward on McArthur Causeway’s Terminal Island

Terminal Island is a small, triangular island off the MacArthur Causeway that up until now has not been developed for residential use. The island has been used primarily to house the fleet maintenance of vehicles such as police cars, and sanitation buildings for the City of Miami Beach, as well as a gas station for city vehicles, an electric plant, and the Fisher Island ferry terminal. There’s also an active Coast…

Higher density ahead: North Beach land deal gets green light

Sandor Scher, Alex Blavaknik and the project plans Miami Beach gave the green light to a land deal that will allow developers Alex Blavatnik and Sandor Scher to build 110 hotel rooms on Ocean Terrace in exchange for a $15 million park near the oceanfront. The plan was unanimously approved by the Miami Beach City Commission on Wednesday evening. But it’s not a done deal yet. The commission,,,

Is Wynwood’s bougie retail scene cratering?

The owner of this prime corner in Wynwood is asking for $150 to $170 a square foot after Shinola moved out. As Wynwood blossomed into one of Miami’s hottest spots to visit in recent years, the neighborhood seemed immune to the calamity afflicting the retail sector across the country. Rents soared as trendy boutiques, head shops, casual dining spots and bars — all largely catering to a tourist…

Coral Gables Zoning Law: Modified Open Space Zoning Code Creates New Design Challenges

The City of Coral Gables’ zoning code landscape and open space requirements were recently amended as of May 14, 2019. The Coral Gables’ zoning code now requires landscape open space to be provided at the ground level and to be “open to the sky.” This update will have a significant impact on real estate development proposals in areas such as the Coral Gables Central Business District (CBD)…

Rieber Developments to Build Seniors Housing, Mixed-Use Tower in Aventura

Rieber Developments has unveiled plans for 12|12 Aventura, a mixed-use project with offices for medical professionals, a luxury senior living component and retail. The project is planned for a plot in Aventura, a northern suburb of Miami. Designed by Arquitectonica, 12|12 Aventura will be a 12-story complex consisting of 30,000 square feet of commercial retail space, 30,000 square feet of offices, a 150-unit…

Trump admin wants to spur affordable housing by easing local building restrictions

U.S. Department of Housing and Urban Development secretary Ben Carson and President Donald Trump (Credit: Getty Images and iStock) President Donald Trump wants to give a boost to affordable housing development by easing or nixing restrictive construction rules at the local government level. The president on Tuesday signed an executive order creating the White House Council on Eliminating Barriers…

Co-working space operator picks up low-rise office building in Edgewater for $20.6M

2125 Biscayne Boulevard (Credit: Artstreetecture | Google) A Chicago-based company bought a Miami office building and plans to convert the 54-year-old commercial property to co-working space. Novel Coworking said it paid $20.62 million for the 63,240-square-foot building at 2125 Biscayne Boulevard. The seller, Toy 13 Inc., managed by Francisco Martinez-Celeiro, got $326 per square foot for the…

Mazel Tov! Kosher restaurateur buys South Beach commercial property

Thor Equities sold a South Beach commercial property to a Kosher restaurateur for $5 million. Kerma Capital bought the 7,604-square-foot building with 15 hotel rooms and ground-floor retail space at 852 Collins Avenue, records show. 852 Collins Acquisitions, which is tied to the New York-based real estate firm Thor Equities, is the seller. The price equates to $658 per square foot. Kerma Capital is managed by…

Metro Miami Office Building Sells for $54M

CGI Merchant Group has acquired 550 Biltmore, a 162,293-square-foot, Class A office building in Coral Gables, Fla. The Miami-based company purchased the asset for $54.4 million, or $336 per square foot. Cushman & Wakefield assisted seller PGIM Real Estate in the transaction. According to Yardi Matrix data, PGIM payed $50.2 million for the property in 2014. 550 Biltmore is the second property…

CGI Merchant Group Acquires Coral Gables Office Building for $54M

Miami-based CGI Merchant Group acquired 550 Biltmore, a 162,293-square-foot office building in Coral Gables for $54.4 million. The 16-story, pyramid-shaped office property features Art Deco architecture and is located two blocks from Coral Gables’ ‘Miracle Mile’ shopping district. Built in 1986 and renovated in 2013, the property has been institutionally owned and maintained throughout its history. On-site…

The doctor will see you soon: developer scores $36M loan for medical office condos

Rieber Developments closed on a $36 million construction loan for a mixed-use medical office condo and hotel project next to Aventura Hospital. The Aventura-based firm, led by Bernardo Rieber, secured the financing for Ivory 214 from Miami-based BridgeInvest… The project at 2820 Northeast 214th Street is under construction and is expected to be delivered in the first quarter…

Dockless Transportation Might Be Your CRE Property’s Next Great Thing

It’s convenient, cheap, and riders love it For the consumer, it’s beautifully simple—rent a bike or scooter for as little as a dollar using a free app on your phone, pick it up at one of the numerous locations across your city, and drop it anywhere when you’re done. Welcome to the era of dockless, urban transportation, the latest iteration of the sharing economy. Rather than shoulder the cost of car ownership, or sit…

Venture asks to convert Olympia Theater building to hotel

A public-private venture with the City of Miami could convert the Olympia Theater building into a profitable boutique hotel, with more than 50% of net revenues going directly to local charities. This unsolicited proposal from New Urban International is on today’s (6/27) agenda for city commission discussion. The city owns the Olympia Theater at the Gusman Center… 174 E Flagler Street. City officials…

New 50-story Brickell tower to be mostly offices

A developer plans a gleaming skyscraper rising 50 stories in the heart of Brickell. Watson Investigations LLC is proposing a project called 888 Brickell Plaza at 830 SE First Avenue, on the corner of Southeast Eighth Street and Southeast First Avenue. The city’s Urban Development Review Board on June 19 recommended approval, with a couple of suggestions. Attorney Carlos Lago represented the…

Miami Beach OKs funds to start dredging clogged waterways

Miami Beach commissioners have approved $250,000 for dredging of the Biscayne Point Waterway and Collins Canal. Homeowners celebrated the decision after waiting nearly three decades for sediment removal. Sediment continues to pile in most areas of Biscayne Point Waterway and Collins Canal, cutting boat access at certain points. It’s a big issue for his residents, said Brian Gilderman, president…

40 Year Recertification Inspections for Commercial Properties

Looking to invest in South Florida real estate? If so, there’s something important that you need to know about commercial properties: the 40-year recertification requirement. In Miami-Dade and Broward Counties, all buildings which are 40 years old from the date of the original Certification of Occupancy must be recertified by the Building Official. If your building has already had its 40-year recertification…

Contractors fined for fatal accident at Chetrit development in Miami Beach

2000 Park Avenue in Miami Beach (Credit: Google Maps) Two contractors were fined by the U.S. Department of Labor’s Occupational Safety and Health Administration for failing to protect employees from falling at a site in Miami Beach, about six months after a worker was killed at the project. GA&L Construction Corp. and the Rinaldi Group of Florida are facing more than $87,000 in penalties after a…

Publix goes shopping, buys Doral retail center for $70M

Publix at Doral Plaza Shopping Center and Randall T. Jones Sr. Publix CEO (Credit: Google Maps) Publix Super Markets paid $70 million, or about 10 million Pub Subs, for a shopping center anchored by the grocery store in Doral. The Lakeland, Florida-based grocer bought three properties totaling 128,255-square-feet at 9755 Northwest 41st Street, 9785 Northwest 41 Street and 9701 Northwest 41 Street for $545…

Developer Amanda De Seta buys South Beach apartment building

Top, down: Amanda De Seta, Roland Ortiz and Victor Olaniel with 221 Collins Avenue Miami developer Amanda De Seta closed on an apartment building in South Beach with flexible zoning. De Seta, founder of LointerHome, which renovates distressed properties, paid $5.4 million, or about $491,000 per unit, for the former Royal condo building at 221 Collins Avenue in the South-of-Fifth neighborhood of…

Lennar Q2 earnings beat estimates, but stock falls due to effect of tariffs

Stuart Miller Lennar Corp. saw its stock drop on Tuesday after it released second quarter earnings and said that tariffs on Chinese goods are costing the company an average of about $500 per home. Still, the Miami-based homebuilder’s quarterly earnings beat analysts’ expectations. The company’s profit, revenue and home deliveries rose thanks to lower mortgage rates and strong incentives offered…

Here are South Florida’s top commercial sales in May

Homestead Pavilion, 14700 Caribbean Way, The Radice III, Congress Corporate Plaza and U.S. Customs & Border Protection building. A partnership between CREC Capital, MMG Equity Partners and Highline Real Estate Capital paid $62.2 million for one of the largest shopping centers in south Miami-Dade County. The buyers bought the 302,346-square-foot Homestead Pavilion at 2400 North…

The Fed: Key Housing Indicators Weaken Further in 2019

As of late 2018, four housing indicators that had signaled each of the three most recent recessions were on a track consistent with a late 2019 or early 2020 recession. They are: 30-year fixed mortgage rates; Existing home sales; Real house prices; Contribution of residential investment to GDP growth. In my December 2018 article, “Recession Signals: Four Housing Indicators to Watch in 2019,” I compared in…

Damn The Speculative Industrial Supply – More Demand Lies Ahead!

The first half of the nine-year bull market in U.S. logistics warehousing was marked by a dearth of “speculative development,” in which buildings go up based on faith in market demand and not on commitments from specific customers. Spec activity froze up during the Great Recession, and didn’t pick up even after the smoke initially cleared. This would spawn the start of a powerful rise in asking rents…

7 for all Mankind to open at Dadeland Mall, luxury jeweler inks lease at Town Center, & other retail lease news

From left: Dadeland Mall, Town Center at Boca Raton and 3900 Biscayne Boulevard with Irma Figueroa (Credit: Simon Malls, Trip Advisor, and BuzzBuzzHomes) Yvel opened a store at Town Center at Boca Raton; 7 for all Mankind is heading to Dadeland Mall; Circa Lighting signed a lease on Biscayne Boulevard, and more. Here’s a roundup of retail leases recently signed across South Florida. Yvel, a luxury…

Virginia Key marina operator seeks to stave off eviction by suing city of Miami

Rendering of the new boat marina by RCI-Suntex, the group that beat a development team including Rickenbacker Marina Inc. for a new city contract Amid pending approval of a new lease agreement to redevelop the city of Miami-owned boat marina at Virginia Key, the current operator is undertaking a legal maneuver to try to preempt eviction by the city. In a lawsuit filed in Miami-Dade Circuit Court…

Jeffrey Soffer’s Turnberry Isle, HFZ’s Shore Club hotel close refinancings

JW Marriott Miami Turnberry Resort & Spa with Jeffrey Soffer, and a rendering of the Shore Club with Ziel Feldman  The owners of two South Florida hotels closed on major refinancings of their properties, records show. JW Marriott Miami Turnberry Resort & Spa | Total loan: $340M TB Isle Resort LP, led by developer Jeffrey Soffer, received $91 million in financing for the JW Marriott Miami Turnberry…

U.S. Commerce secretary Wilbur Ross, South Florida manufacturers talk strategy

U.S. Commerce Secretary Wilbur Ross provided some advice and engaged with manufacturers during a recent South Florida visit. SFBW was the exclusive media invitee as Ross met with members of the South Florida Manufacturers Association at Dyplast Products’ Opa-locka plant, which makes sheet insulation, composite foam cores and specialized products that can insulate cryogenic pipes that can be 250…

