609 Brickell Set For Hearing Before Historic Preservation Board

A hearing on the 609 Brickell property is scheduled for