Co-living development for the creative class is coming to Wynwood

Wynwood (Credit: Metro 1) The Collective acquired property in Miami’s Wynwood neighborhood for development of a co-living apartment building with art-oriented programming. The London-based company said in a press release it will invest in the $210 million Wynwood project in partnership with Tony Cho, founder of commercial brokerage Metro 1. Founded in 2010, The Collective has more…

Miami-based private equity firm pays $54.4M for Coral Gables office landmark

550 Biltmore in Coral Gables Miami-based private equity firm CGI Merchant Group paid $54.4 million for 550 Biltmore, a 16-story office building in Coral Gables. CGI, which owns co-working space operator Nexus Workspaces, paid $336 per square foot for 550 Biltmore. CGI recently opened two new Nexus Workspaces locations at commercial properties in Boca Raton and Boynton Beach that the firm acquired…

Don Peebles is launching $500M fund for emerging minority and women developers

Don Peebles Development firm Peebles Corp. is launching a $500 million investment fund for minority and women developers in markets that include New York, Los Angeles and South Florida, The Real Deal has learned. The Peebles Corp. founder Don Peebles announced the company’s new fund during TRD’s annual residential real estate showcase on Friday, at the London Hotel in West Hollywood, where he…

All Those Cranes You See in the Miami Skyline? Most are Apartment Buildings, Not Condos

While Miami is known for its extensive array of luxury condos, not all of those new construction projects popping up everywhere are condo towers. In fact, a huge majority of them are actually apartment buildings, geared toward young urban professionals who would rather rent than buy. According to the Miami Downtown Development Authority, in December of 2018 their Market Insights reported…

9 Reasons Why South Florida Commercial Real Estate Is One of the Hottest Markets

On a national and global level, Florida has historically been one of the strongest commercial real estate markets, with continually solid returns and safety for the capital of global & domestic investors. In fact, US News & World Report currently ranks Florida #2 in terms of fiscal stability and #9 with its economy nationwide. Within…

Investor drops $10M on South Beach hostel

Adam Hyatt and Sobe Hostel Investor Adam Hyatt bought the SoBe Hostel in Miami Beach for $10 million, with plans to upgrade the property to a hotel. Property records show Hyatt’s entity bought the 48-room hostel at 235 Washington Avenue from 235 Sobe Hospitality LLC, led by Jack Avid and Steven Oved. The price equates to about $208,000 per room. Hyatt financed the deal with a $7.5…

The Coconut Grove Playhouse saga continues. County petitions court to overturn denial

Carlos Gimenez, Francis Suarez and a rendering of the Coconut Grove Playhouse Miami-Dade Mayor Carlos Gimenez has commenced the next round in the battle with Miami Mayor Francis Suarez over the fate of the Coconut Grove Playhouse. On Monday, Miami-Dade County filed a court petition seeking to nullify Suarez’s veto of a controversial renovation plan for the historic theater, which was initially…

County suing City over Coconut Grove Playhouse

On June 17, 2019, Miami-Dade County filed a lawsuit against the City of Miami regarding the Coconut Grove Playhouse. The County is not going to take “no” as an answer. The county seems quite spiteful and they are going to ram the chrome and glass structure down our throats. The county is asking that the court, “issue a writ of certiorari quashing the City of Miami Mayor’s veto.” The long boring lawsuit…

Skyrocketing Wynwood Rents Cause Classic ABC Costume Shop to Shut Down

Miami’s large community of performing artists, as well as folks who just love to dress up, will lose a favorite provider of costumes and theater props when ABC Costume Shop closes this summer. Miamians have enjoyed access to a wild array of costumes – ranging from glitzy glamour to 3-D horror – at the ABC Costume Shop, run by Italian immigrant Franco Carretti for almost 40 years. In fact, our own…

Lincoln Road in Miami Beach Gains Some Old and New Local Retailers

Three familiar businesses are returning to Lincoln Road, Miami Beach’s premiere retail, entertainment and restaurant high street. Fritz’s Skate, Bike & Surf Shop, Lulu Laboratorium and the Dog Bar have all had original locations in South Beach and now returned. “I think what makes streets interesting are local tenants, interesting tenants,” said Lyle Stern, board member of the Lincoln Road Business…

Make it work! Fabrics store of Project Runway fame buys Midtown Miami buildings

The Midtown Miami building and Jordan Gimelstein of Dwntwn Realty Advisors New York’s Mood Fabrics, featured in Bravo’s “Project Runway,” is heading to Miami. The famed fabrics store, owned by the Sauma family, paid $7.13 million, or about $678 per square foot, for two buildings across the street from the Shops at Midtown Miami, near the Design District, The Real Deal has learned. Dwntwn Realty…

CocoWalk announces new eclectic mix of tenants

As the redevelopment of CocoWalk progresses, four new retail concepts have signed leases to move in when they reopen to the public next year. Joining the center’s tenant mix will be Mister 01 Extraordinary Pizza as we shared with you here. They are an Italian pizzeria that has become one of Miami’s most popular pizzerias; Edward Beiner, a homegrown luxury eyewear boutique that will return to CocoWalk…

Rieber Lands $36M Construction Loan on Florida Medical Office and Hotel Project

BridgeInvest, a lender based in Miami, has originated $36 million of construction financing to fund the development of a mixed-use commercial building in Aventura, Fla., the company behind the project announced today. The property, dubbed Ivory 214 by its builder, Rieber Developments, will add nearly 40,000 square feet of medical office space and 11,000 square feet of retail in the Atlantic coast…

Citizens Property Insurance pulls back on rate hikes

Hurricane Irma storm damage in Florida (Credit: iStock) In some rare good news for South Florida homeowners, the state’s property insurer said it will scale back on its previously planned rate hikes. Citizens Property Insurance said it will only raise its average personal lines residential premium 4.7 percent in Florida, down from its proposed rate increase of 8.2 percent, according to the Miami Herald.

Florida Zoning Appeals Law: Miami-Dade County Special Exception Denial Quashed

In the recent decision of Publix Supermarkets, Inc., v. Miami-Dade County, Case No. 17-082 AP, the 11th Judicial Circuit Court in and for Miami-Dade County held: (i) the applicant successfully carried its burden in a quasi-judicial hearing before the zoning appeals board of Miami-Dade County (the “County”); and, (ii) that the opposition failed to establish the required “competent, substantial evidence” to…

As Development Booms In South Florida, One Firm Is Raising $200 Million To Invest In Foreclosures

The U.S economy is booming. The unemployment rate is at a historic low level. There’s little inflation. And investment capital is fueling a wave of commercial development throughout South Florida. Yet, the founder of a Miami-based private equity firm is doubling his initial target goal of $100 million for a fund dedicated to acquiring distressed commercial real estate loans. Ralph Serrano, principal of Safe…

Grandfathered Out Of An Opportunity Zone? Be Wary Of Doing This.

Get ready for urgency in opportunity zone investing in the coming months. Timing provisions of the federal opportunity zone program require investors to harvest capital gains in 2019 and reinvest them within 180 days to qualify for the full benefit of the program — a 15% tax break. KPMG Tax Managing Director Katherine Breaks and other panelists at Bisnow’s South Florida Opportunity Zones Regulations…

Top Miami (Mainland) Neighborhoods Ranked for Public Transportation

Whether you dream of going carless or simply want to get around town without endless hours of driving, a great public transportation system can truly be a blessing. Not only does it take the stress off your daily commute, but also helps the environment. This is exactly why the City of Miami has an elaborate public transit system. (Frankly it is not yet on par with major world-class transportation systems out…

South Florida Multifamily Headed for Oversupply? Q&A with Hunt Real Estate Capital’s Marc Suarez

South Florida’s multifamily market has continued to see a flurry of activity, with vacancies continuing at record lows despite an outpouring of new supply. Connect Media asked Marc Suarez, Director of Hunt Real Estate Capital’s Miami office, who specializes in multifamily lending transactions throughout Florida, to share insights about what he’s seeing in the market right now. Check out his responses in…

Mayfair Hotel & Spa has new owners

The Mayfair Hotel and Spa was sold this week to Brookfield Asset Management. They purchased the property at 3000 Florida Avenue for around $40 million. The last sale was in 2014 for $28 million by Copperline Partners (West Palm Beach and New York) in partnership with Dallas-based TriGate Capital. The hotel is not part of the whole Mayfair complex, which today is mostly offices. The hotel is it’s own…

Unused Golf Courses are a South Florida CRE Opportunity

Abandoned golf courses are prime opportunities for redevelopment—but be ready to get environmental remediation and community buy-in When Tiger Woods won the Masters in April, golf course owners across the country hoped it would be “the putt heard ‘round the world.” The sport has seen a steady decline in interest since its heydays from the late ‘70s to early ‘90s. As a result, courses have been…

Could Miami Get A Magnetic Levitation Train?

Many tourists don’t realize this until they arrive, but Miami International Airport is located on the mainland of Florida, while Miami Beach is its own separate city, which technically lies on a barrier island. To get there, most people drive over one of several causeways (each about 3 miles long) that traverse Biscayne Bay. You might think that linking the beach and downtown by rail would have been the…

TA Realty pays $60M for Regions Bank building in Coral Gables

TA Realty bought the Regions Bank building in Coral Gables, amid growing interest in the city’s office Class A office market. The company paid $60 million for the property, sources said. The Boston-based firm acquired the 15-story, 146,202-square-foot Class A office building at 2800 Ponce de Leon Boulevard from Regions Bank. The price equates tor $410 per square foot. TA Realty plans to change the…

Blue Road wins approval for Capri condo tower in North Miami Beach

Blue Road won approval to replace an office building with Capri, a new 16-story condo tower on Biscayne Boulevard in North Miami Beach. The Bay Harbor Islands-based company, led by Argentine real estate developers Jorge Savloff and Marco Tenenbaum, intend to replace the 61-year-old Senator Building at 13899 Biscayne Boulevard with a 259-unit project that will include seven townhomes along…

MRK Partners buys senior affordable living facility in South Miami Heights

MRK Partners paid $43.5 million for a senior affordable living facility in South Miami Heights. The El Segundo, California-based company purchased the 210-unit Casa Devon at 11250 Southwest 97th Street for $207,142 per unit, records show. Plaza 8 Associates, managed by Reinaldo Jimeez and Jorge Luis de la Osa of Miami, sold the property. Plaza 8 bought the complex for $7.7 million in 2003, records show.

The top multifamily developers in South Florida, ranked

Construction cranes are filling up pockets of South Florida like Midtown Miami, Wynwood, Coral Gables and downtown Fort Lauderdale. But instead of the glittering condo towers that the region is known for, developers are turning their focus to creating traditional multifamily buildings. By the end of this year, 7,500 new apartments will be completed in Miami-Dade, marking the most…

Ferris wheel rolling toward Bayside Marketplace

A planned Ferris wheel in Bayside Marketplace is on a new forward track after Miami officials tweaked proposed legislation governing amusement rides. City commissioners on June 13 preliminarily defined “amusement ride” and its “use by exception” for property zoned as Bayside is. The vote was unanimous, with Joe Carollo absent. The final vote may be June 27 or in July. Bayside is an open air mall on…

Downtown Miami master plan ‘once in lifetime’ chance

A “once in a lifetime opportunity” to create a vibrant community amidst a clutter of 16 county-owned buildings and properties can transform the heart of downtown Miami, county Commissioner Eileen Higgins told a Greater Miami Chamber of Commerce committee last week. The new Downtown Rapid Transit Zone, which the county created last July, could lead to “a visionary master plan for these…

‘It Cracked Like Hell’: OSHA Report Assigns Fault For Deadly Miami Bridge Collapse

In the days before an under-construction bridge collapsed in Miami and killed six people, workers identified cracks in its structure but failed to report them or close the road under the bridge to traffic, a federal report commissioned after the collapse found. When the span of the $14.2M, 174-foot, 950-ton bridge commissioned by Florida International University collapsed over a major road in Miami in…

Hydroponic farming planned on vacant Miami Beach lots

Freight Farms Inc. and Energy Cost Solutions Group LLC. have entered negotiations with the City of Miami Beach to possibly establish hydroponic farming in North Beach. Commissioners are to weigh each proposal in the fall and, if one is approved, introduce farming into the city soon. Miami Beach will grow crops indoors using hydroponic farming or vertical farming if either proposal is approved. The…

Train control safety rule stalls Tri-Rail to Miami

Another roadblock has temporarily stalled Tri-Rail trains from steaming into Miami Central Station, which they were predicted to do by the end of this year. “I’ve stopped making predictions” about when they will roll into downtown Miami, said Steven L. Abrams, executive director of the South Florida Regional Transportation Authority, the Tri-Rail’s parent. Florida East Coast Railway, which owns the…

Miami loses millions as Virginia Key marina stalls

The City of Miami has lost millions as legal fights and challenges have for years stymied its efforts to find a new operator for the marina on Virginia Key. Exactly how much it has lost is debatable, but the company poised to take over the Rickenbacker Marina – Virginia Key LLC – crunched the numbers and said the hit exceeds $3.8 million. The city commission has been putting off awarding the marina to…

‘Magic City’ name fight has parallels to fight between Beatles and Apple

The Magic City Casino has filed a lawsuit against the Magic City Innovation District, citing trademark infringement. The  lawsuit by casino owner West Flagler Associates says it has received phone calls amid negative press regarding MCD Miami’s Magic City Innovation District, with callers thinking the casino is associated with the project. Most notably, the Innovation District has received pushback from some…

Three Retailers Return to Miami Beach’s Lincoln Road, Two Food Halls Debut

Lincoln Road Business Improvement District (BID) has announced three retailers are returning to Lincoln Road, Miami Beach’s high street for upscale retail, restaurants and entertainment. The three retailers — Fritz’s Skate, Bike & Surf Shop; Dog Bar; and Lulu Laboratorium — all had original locations on Lincoln Road. Fritz’s originally opened on Lincoln Road in 1989. Dog Bar, a full-service pet boutique, moved…

Virgin Trains Ready For Expansion To Orlando

Next week, Virgin Trains USA, formerly called Brightline, will hold a groundbreaking for its extension from West Palm Beach to Orlando International Airport. Plans are also being debated for an extension to Tampa. Meanwhile, the already-open train station in Miami is ramping up leasing. When the whole circuit is complete, tourists could conceivably fly in on Virgin-branded planes to go on Virgin…

WeWork Takes 89 KSF at Florida’s Tallest Office Building

WeWork has inked a deal for 89,300 square feet in Miami at Southeast Financial Center, the tallest and largest office tower in Florida. The coworking giant negotiated with Ponte Gadea Biscayne, owner of the approximately 1.2 million-square-foot tower. WeWork’s new space will span four full floors at 200 S. Biscayne Blvd. in downtown Miami. The landlord has owned the trophy office asset since purchasing…

Downtown Miami Airbnb-branded hotel-condo project launches sales

Developers Harvey Hernandez, Russell Galbut and Bruce Menin launched plans for their first Airbnb hotel-condo project in South Florida. Hernandez’s Newgard Development Group and Crescent Heights senior principals Galbut and Menin are partnering on Natiivo at 190 Northeast Sixth Street in downtown Miami. Natiivo is a new brand from Hernandez’s company, NGD Homesharing. The 48-story tower…

Aventura developer launches mixed-use office condo project

Rieber Developments released plans for 1212 Aventura, a mixed-use development with office condos and senior living. The Arquitectonica-designed project, at 21290 Biscayne Boulevard, will have 30,000 square feet of retail space, 30,000 square feet of office space, 150 luxury senior living units and a parking garage, according to a release. Cervera Real Estate was hired to handle sales of the…

Urban Air Adventure Park on the hunt for vacant space in South Florida

A Dallas, Texas chain of indoor amusement parks is looking for more vacant stores in South Florida after leasing four suburban locations. Franchisees of Urban Air Adventure Park signed 10-year leases to occupy a freestanding store in Coral Springs and three other stores at shopping malls in Kendall, Plantation and Wellington. “They are very actively looking for [additional] sites in Florida…

Russell (Galbut_ the Relentless: “He’s a pit bull who hasn’t eaten in a month”

When Miamians and tourists drive eastbound on the MacArthur Causeway, past Star, Palm and Hibiscus islands, past the cruise ships with passengers waving as they exit the port, the first building that’ll catch their eye will be a veritable skyscraper. A 44-story, 519-foot-tall luxury residential building dubbed Park on Fifth is set to rise at 500 Alton Road, right at the entrance to South Beach. The project on…

OKO Group’s Brickell office tower and other projects seek Miami approval

A new batch of project proposals will go before the city of Miami’s Urban Development Review Board this week, including plans for a mixed-use rental tower in the city’s Arts and Entertainment District. An affiliate Russian developer Vlad Doronin’s OKO Group is seeking waivers to build a primarily residential tower in the Brickell Financial District. Watson Brickell Development LLC is planning a 5-…

Metronomic buys land for first phase of Coconut Grove development

Metronomic closed on land for the first phase of Grand Plaza, a major mixed-use project planned for Coconut Grove. Ricky Trinidad’s firm paid $6.3 million for four lots at 3461, 3441, 3364 and 3384 Grand Avenue, totaling 33,750 square feet, according to a release. Toni Schrager of Brown Harris Stevens Miami represented the seller, B&B Properties. Overall, the $74 million Grand Plaza development, will…

Lighting up the Sunshine State: MedMen rolls out plans for marijuana dispensaries as it sues Miami Beach

MedMen Enterprises opened its first Florida dispensary in West Palm Beach as the cannabis company plans to light up the Sunshine State. Los Angeles-based MedMen is focusing on Florida, opening a 7,550-square-foot medical marijuana dispensary at 539 Clematis Street in downtown West Palm. The company is focusing its growth this year on Florida. Out of the 15 dispensaries it expects to open…

Inside Amazon’s giant “MIA 1” warehouse in Opa-Locka

“Welcome to MIA 1,” says Patrick St. Fort, a jovial tour ambassador at Amazon’s new sprawling fulfillment center at the Miami-Opa locka Executive Airport. “Let’s see all the magic that takes place here.” The sheer scale of the 855,000-square-foot distribution hub, which opened in August, is a spectacle itself. From the outside, it is a four-story box, which is too gigantic to take in from any one angle…

Greenberg Traurig’s Kerri Barsh: Five Things Business Owners Need to Know About Sea Level Rise

Often, the first issues that come to mind when we think of climate change are greenhouse gas emissions and their effects. In South Florida, however, the impact of climate change we most commonly experience is from sea level rise. Knowing how your business could be affected by sea level rise is of increasing importance, as illustrated by the following top five issues. • Know the nuances of your real…

Could Uber “skyports” for LA air taxis be real estate’s next big thing?

Uber intends to start its flying taxi service in Los Angeles, complete with “skyport” stations that would include a retail component. Could those skyports be the next big thing in real estate? New details about the ride-hailing company’s Uber Air service show prototype concepts for the sleek landing stations, according to Curbed. Uber wants to build those skyports in cities around the country, starting…

Cold Is The Hottest New Real Estate Investment

Cold storage warehouses and distribution centers are suddenly in high demand, thanks to new food delivery services such as Peapod by Giant, Amazon Fresh and Blue Apron. “It is very niche. About 2% or 3% of all goods on groceries are bought online, and we expect the space could explode to 13% over the next five years because of the penetration of the internet,” said Spencer Levy, senior economic…

Cuomo signs landmark rent regulation reform bill in New York

The New York state legislature passed sweeping rent regulation reform on Friday, dramatically limiting how landlords can increase rents on stabilized apartments and opening the door for rent stabilization to expand outside of New York City. Gov. Andrew Cuomo signed the bill almost immediately. The bill includes the elimination of vacancy decontrol and new caps on the Major Capital Improvements and…

Design Center of the Americas faces $173 million foreclosure lawsuit

Cohen Brothers Realty Corp.’s Design Center of the Americas in Dania Beach is facing a $172.9 million foreclosure lawsuit. Wells Fargo, acting as a trustee of GE Commercial Mortgage Corp., filed the lawsuit in Broward County Circuit Court on June 4. The 782,986-square-foot property at 1855 Griffin Road has faced troubles with its loans for years. The lawsuit alleges that Design Center of the Americas…

Wall Street warns against privatizing Fannie and Freddie without Congress guarantee

FHFA director Mark Calabria is ready to set Fannie and Freddie free, while Wall Street worries about potential risks. As the Trump administration gears up to end the decade-long conservatorship of Fannie Mae and Freddie Mac, some voices on Wall Street are warning against doing so without congressional support. Only Congress has the ability to provide an explicit government guarantee for the $4.7…

Incentives could be coming for West Grove property owners, developers

Miami commissioners agreed to expand the Omni Community Redevelopment Agency to include the West Grove, setting the stage for developers to capitalize on government-subsidized projects and incentives in the long-neglected, historic neighborhood that was among the city’s first Bahamian settlements. The Miami City Commission voted 4-1 on Thursday to approve the expansion and extend the life…

Video: Dwell Design Studio Managing Principal Ryan Miller Discusses Transforming Retail Properties for New Use

Ryan Miller, Managing Principal for Dwell Design Studio, an Architecture, Planning, Interiors and Environmental design firm practicing nationally, appears on this episode of America’s Commercial Real Estate Show to talk how retail spaces are being transformed for new uses that benefit their communities and tenants. He talks about conversion of retail properties to medical use, general office space…

Chetrit scores loan for Miami River project, buys out JDS stake

The Chetrit Group closed on $55 million in financing for its long-planned mixed-use Miami River development, The Real Deal has learned. Rabina Properties is providing the pre-development loan to Chetrit for the planned $1 billion development, according to a source. Chetrit, a New York-based real estate investor and developer, bought out its former partner, Michael Stern’s JDS Development…

CREC Capital Purchases Retail Center in Homestead for $62.3 Million

CREC Capital has purchased Homestead Pavilion, a 302,346-square-foot retail center at 2400 NE 10th Court in Homestead, for $62.3 million. The property is situated on 42.1 acres and includes a six-acre site for future development. CREC Capital plans to hold the undeveloped portion of the property for the long-term and develop the site in the future. The center is located near the Florida Turnpike…

WeWork to Occupy Four Floors in Southeast Financial Center – Miami’s Tallest Office Building

WeWork has signed a four-floor lease within the 55-story Southeast Financial Center, Miami’s tallest office building. WeWork will move into the space in phases, with two floors expected to open by the end of 2019 and the other two floors expected to be ready in summer 2020. Southeast Financial Center is located at 200 S Biscayne Boulevard in downtown Miami. Southeast Financial Center is attached…

Miami should ensure a happy ending for Olympia Theater

One of Miami’s best dramas is a play for control now hidden behind the curtain of the Olympia Theater at the Gusman Center for the Performing Arts in downtown Miami. The best conclusion of this play would be to bring a cultural and civic landmark to renewed glory. Regular readers of this newspaper might stop me right there to point out that I’ve been saying something like that in this column…

Engineers blamed for ignoring warning signs before fatal FIU bridge collapse

The Occupational Safety and Health Administration found a slew of errors in the design and construction of the Florida International University pedestrian bridge that collapsed in 2018, killing six people. Among them, Eighth Street should have been shut down, OSHA stated in the report. Figg Bridge Engineers’ “deficient” design led to structural failure of the bridge, and Figg’s attempt to close the cracks,

Lennar closes $1.3 billion fund to invest in multifamily projects across US

Lennar Corp.’s multifamily arm closed a $1.3 billion fund that will invest in apartment projects in large U.S. cities. LMC, a subsidiary of Miami-based Lennar Corp. announced the closing of the equity fund on Tuesday. It said eight institutional investors, including foreign pensions, sovereign wealth funds, banks and insurance companies invested in the fund. Lennar also contributed $381 million to the fund.

Trump official to pressure Congress to privatize Freddie and Fannie

A decade after Fannie Mae and Freddie Mac were put under government control, a Trump administration-appointed regulator is stepping in to try again to hand the mortgage finance companies back to the private sector. “If I do nothing and don’t push, then I’m fairly certain Congress will do nothing,” Mark Calabria, the Trump-appointed head of the Federal Housing Finance Agency, said, according to the Wall…

Blue Road scores $18 million loan to renovate South Beach hotels

UPDATED June 12, 12:45 p.m.: Blue Road scored an $18 million loan to renovate two hotels in South Beach, as the company pursues its strategy of buying and rehabbing older hotels. The Bay Harbor Islands-based firm secured the loan from City National Bank of Florida for Hotel 18 at 1775 James Avenue and the Redbury South Beach at 1776 Collins Avenue, property records show. Blue Road bought Hotel…

Florida Keys developer sentenced for illegally filling wetlands following Hurricane Irma

A developer in the Florida Keys was sentenced for illegally filling and clearing federally regulated wetlands without a permit in the wake of Hurricane Irma. Bonefish Holdings LLC pleaded guilty and was sentenced to three years of probation, and ordered to pay a $50,000 criminal fine and to fully restore the impacted 3.7 acres of wetlands. Bonefish, led by Coral Springs developer Albert Vorstman, estimated…

Magic City lands first tenants in Little Haiti

Magic City Innovation District in Little Haiti secured its first commercial tenants. Five businesses, including an art gallery, a tech company and a marketing firm signed long-term leases totaling 18,650 square feet of commercial space in existing warehouses at the planned $1 billion mixed-use project, according to a release. The developers spent $12 million to renovate the buildings, according to a…

Triple Five Worldwide gets American Dream Mall on road

The retail component of MiamiWorldcenter, arranged around an open-air plaza designed to be a gathering place, will probably be shaped by the mega-development’s location, observers say. It’s within walking distance of AmericanAirlines Arena, Pérez Art Museum Miami, the Frost Science Museum, and MiamiCentral, the Adrienne Arsht Performing Arts Center, and the downtown Brightline station. PortMiami…

Polish American Club plans major mixed-use development

The Polish American Club of Miami is proposing a major mixed-use development on its property on Northwest 22nd Avenue, near the Dolphin Expressway, that would include apartments, offices, retail, a restaurant and more. The site is at 1250 NW 22nd Avenue (Pulaski Avenue), on a tributary of the Miami River called South Fork, near Fern Isle Park and north of the expressway. The property is…

Miami River office space swap could cost City of Miami $150 million

The City of Miami is preparing to devote $150 million toward its new government office complex near the Miami River, as part of a complicated deal to turn over city land to a private developer who plans a large mixed-use residential project on the riverfront site. This involves the fate of the city’s current Miami Riverside Center (MRC) at 444 SW Second Avenue on the north bank of the river and just…

Coconut Grove Playhouse patch: post office parking lot?

As officials with the Miami Parking Authority ponder another potentially long delay in the plan to redevelop the Coconut Grove Playhouse property and build a companion municipal garage, they are turning to higher powers when searching for parking solutions for the Grove. The city’s parking agency is controlled by the Off-Street Parking Board. At the board’s June 5 meeting, Authority CEO Art…

Related Group’s plan for Terminal Island tower sails ahead

Miami Beach commissioners have asked their Land Use and Development Committee to consider altering land use and zoning on Terminal Island for residential use. Related Group is behind the request – it deems property on the island ideal for a 90-unit condominium. Related aims to win land use and zoning OKs to build One Island Park. The 90-unit residential tower would exceed 400…

Wynwood 3.0: The Apartment Boom In Miami’s Post-Industrial Chic Neighborhood

When the Wynwood 25 apartment building opens this month, 289 units will come online in the neighborhood, nearly doubling its inventory in an instant. According to the most recent annual market report commissioned by the Wynwood Business Improvement District, Wynwood’s apartment inventory currently consists of 413 units spread across 15 properties. With another 175 expected to…

Public-private development could transform Palmetto Bay

Palmetto Bay will wait until next month to decide whether to proceed with a public-private project that, if approved, promises to transform the village’s downtown area into a modern city center. Village officials and residents June 3 discussed the estimated $72 million development, which would redevelop about 4.6 acres off US 1. But after roughly 90 minutes of talks, the village council voted 3-1 to…

Celebrity chef Marcus Samuelsson brings Red Rooster to Miami

Signage is up and permits have been pulled in preparation for the construction of celebrity chef Marcus Samuelsson’s Red Rooster restaurant in Overtown, which will occupy the former Clyde Killens Pool Hall at 920 NW Second Avenue. Mr. Samuelsson helms the well-regarded and successful Red Rooster franchise, which began in New York’s Harlem and now has outposts in London, Bermuda and…

Karyn Cunningham Palmetto Bay mayor seeks creation of vibrant downtown

Palmetto Bay Mayor Karyn Cunningham believes that everyone has tipping points in life, occasions when enough factors are in play to spur positive change. For her, that moment came after 18 years teaching, when a change in leadership in the United Teachers of Dade prompted her to seek a job with the county education union. That, she said, was where her interest in politics took root. The Miami-Dade…

Little Havana could be redeveloped like Wynwood

Taking cues from zoning changes that have ignited redevelopment of old industrial buildings in Wynwood, a master plan for revitalizing Little Havana calls for more small-scale buildings that fit the character of the historic neighborhood, the slashing of parking requirements for projects, and developer bonuses for affordable housing, streetscape improvements and historic rehabilitation jobs. For more than…

Magic City Innovation District Announces Tenants

Plans to build out the $1B Magic City Innovation District in Miami’s Little Haiti neighborhood don’t yet have the final go-ahead, but tenants are lining up to fill already-existing renovated space on the property. MCID yesterday announced that it had signed long-term leases with an e-commerce company called OnPoint Global, Diana Lowenstein Gallery, boutique creative services agency COOL Creative…

Design Center of the Americas’ appraised value cut by more than 50%

It’s been a rough year for Cohen Brothers Realty Corp.’s Design Center of the Americas in Dania Beach. Following loan delinquencies, a new appraisal has cut the value of the property by more than half. DCOTA, at 1855 Griffin Road, was previously valued at $250.35 million, but is now worth $115 million based on June’s remittance data, according to Trepp, a New York-based financial data provider…

Video: WePartner Vice President of Business Development Michael Godin Discusses Retail Property Strategies for 2020

Michael Godin, Vice President of Business Development with WePartner appears on this commercial real estate related video cast to discuss adaptive reuse for retail and strategies to make these properties profitable, a hot topic in today’s market. Mr. Godin speaks very openly about their acquisition and investment strategies. WePartner Management, which is based in Atlanta, is a fully integrated real…

City rezoned their neighboring property, and now Miami River homeowners are getting the same treatment

Residents of Miami’s Oak Park neighborhood weren’t happy when real estate developer Antonio Pardo sought a zoning change that would enable him to build a four-story apartment building on lots along the Miami River previously zoned for single-family homes. But now that the zoning change is a done deal, 16 single-family lot owners on or near Northwest South River Drive have demanded similar…

Navigating through the complexities of business litigation

Companies in Florida provide many different products and many different services. These companies are very knowledgeable about the products and services they provide. However, there are many aspects to running a company other than knowing the product or services. There are employment decisions that need to be made, contracts that need to be drafted and executed, trade secrets that need to be…

Hunt Real Estate Capital Closes Two HUD 221 (d)(4) New Construction Loans for Multifamily Properties in South Florida

Hunt Real Estate Capital, a leader in financing commercial real estate throughout the United States, announced today it provided two HUD 221 (d)(4) New Construction Loans to finance the development of two multifamily properties in South Florida. The total funding equals $67 million. “Both loans were structured under the U.S. Housing and Urban Development’s (HUD) 221 (d)(4) loan program. This is a…”

Bringing the band back together: Eddie Lampert to buy Sears Hometown and Outlet Stores

Seven years after Sears spun off its outlet stores into a separate company, controversial former CEO Eddie Lampert wants to bring them back under his wing. The parent company of the retail giant, in which Lampert has a majority share, announced this week that it would pay $2.25 per share to acquire Sears Hometown, according to the Associated Press. The acquisition would allow Sears Hometown to sell…

With sights set on Miami, Sapir looks to sell NYC dev site

As Alex Sapir shifts his focus to Miami, his firm is looking to sell a Madison Avenue site. Sapir Corp. is seeking $23 million for 218 Madison Avenue, according to sources familiar with the deal. A four-story mixed-use building occupies on the property, which is on the corner of East 38th Street. Alex Sapir and his former partner Rotem Rosen bought it for $18.5 million in 2015 with plans to build a luxury…

How can Miami cope with two extra feet of water by 2060? ULI experts weigh in

To cope with rising seas, Miami may have to update zoning and building codes, increase seawall heights, re-write the city’s master plan for downtown with resilience in mind and maybe even transform the FEC slip into a living shoreline pilot project. Those were some of the recommendations from a panel of 10 experts from the Urban Land Institute, presented to a packed house at the city of Miami’s…

Public Storage picks up industrial portfolio in Miami-Dade for $63M

Public Storage bought four large storage facilities in Miami-Dade County for $63 million. Banner Real Estate sold the properties at 91 Southwest Third Street, 180 West Sixth Street, 2190 Southwest Eighth Street and 5609 Northeast Second Avenue in Miami to Glendale, California-based Public Storage, according to property records. The buildings total 411,438 square feet, which equates to a purchase…

All the Miami Worldcenter Projects Happening Right Now

One of the biggest urban development projects currently under construction in the U.S. is the Miami Worldcenter, a huge, mixed-use facility that is about to change the face of Downtown Miami forever. The Miami Worldcenter project site encompasses almost 30 acres, stretching across 10 blocks in the West Park neighborhood of Downtown Miami, one block from Biscayne Boulevard, and adjacent to…

Video: Co-working 2.0: What will the next phase of flex space look like?

If an expected economic slowdown comes, the flexible-space industry will be well-poised to capitalize, top players in the space and brokerage executives said at The Real Deal’s 12th annual showcase. Bruce Mosler, Chairman of Global Brokerage at Cushman & Wakefield, said that the demand for flexible space “is going to grow because it’s what corporates have wanted for a long time”. Brad Hargeaves…

Industrial Real Estate Demand Growth Is Decelerating

Industrial real estate―defined as warehouses, distribution centers, flex spaces and other industrial buildings with storage facilities―is one of the few traditional property sectors that has sustained demand in the past five years, earning it golden child status. But that may be about to change, according to newly published research from Deloitte, that predicts that industrial […]…

Crescent Heights scores $41 million construction loan for CitizenM hotel

Crescent Heights is forging ahead with plans to build a mixed-use hotel on the corner of Alton and Lincoln Roads in Miami Beach. Affiliates of the Miami-based developer scored a $40.5 million construction loan from SunTrust Bank for 1212 Lincoln Road. The firm, led by Russell Galbut, will build a five-story, mixed-use CitizenM hotel designed by Perkins + Will on the property, which stretches…

Mortgage rates plummet to lowest levels in nearly 2 years

Mortgage rates fell for the sixth straight week, hitting their lowest point since September 2017. The 30-year fixed-rate average slid to 3.82 percent and the 15-year rate hit 3.28 percent this week, according to new data from Freddie Mac reported in the Washington Post. Rates have been on a steady decline since November, when they topped out near 5 percent and pushed mortgage applications to a four-year…

Coconut Grove’s Critical Need for Parking

There is a story in Miami Today about Coconut Grove’s parking situation. It says that at a recent meeting, of the Miami Parking Authority, CEO Art Noriega, spoke about the need for critical parking, he said he has spoken with US Rep. Donna Shalala about building a garage near or on the Post Office property. There was talk of this at a few meetings in 2007. It’s an excellent location. But it begs the question…

Lennar buys 58 acres near Cutler Bay amid land buying spree

Lennar Corp. paid $19.5 million for a 58-acre lot near Cutler Bay, as the homebuilder continues to buy property in south Miami-Dade County. The Miami-based homebuilder bought the property tucked behind Southwest 104th Avenue for $336,206 per acre. The seller was H.R. Realty and Investments of Coral Gables, records show. The property does not have an exact address, and its primary…

Fitch to include natural disasters risks to RMBS ratings

Fitch Ratings will include natural disaster risks into its ratings of residential mortgage-backed securities, a sign that the industry is beginning to acknowledge the financial risks of climate change. Fitch is the first of the three major U.S. credit ratings agencies to consider environmental risk for RMBS, which are securities backed by the interest paid on residential mortgages. The change adds a new…

County’s Coconut Grove Playhouse plan is ‘Mostly commercial real estate space with an attached subservient theater’

The Miami Herald posted a letter to the editor by Miami Mayor Francis Suarez regarding his recent Playhouse veto. He says, “Unfortunately, the county, in its proposal, has misled our residents and created a false narrative. To clarify the record in this polemical arena and for residents to make informed decisions, I am compelled to debunk these falsehoods.” He says, “historic preservation in our…

Beckham group submits draft lease deal for Miami Freedom Park complex

David Beckham and his partners moved forward with their plans to redevelop the Melreese Country Club property in Miami into a $1 billion mega mixed-use soccer complex. Miami Freedom Park submitted a draft lease agreement to the city of Miami that outlines the terms of the deal that Miami voters approved in November. The referendum allowed the city to negotiate and execute the 99-year…

Beckham Group Submits Proposed Lease To Miami

David Beckham’s plan to build a Major League Soccer stadium and install a team in South Florida is getting closer to reality, as his partners in the proposed Miami Freedom Park project submitted a draft lease agreement to the city of Miami Wednesday. Voters last November gave the OK for the city to negotiate a no-bid contract exclusively with the Beckham group to build on the city-owned…

Miami Office Building Trades for $14 Million

Key International has disposed of Highland Park Center, a Class A office building in Miami. TopMed Realty, a healthcare real estate private equity firm, acquired the asset for $13.9 million. Institutional Property Advisors, a division of Marcus & Millichap, negotiated on behalf of the seller. The asset – located at 1011 NW Sunnybrook Road – previously changed hands in 2014, when it traded for $7.9 million.

Key International, 13th Floor Investments Sell Office Building in Miami for $13.9 Million

Key International and 13th Floor Investments have sold Highland Park Center, a fully occupied, 44,740-square-foot office building in Miami’s Health District, for $13.9 million. TopMed Realty, a healthcare real estate private equity firm, acquired the property. Highland Park Center was built in 2011 and is situated two blocks from the Miami-Dade Courthouse and less than one mile from the intersection of…

Developers Snatch Up Land in Hialeah as Property Values Increase

Hialeah calls itself the City of Progress — though the general perception is probably otherwise. While Hialeah doesn’t exactly have a reputation as the hottest place to be in Miami, property values show the city is progressing quite well after all. Late last week, the Miami-Dade property appraiser released preliminary estimates of 2019 property values for every city in the county. Among the top three cities…

Prologis Trade And Logistics Lab Opens In Miami

Logistics real estate firm Prologis, Inc. and the Miami-Dade County Public Schools opened the Prologis Trade and Logistics Lab at Miami Springs Senior High School this week, launching a career development program that will reach 300 students, the organizations said. The lab simulates an operational warehouse and uses a Prologis-designed curriculum to educate high school students interested in careers…

As Records Fall, South Florida Industrial CRE Lures Institutional Capital To Local Projects

Last year, Miami added nearly 10,000 jobs in logistics alone — more than double the number added in any previous year and almost half the number created across the state according to Transwestern’s most recent market reports. Miami’s industrial vacancy rate has been below 5% since 2015, and even with new product having come online, it is still just 4.5%, with activity strongest in North Miami Beach…

Jorge Pérez unveils plan to develop luxury condo tower on Miami Beach’s Terminal Island

Related Group CEO Jorge Pérez is reviving plans for a luxury condo project he wants to build in Miami Beach. The Miami condo developer went before the Miami Beach City Commission on Wednesday to present the firm’s latest proposal for a waterfront property it owns on Terminal Island. Over the years, Related has proposed building different projects on the 3.7-acre parcel at 120 MacArthur Causeway.

5 More Tech Markets Emerging In Unexpected Places ~ Miami Among Them

Number of metro-area STEM jobs (2018): 93,530 STEM job increase year over year: 2.2% A notable tech company in metro Miami: Magic Leap, which specializes in augmented-reality goggles. The company has already raised $2.3B, an exceptional amount for a startup, and recently obtained $280M from Japanese cellphone service provider NTT DoCoMo, as part of a new partnership between the two. Why…

Aztec Group Provides $11.9 Million Loan for Redevelopment of Office Building in Miami

Aztec Group has provided an $11.9 million loan to 4141 Design LLC, an affiliate of JCube Development, to redevelop an office building in Miami at 30 NE 39th Street. The borrower plans to fully renovate the 15,843-square-foot building to include 6,100 square feet of ground-level retail space, 4,400 square feet of office space on the second and third floors and 4,000 square feet of rooftop event space. The building…

CenterPoint Properties to build massive logistics center at Port Everglades

CenterPoint Properties is planning to build a massive, 296,207-square-foot logistics center at Port Everglades. The Oak Brook, Illinois-based industrial powerhouse is planning to build two logistics/industrial buildings on 16.5 acres at 3413 and 3423 McIntosh Road in Fort Lauderdale. The property will be used for storing cargo coming into Port Everglades that requires U.S. Customs and U.S. Department of…

CenterPoint Properties Breaks Ground on Miami-Area Logistics Park

CenterPoint Properties has just broken ground on Port Everglades International Logistics Center, a two-building industrial and distribution facility totaling 296,207 square feet in Hollywood, Fla. The company signed a ground lease with Port Everglades of Broward County in May 2019 and the project is slated for delivery in Spring 2020. RLC Architects headed up the project design and ANF Group will lead…

Massive I-395, I-95, SR 836 and signature bridge work rolling

All three pieces of the $802 million design-build project encompassing I-395, I-95 and SR 836 are underway and on-schedule, Florida Department of Transportation (FDOT) spokesperson Oscar Gonzalez said. Mr. Gonzalez confirmed this week that while some parts of the design-build project are “being further developed” by contractor Archer-Western-de Moya Joint Venture, FDOT still targets fall 2023…

Naeem Khan fashion studio and school gets new plan

A modified plan for a fashion studio and school on riverfront land owned by Miami-Dade County earned support Monday from the Miami River Commission. On a 9 to 4 vote, the commission recommended approval of the project, with some conditions. New York fashion designer Naeem Khan plans to build a studio for design and manufacture at a county-owned site at 1175 NW South River Drive...

Vote coming on Jackson South Medical Center expansion

Significant additions to Jackson South Medical Center will wait until June 20 for an OK, as Miami-Dade lawmakers Tuesday deferred a hearing and vote on plans to expand the Kendall facility. Sponsor Daniella Levine Cava asked for the deferral. Expansion would enlarge the hospital’s campus footprint from roughly 104,000 to more than 360,000 square feet by 2021. Proposed additions include: A four-story…

Developer proposes partnership on Miami’s Olympia Theater

A developer is proposing a public-private partnership with the City of Miami for one of the city’s most valuable gems: the Olympia Theater at 174 E Flagler Street. Details of the proposal haven’t been formally released, but the idea is expected to be a discussion item for city commissioners when they next meet June 13. Daniel Rotenberg, director of the city’s Department of Real Estate and Asset Management…

The Plaza Coral Gables scores $100 million construction loan

Agave Holdings, a group that includes the family behind the Jose Cuervo spirits business, closed on a $100 million construction loan for The Plaza Coral Gables. Agave Ponce secured the loan from PNC Bank, according to property records. The Plaza, a major mixed-use project under construction at 2901 Ponce de Leon Boulevard, will have a high-end hotel, Class A office space, retail, and luxury rentals.

HFF Arranges $100M Construction Loan for Mixed-Use Development in Metro Miami

HFF has arranged a $100 million construction loan for the development of The Plaza Coral Gables, a mixed-use project in downtown Coral Gables. Developer Agave Holdings LLC will use the loan to finance the first of two phases of the project. Phase I will include a 14-story, 291,129-square-foot office building; 135 residential units; and 101,439 square feet of retail space. CallisonRTKL is designing the first…

FM Capital Originates $21 Million Loan to Refinance Cold-Storage Warehouse in Miami

FM Capital has provided a $21 million refinancing loan for a cold-storage warehouse in Miami. The 235,758-square-foot warehouse was originally built in 1968 and is located near I-95 with access to the Florida Turnpike. The property was 82 percent leased at the time of the refinancing to South East Frozen Foods and Super Value. The undisclosed borrower will also invest $1.1 million in capital improvements…

Sapir Corp. posts $7 million loss in first quarter of 2019

Developer Alex Sapir’s Israeli real estate company Sapir Corp. reported a loss of 26 million shekels in the first quarter, the equivalent of roughly $7.2 million. The company’s revenue in the first quarter totaled 23 million shekels, or about $6.4 million, which grew from nearly zero the previous year, Globes, an Israeli financial newspaper, reported. Revenue was up year-over-year because Sapir Corp. bought…

Former NFL star Dumervil adds to North Miami multifamily portfolio

Former NFL star Elvis Dumervil paid $10 million for an apartment building in North Miami, adding to his multifamily portfolio, The Real Deal has learned. Dumervil’s Prestige Estates bought the 91-unit Arlington Manor property at 12501 Northeast 13th Avenue, with plans to rename it Prestige Biscayne, said John Sasso of Charles Rutenberg Realty. Sasso and his partner Shuli Stock brokerered…

Avra Jain teams with Bob Zangrillo on $200 million mixed-use project on Miami River

Developer Avra Jain and her partners, who include Bob Zangrillo, are planning a $200 million mixed-use project with a Sixty Hotel along the Miami River. About two years ago, a partnership led by Jain and Zangrillo paid $5 million for partial ownership of the 2.3-acre property at 555 Northwest South River Drive. Zerby Interests, a developer out of Oklahoma City, is the majority owner. Jain’s partners include…

Spaces Adds New FL Location

Spaces continues its Florida expansion by opening a new location at 1111 Lincoln Road in Miami Beach. CBRE Global Investors inked a 51,064-square-foot lease with the coworking firm, which currently has two locations in the state. The former Suntrust Bank Building underwent significant renovations in 2010, which resulted in 94,488 square feet of creative office and 51,839 square feet of Class A…

Fake sultan sentenced after allegedly defrauding Jeffrey Soffer and others

Two years ago, Anthony Gignac was living the life of royalty. Going by the name “Khaled Al-Saud,” he had convinced investors that he was a Saudi Arabian prince and had access to the family’s vast trove of wealth. Gignac was sentenced on Friday by a U.S District judge for fraudulently assuming the identity of a member of the Saudi royal family. His scheme caused investors to lose more than $8 million…

American Legion project’s developers allegedly stiffed Berkadia of $500K: lawsuit

Berkadia is suing the developers of an American Legion project under construction in Miami’s MiMo District, alleging nonpayment of a $500,000 “success fee.” Berkadia filed suit against ACRE GCDM Investments and Montreal-based real estate development firm Quadreal Property Group in Miami-Dade Circuit Court this month for breach of contract and unjust enrichment in connection with a $51 million…

Mortgage guarantors Fannie Mae and Freddie Mac to return to private control

More than a decade after the government seized control of Fannie Mae and Freddie Mac, the Trump administration is finalizing a plan to return the mortgage guarantors to private shareholder membership. That would be a boon for investors who have been banking on the move. The proposal could be on President Trump’s desk for approval in the coming weeks. The plan will likely be a version of what has…

Leo Ghitis sells office building in Fort Lauderdale’s Cypress Creek

Real estate investor Leo Ghitis sold a seven-story Class A office building in Fort Lauderdale’s Cypress Creek market for $24.1 million. Ghitis sold the 139,864-square-foot building known as Radice III at 1000 Corporate Drive for $172 per square foot, records show. A company managed by Greenberg Traurig lawyer Paul Berkowitz bought the property. The Radice III is part of the Radice Corporate Center that…

Video: May 2019 Multifamily Update by RealPage Deputy Chief Economist and VP of Asset Optimization Jay Parsons

Deputy Chief Economist and VP of Asset Optimization at Real Page Jay Parson discusses the multifamily property market, touching on topics like rent growth, urban vs suburban multifamily trends and observations, construction costs, and apartment supply levels. He talks about the wide difference today between class A and class B properties, with a 40% difference between the two, and how this insulates…

Two Hialeah construction execs sentenced for defrauding low-income housing program

Two Hialeah construction executives were sentenced by a federal judge after being convicted of hiding people on their payrolls and defrauding the low-income housing tax credit. Aaron Construction Group President Javier Estepa of Davie was sentenced to 51 months in prison, while Vice President Diego Alejandro Estepa Vasquez of Boca Raton was sentenced to 41 months in prison. The sentencing…

Burke Leighton asks $45M for Little Havana apartments

A portfolio of three apartment buildings in Little Havana is being listed for sale for $45 million in one of the largest portfolio listings to hit the market in the… The properties are: the 63-unit, 11-story Ipanema building at 120 Southwest Eighth Avenue; the 60-unit, six-story Victorian building at 1430 Southwest First Street; and the 44-unit, five-story Miramar building at 1023 Southwest Sixth Street.

Here are the tallest projects proposed in Miami

More than 20 years ago, residential skyscrapers started sprouting up in Brickell and downtown Miami, slowly replacing low-rising condo and apartment buildings, older hotels and retail buildings. Today, Miami boasts the third tallest skyline in the U.S., trailing only New York City and Chicago with over 300 high-rises. Fueled by demand from wealthy South American buyers and the city’s emergence as a…

Key International sells Miami Health District building to TopMed Realty

TopMed Realty, a private health care real estate investment firm, paid $13.9 million for an office building in Miami’s Health District. Key International, along with its partner on the project, 13th Floor Investments, sold Highland Park Center, a Class A, 43,000-square-foot building at 1011 NW Sunnybrook Road for more than $320 per foot. The 11-story building, which was completed in 2011, sold fully…

Video: Ballard Spahr Partner Craig Ganz Discusses Trends and Expectations for Retail Bankruptcies

Craig Ganz, Partner with Ballard Spahr, a national law firm with headquarters in Philadelphia and more than 500 lawyers in its employ, joins America’s Commercial Real Estate Show to discuss recent retail bankruptcies and the impact of big box closures on commercial property investors, particularly those concentrating on retail properties. He goes through a number of chains that have filed for…

Will A Walmart Be Allowed On Rare Habitat In Miami?

For years, private citizens have been battling developers, the government and the University of Miami over a rare ecosystem. “Pine rocklands,” a habitat characterized by a limestone ridge and often covered with pine tree species and saw palmetto plants, once made up much of South Florida. Now, less than 2% of the original ecosystem is estimated to remain in Miami-Dade, and it is home to…

This is how many new condos are left to sell in Miami

To gauge the start of Miami’s next condo cycle, you could look at the bulk of inventory that remains today. Developers currently have 2,101 new development units left to sell in Miami from this cycle, according to ISG Miami’s latest report. Of those, 587 units have been delivered, 1,331 are under construction and 183 are in the preconstruction phase. The current cycle began in 2012, and the pipeline…

Co-working firm Spaces moving into 1111 Lincoln

The co-working firm Spaces just leased a lot of space in one of Miami Beach’s marquee properties. Spaces leased 51,064 square feet at 1111 Lincoln, at the corner of Alton Road and Lincoln Road. The lease covers 55 percent of the total office space at the building. The property is known for its large parking garage designed by Swiss architectural firm Herzog & de Meuron that some say resembles…

One Thousand Museum seeks $331M condo inventory loan

One Thousand Museum, the Zaha Hadid-designed skyscraper in downtown Miami, is seeking a $331 million condo inventory loan as the project’s completion date nears, The Real Deal has learned. The project’s developers tapped Lotus Capital Partners to arrange the loan, according to an email obtained by TRD. Financing offers are due June 13. The development group, which includes Louis Birdman…

Miami seeks law firm to cut deal with David Beckham group

Miami commissioners will let City Attorney Victoria Mendez pick a law firm to advise on a Melreese Golf Course lease to the David Beckham group. Commissioners on May 23 were debating which of 16 applicants to use as consultants. After listening to lawyers from several firms fighting for the job, and continued contention from Commissioner Manolo Reyes who was adamant that the chosen…

Miami Yacht Show cites success, staying downtown

Though there was one major unexpected expense, the Miami Yacht Show’s first year downtown was successful, directors of Miami’s Downtown Development Authority heard Friday. The show, which had been held on Miami Beach for 30 years, generated $484 million in direct economic impact in February, when it moved to the former Miami Herald site, now owned by the Genting Group. The Biscayne…

Real Estate Gives Back: Don Peebles Champions Economic Equality

Peebles Corp. founder Don Peebles wants to bridge the U.S. wealth and academic achievement gap that continues to separate the country’s haves and have nots. “There’s a big wealth disparity in the country, a significant income disparity,” said Peebles, whose personal wealth was estimated to be around $700 million by Forbes in 2015 and whose current company portfolio of active and completed…

Are waterfront hotels ready for climate change?

Memorial Day weekend ushers in the unofficial start to summer tourism season, and the strong economy suggests this may be an especially great season for the hospitality industry. But, while throngs of vacation travelers head for sunny beachfronts, it’s also the start of the hurricane season, which, as the impacts of climate change continue to accelerate, will become a growing risk to the industry.

Mission Capital Arranges $8M Refinancing Loan for Hotel Near Miami International Airport

Mission Capital Advisors has arranged an $8 million refinancing loan for the EB Hotel Miami, a 133-room hotel located at 4299 NW 36th Street, across the street from Miami International Airport. The borrower, Eurobuilding Hotels, originally acquired the property in 2007 when it was an office building. Eurobuilding Hotels transformed the asset into a hotel that offers an outdoor pool with poolside bar…

Coconut Grove Playhouse fight may end up in court

The battle over Are waterfront hotels ready for climate change?the fate of the long-closed Coconut Grove Playhouse lingers on. Miami-Dade County, garnering approval of its restoration plan from the Miami City Commission on a split vote, saw its hopes dashed May 17 when Mayor Francis Suarez vetoed the approval, and then on May 23 the commission failed to override the veto. County officials vow…

Miami International Airport due billions in upgrades

Up to $5 billion in improvements at Miami-Dade’s five airports are a vote away, with lawmakers to decide Tuesday if they’ll OK funds and first plans focusing on Miami International Airport (MIA). The 15-year, $4 billion to $5 billion program is meant to meet needs through “2035 and beyond,” a memo from Mayor Carlos Giménez said. MIA last year passed 45 million passengers, ranking it third-busiest…

Major mixed-use development planned for Ojus

A development group is planning West Aventura Town Center, a $200 million, 600,000-square-foot mixed-use development in Ojus. West Aventura Exchange LLC has assembled almost 8 acres in the Miami Gardens Drive corridor, along Northeast 186th Street and Northeast 187th Street between Northeast 23rd Court and Northeast 24th Place. The developer gained approval for a land use change for the last…

Opportunity Zones are now big business for lawyers

While it’s too early to tell whether the Opportunity Zones program will benefit the distressed neighborhoods it was designed to help, the legislation has already been a boon to at least one profession. A growing number of big law firms like Morrison Foerster and K&L Gates are setting “pop up” working groups of tax, real estate, and private funds lawyers to work on Opportunity Zone issues, according to…

Aztec Group Provides $11.9M Loan for Redevelopment of Office Building in Miami

Aztec Group has provided an $11.9 million loan to 4141 Design LLC, an affiliate of JCube Development, to redevelop an office building in Miami. The borrower plans to fully renovate the 15,843-square-foot building to include 6,100 square feet of ground-level retail space, 4,400 square feet of office space on the second and third floors and 4,000 square feet of rooftop event space. The building, known as…

Will new Opportunity Zones rules propel an office boom?

When Michael Tillman’s PTM Partners bought property in Overtown in February to build an 18-story apartment complex, it became one of the first Miami-based real estate firms to utilize the Opportunity Zone program. The federal program is seen by many as the biggest economic boost to the real-estate industry since the 1031 Exchange. But given the murkiness of the Opportunity Zone guidelines…

Miami Worldcenter developers sell another piece of their pie

Miami Worldcenter developers Nitin Motwani and Art Falcone sold off another chunk of land at their mixed-use development in downtown Miami. Property records show Miami Worldcenter Associates affiliate MWC Block E LLC sold the 2.5-acre parking lot at Northwest Eighth Street between North Miami and Northeast First avenues to Miami World Towers LLC for $43 million. BNY Mellon…

Here are South Florida’s top industrial sales in April

A billionaire hotelier based in the Bahamas has turned his sights to Miami, paying $26.4 million for an assemblage in Wynwood with plans to build a mixed-use project. Sarkis Izmirlian, the original developer of Baha Mar in the Bahamas, bought the properties at 201 Northwest 21st Street and 210 Northwest 22nd Street in Miami through a Delaware company, Miami Development 2122 Trustee, Inc. The…

Lincoln Road could get two hotels under proposed new rules

It takes one developer to start a trend. More than a month since real estate investor Sam Herzberg unveiled a possible transformation of the Sterling Building on Lincoln Road into a hotel, a second property owner wants to do the same to the Lincoln Center, an apartment building with a ground-floor retail annex at 1637 Euclid Avenue. Monika Entin, an attorney representing Lincoln Center Associates…

The Importance of Commercial Building Permits

You’ve found the perfect commercial property to invest in: it has the right number of office suites, the perfect amount of square footage, and plenty of parking spaces. It’s just what you’ve been looking for. Before you put in an offer, it’s crucial that you get a commercial inspection and check for outstanding building permits. It’s probably the last thing on your mind when searching for a commercial…

Italian restaurateur sells Allapattah property to CenturyLink for $19M

Rosinella Italian Trattoria owner Tonino Doino sold a property in Allapattah to CenturyLink for $18.75 million, The Real Deal has learned. Doino’s Miami Avenue Holding Company LLC sold the 101,000-square-foot building and land at 1101 and 1109 Northwest 22nd Street. CenturyLink, a telecommunications company based in Monroe, Louisiana, provides communications and data services in 37 states and…

Tax-driven migration to South Florida won’t end soon: panel

Migration to South Florida from New York and other high-tax states is a long-term trend in its early stages, according to a group of experts. “To use a tired baseball analogy, everybody asks: What inning are we in? I would say we’re still driving up to the ballpark. This [migration] is just getting started,” said Jonathan Miller, president and CEO of Miller Samuel Inc., who moderated a panel presentation…

City and county spar: Mayor Suarez’s veto of Coconut Grove Playhouse plan stands

The fate of the Coconut Grove Playhouse revival plan could now head to the courts. The Miami City Commission on Thursday failed to overturn Mayor Francis Suarez’s veto that had thrown the renovation project proposed by Miami-Dade County into peril. County officials, led by Miami-Dade Mayor Carlos Gimenez, said the county will likely sue the city to nullify a previous Miami Historic and Environmental…

Remy Jacobson nabs loan for Miami Design District project

Developer Remy Jacobson closed on a nearly $12 million loan to redevelop a property in the Design District. Centennial Bank is providing the $11.93 million loan for interior and exterior renovation of the historic building at 4141 North Miami Avenue. J.C. de Ona and Yuleisy Montalvo of Centennial represented the bank and Aztec Group was the mortgage broker. Jacobson’s 4141 Design LLC paid $10.5 million…

Which Miami Neighborhood Will Heat Up Next?

The residential population in downtown Miami has doubled from about 40,000 in 2000 and is expected to surpass 100,000 in 2021. That is just one sign of the city’s surging urban core. The surge of population could help turn Downtown Miami’s main corridor, Flagler Street, into a café district, said Gary Ressler, a principal at Tilia Cos. The Flagler Business Improvement District could give those efforts a big…

North Beach developers offer city $15M park in exchange for ownership of streets

As part of their plan to build a $220 million mixed-use project along Ocean Terrace in Miami Beach, partners Alex Blavatnik and Sandor Scher want to take ownership of the public streets and sidewalks surrounding the proposed development. The potential deal would allow Blavatnik and Scher to include the public right-of-way as part of the project’s footprint. In exchange, the North Beach developers are…

Could a Trump tax break be behind Beckham’s renewed interest in an Overtown stadium?

MasTec chairman Jorge Mas revealed on Tuesday that his fellow partners in the Miami Beckham United Group wanted to close on a $9 million land deal in Overtown. The news meant the Beckham group planned to buy land once slated for a Major League Soccer stadium until the partners abandoned that plan for a larger sports and commercial complex about eight miles away on real estate currently…

Could Miami Beach’s Free Electric Cars Solve Cities’ Transit Problems?

On Friday, the city of Miami Beach will launch a partnership with Freebee for free, on-demand, door-to-door transportation to certain areas. Freebee’s fleets of fully electric cars have been popular in Miami-area neighborhoods as solutions to transit woes. Freebee was started by two University of Miami graduates in 2011, at first offering free rides to bars and restaurants on the beach. It then expanded…

FM Capital’s Direct Bridge Lending platform Originates $21 Million loan for Industrial Freezer in Miami, Florida

FM Capital’s direct bridge lending platform originated a $21 Million loan for the refinancing of an industrial freezer warehouse located in Miami, Florida. Built in 1968, the 235,758 square foot warehouse is located near major highway I-95 with quick access to the free-way, turnpike and other major roads. The property is currently 82 percent leased, occupied by South East Frozen Foods and Super Value.

Virgin Trains USA starts building rail line to Orlando

Virgin Trains USA announced Tuesday that construction of its highly anticipated expansion from Palm Beach County to Orlando is underway, beginning with preliminary groundwork for a 70-acre maintenance facility and 3.5-mile rail section at Orlando International Airport. The “Phase 2” expansion, which the company formerly known as Brightline said in statement will be completed and in service…

David Beckham, partners to close on county site in Overtown after all

David Beckham and his partners will close on a site in Miami’s Overtown neighborhood, even as they forge ahead with their plans to build a mega-soccer stadium complex on a different property near Miami International Airport. According to a statement from Inter Miami CF, the Major League Soccer team owned by Beckham, Jorge and Jose Mas and others, the group remains “fully committed to bringing…

Here are South Florida’s top multifamily sales in April

A company tied to Shiff Group Holdings sold a 239-unit apartment complex in Miami’s Little River neighborhood for $23.3 million. Zvi Shiff, of Shiff Group Holdings, sold the 239-unit development at 1401 Northwest 103rd Street for about $97,489 per unit, records show. The buyer is a Delaware company, Newcastle Lake LLC. The Silver Blue Lake Apartments are right off I-95 near Miami Shores City Hall.

Sugarcane chef opening downtown Miami concept & other Miami restaurant news

Chef Timon Balloo, a chef-partner at Sugarcane Raw Bar Grill, is opening a new concept in downtown Miami called Balloo: Modern Home Cooking. The 800-square-foot restaurant is set to open at the Ingraham Building at 25 SE 2nd Avenue in downtown Miami this summer. Bar Lab Group, led by mixologists Gabriel Orta and Elad Zvi, will open a 1,172-square feet…

Busted: City doles out code violations to Miami commissioner’s Coconut Grove home

It looks like Miami Commissioner Joe Carollo’s outspoken goal to enforce code violations in Little Havana has come back to haunt him. Miami government officials went to Carollo’s home in Coconut Grove on Monday and found five violations for work done without permits, according to the Miami Herald. The Herald obtained an email showing that employees from the city’s code compliance, building…

Brazilian developer redesigns Miami Beach condo to include more luxury units

The developer of a boutique luxury condo project in Miami Beach is adding units based on increased demand, a rarity during a condo market slowdown. Multiplan Real Estate Management is adding 10 “sky residences” to 57 Ocean, now a 71-unit development planned for 5775 Collins Avenue, managing partner Marcelo Kingston said. That brings the number of sky residences to 18, up from 8. Penthouse…

County aims to build two hotels at Miami International Airport

In a booming local hotel market, Miami-Dade County plans to issue solicitations to developers to design and construct two new hotels at Miami International Airport, Mayor Carlos Giménez revealed in a memo to county commissioners this month. One hotel would be built directly east of the airport’s Dolphin Garage and across from the North Terminal. The second hotel would be built on the airport’s short…

Miami may be ready to pick Virginia Key marinas operator

After years of controversy, countless meetings, administrative appeals and lawsuits, the City of Miami may be ready to move ahead with a new operator for its marinas on Virginia Key. The final court case has finally ended and today’s (5/23) agenda for the city commission includes two proposed resolutions that would determine the fate of Rickenbacker Marina and Marine Stadium Marina on the city-owned…

Roads area due Tru Hilton hotel geared to younger guests

A new hotel brand that targets younger travelers is planning a new location in The Roads neighborhood of Miami. Benito Irastorza, president and chief executive officer of IRAS Group, is the owner-developer proposing a Tru Hotel by Hilton at 1931 SW Third Ave. The selected-service hotel will rise eight stories and offer 141 rooms, have parking for about 73 vehicles, and have an exterior pool deck at…

Dinner Key Marina to be returned to former glory

More than 20 months after Hurricane Irma tore up Dinner Key Marina, the City of Miami is ready to bring the marina back to its former glory at a cost that could exceed $22 million. On today’s (5/23) agenda, city commissioners are to consider hiring a company to repair and rebuild the marina, located on the waterfront in Coconut Grove, surrounding historic Miami City Hall. Before Hurricane Irma, Dinner Key…

Commercial insurance rates facing double-digit climb in June

‘Tis the season… for commercial insurance rates to rise, observers say. “Commercial property insurance rates are expected to increase 10% to 20% within this calendar year,” said Ryan Papy, president of Keyes Insurance, a part of The Keyes Co., via email.v“The main factor is the rise in reinsurance rates,” he continued, referring to the insurance that carriers buy to protect themselves against exposure in case of…

Approval rates rise for small business lending

Approval rates for small business lending continue to grow and those in finance say it is all thanks to a strong economy. But traditional lenders are rethinking their lending strategies as more nontraditional players are taking advantage of the strong economy and playing the field. Loan approval ratings for small business lending is growing. Banks are averaging 18% higher approval rating from the first quarter…

Virgin Trains USA starts work on tracks to Orlando

Virgin Trains USA, formerly Brightline, has started a $4 billion construction project on the tracks between West Palm Beach and Orlando International Airport. Virgin Trains said the first load of steel for the tracks was shipped from Steel Dynamics in Fort Wayne, Indiana, on May 16. The high-speed rail project will take three years. While there are existing tracks from West Palm Beach to Jacksonville, they…

Dressbarn is winding down operations and closing 650 stores including 2 in Miami

Dressbarn is the latest casualty of the retail apocalypse. Ascena Retail Group announced on late Monday it planned to wind down operations for its Dressbarn chain and close all of its 650 stores, according to a press release. The company did not give a date as to when it would officially close its stores. Ascena Retail Group also owns the Justice, Lane Bryant, and Catherines clothing store brands. “This…”

Flying carport at Miami Worldcenter featured on CBS Sunday Morning

CBS 5-17-19 No Exit Paramount Miami Worldcenter from World Satellite Television News on Vimeo. A very Jetson future is here, and it’s live on television. Paramount Miami Worldcenter was featured on CBS Sunday Morning for its flying carport amenity. Developer Dan Kodsi has modified the condo tower’s design to fit a 5,000-square-foot skyport on top of the 60-story, 530-unit building. While it would be…

Real estate seen as “safe haven” amid trade war uncertainty

While the stock market at large took a beating amid last week’s escalation of the U.S.-China trade war, one sector continued to show strong growth: real estate. By offering investors more exposure to domestically-oriented businesses, real estate investment trusts have largely established themselves as a safe haven from global supply-chain disruptions, the Wall Street Journal reported. “Our conclusion…”

Blackstone pays $209 million for Doral apartments

Blackstone Group paid $208.75 million for a pair of neighboring apartment complexes in Doral, marking the largest multifamily deal in South Florida so far this year. The Related Group and Rockpoint Group sold 720 units, split between Doral View at 901 Northwest 97th Avenue and Town Fontainebleau Lakes at 1062 Northwest 87th Avenue. Blackstone paid about $290,000 per apartment. Cushman…

Macerich exec says “the retail apocalypse is a good thing”

As e-commerce continues to kill brick-and-mortar stores, some landlords appear to be embracing the new reality for retail. “The retail apocalypse is a good thing,” said Jesse Franklin, the vice president of investment and innovation at retail giant Macerich, during a panel Monday at the International Council of Shopping Centers convention in Las Vegas. “It’s calling out all of those retailers that have…”

South Florida Retail Summary (Q1 2019)

Market Snapshot for South Florida Retail A summary of the highlights, trends, and current market activity of Q1 2019 for South Florida commercial real estate focusing on Miami-Dade County: Analysis derived and compiled from leasing data and transaction reports in order to better understand the overall health of the CRE market in Miami-Dade County. In…

Coral Gables and Doral Among The 10 Best Small Cities For Entrepreneurs

Florida, perhaps for its tax friendliness and educated population, is very well represented on the list of small cities for starting a business. Twenty of the top 50 small cities are in Florida, and three made it into the top 10. With just over 51,000 residents, Coral Gables just barely meets the Census Bureau definition for a city, or standard metropolitan statistial area, as bureaucrats put it. But what it lacks in…

Up the River: The Miami River, Past, Present, and Future

To look at the history of the Miami River, is to look at the history of Miami itself. According to historian Jerald T. Milanich, the world “Miami” is a derivation from “Mayaimi,” which referred to the vast size of Lake Okeechobee. (Another interpretation is that Miami means “sweet water.”) Spanish explorers who visited Miami in 1743 mentioned “Maymies” or “Maimies” living in the area. The Miami Circle…

Developer picks up Edgewater property for $14 million

A large development site in Edgewater near the Related Group’s Paraiso development just sold for $13.65 million, The Real Deal has learned. Edgewater 29 LLC, tied to DLC Capital Management, a family office in Miami, bought the property at 2927 Northeast Fourth Avenue. Property records show the seller is AR Edgewater Investments, which is controlled by Juan Agudelo Restrepo. The zoning allows…

Investment group buys South Beach building near Crescent Heights project for adaptive reuse

Fwd Group paid $5.35 million for a building near an upcoming Crescent Heights project in South Beach where it’s planning an adaptive reuse project, The Real Deal has learned. Seven Forty Central Corp., led by Boris Shvartsman, sold the property at 740 Alton Road to 740 Alton Rd LLC, which is led by Jefferson Brackin. Fwd Group, founded by Brackin and his partner, Michael Bird, is an investment…

Here are South Florida’s largest office and retail sales in April

The parent company of VirginTrains USA, Florida East Coast Industries, sold the office portion of its MiamiCentral station for $159.4 million. Coral Gables-based FECI sold the ground floor retail, two office buildings and the parking space at 600 Northwest First Avenue to San Francisco-based Shorenstein, property records show. Wells Fargo provided a $126 million mortgage to Shorenstein to finance the…

New industrial development in Hialeah Gardens breaks ground

A new 65,500-square-foot industrial building is coming to Hialeah Gardens amid a wave of new industrial development. CanPen Holdings is building a 65,500-square-foot warehouse at 14600 Northwest 112th Avenue. It marks the first development project for Medley-based CanPen Holdings, whose principals are Jose “Pepi” Cancio Jr. and Mario Penzo. Cancio’s father, Jose Pepe Cancio Sr…

Office vacancy rates are rising in downtown Miami: report

The downtown Miami office market took a beating in the first quarter, despite the opening of new state-of-the-art buildings like the office portion of the Virgin MiamiCentral train station. According to a JLL report prepared for the Commercial Industrial Association of South Florida, downtown Miami experienced a negative absorption of nearly 18,000 square feet during the first quarter, mostly due to the…

Developer Lissette Calderon plans flurry of projects

You might say Lissette Calderon was born to be a developer along the Miami River. When her parents brought her home from the hospital, they lived in an apartment building on the mouth of the river. The building is now long gone to unveil the underlying Miami Circle, home to the indigenous Floridians who first appreciated living on the river. As a child, Calderon says she loved reading about…

Beckham group faces deadline to keep Overtown stadium site under contract

David Beckham and rendering of the soccer stadium his group planned to build in Overtown. David Beckham and his partners have less than two weeks to pay $901,500 and keep three acres of county-owned land in Miami under contract for a soccer stadium. The Beckham group owns six acres in the Overtown area of Miami and contracted to buy another three acres from Miami-Dade County to build…

IMC Equity Group buys flea market property near Liberty City

IMC Equity Group bought the Flea Market USA property at 3017 Northwest 79th Street  in the West Little River neighborhood of Miami for $13.5 million, where it plans to build a mixed-use project. Carlos De J. Segrera, chief investment officer of IMC Equity, said the group plans to build a multi-phased mixed use project with retail and a residential portion with up to 2,500 units. He expects the building to break ground next year and the project…

Spain’s Richest Person Bets Billions on Prime U.S. Real Estate

Ortega’s U.S. spending spree increases the value of his global property empire beyond $13 billion, according to the Bloomberg Billionaires Index, giving him the biggest real estate portfolio among Europe’s super-rich. Diversifying his fashion fortune to preserve his sizable wealth, Ortega has invested… landmark properties like Manhattan’s historic Haughwout Building and Miami’s tallest office tower.

Alex Karakhanian picks up Miami Design District building

Investor and developer Alex Karakhanian closed on another property in the Miami Design District. A partnership led by Karakhanian paid $12 million, or $1,445 per foot, for the 8,304-square-foot building at 3921 to 3925 Northeast Second Avenue, he said. Rammos HoldCo Inc., led by Bill Rammos, sold the lots, which total 9,240 square feet of land. Rammos will remain a partner in the property. Tony Arellano…

Revenue fell at Trump’s Palm Beach properties in 2018

President Trump’s Palm Beach County businesses lost $3.6 million last year, according to newly released financial disclosure forms. Mar-a-Lago reported the biggest drop in revenue, down 10 percent year-over-year to $22.7 million in 2018, according to the Palm Beach Post. The report, filed with the Office of Government Ethics on Thursday, only shows asset values in ranges and does not include profits or…

Miami-Dade County Zoning: Administrative Requirements of Workforce Housing Bonuses

In 2007, the Miami-Dade County Board of County Commissioners adopted Ordinance No. 07-05, which created a voluntary Workforce Housing Development Program in order to encourage development of land available for residential use targeted towards the workforce income group. The program allows real estate developers to obtain density and intensity development bonuses by providing either…

When Florida lenders act in bad faith

When companies in Florida look to expand or move into a better space for their operations, they may decide to purchase commercial real estate. This can be a very important decision for the company and one that needs to be done carefully. There are also many steps to the process, but it usually starts with securing the money for the purchase through lending. This is usually secured from a bank or other…

Only Florida Taxes Commercial Leases. NAIOP Wants To End That.

Florida is the only state in the nation to charge sales tax on commercial leases, which it has been doing since 1969. The rate was 5.7%, but in the annual legislative session that ended this month, lawmakers agreed to roll it back to 5.5% starting in January. It will be the third fraction-of-a-percentage-point rollback in three years. Darcie Lunsford, president of the South Florida chapter of NAIOP — which…

Contraction in the real estate offer of new units in Miami predicts a positive future

A recent study conducted by the firm Integra Realty Resources – Miami | Palm Beach (IRR-Miami), confirmed the forecasts on the real estate market in South Florida. The number of units under construction was reduced by 43%, between the second and fourth quarter of 2018, with a total of 1,649 units delivered. Of these units, 1,020 belong to the new Edgewater area, while the remaining 513 are part of…

Video: RC Analytics SVP Jim Costello Presents Retail Property Investor Outlook

Jim Costello, Senior Vice President of RC Analytics, joins America’s Commercial Real Estate Show to discuss the retail property market. Among the topics discussed are transaction volume, cap rates, and adaptive reuse. He starts by discussing issues in the sector, with some some great properties not trading, and other properties with trouble that have transaction activity around them. Deal activity he states…

I.M. Pei, who designed Miami Tower, other monuments of culture, dies at 102

I.M. Pei, the architect who began his career designing buildings for William Zeckendorf and went on to bring to life some of the most iconic structures of the 20th Century, including the Louvre pyramid, died early Thursday. He was 102. Pei emigrated from China to the U.S. in the 1930s and after attending Harvard’s Graduate School of Design worked in-house for Zeckendorf’s firm, Webb & Knapp. He then…

Former Georgia gubernatorial candidate buys waterfront Palm Beach condo

Former two-time Georgia gubernatorial candidate Guy Millner bought a waterfront condo in Palm Beach for $5 million. Millner bought the 3,432-square-foot condo, unit 413-E, at 400 South Ocean Boulevard for $1,456 per square foot, records show. Millner bought the unit from Nancy Brougher of York, Pennsylvania. Brougher had paid $225,000 for the condo in 1998, records show. The unit has four…

Receiver sues Jay Peak EB-5 developer’s attorney and law firm over alleged misconduct related to Miami developer

Beginning in 2006, more than 800 EB-5 investors thought they were investing in a promising new ski resort in Northern Vermont. But years after investors started putting their money into the Jay Peak project, the Securities and Exchange Commission in 2016 alleged that the two developers ran a “Ponzi-like scheme.” It is considered the largest alleged EB-5 fraud to date. Now the court-appointed receiver…

Life Time Launches High-End Apartment Concept: Miami Among First Cities to Open

Health club chain Life Time is running into the high-end multifamily segment with the launch of Life Time Living, a health-focused luxury residential experience that will be opening its first locations in Dallas, Las Vegas and Miami. Combined with Life Time Fitness and Life Time Work, these projects will now be Life Time Villages. Life Time Living’s first location in DFW will be in Midtown Dallas near Interstate…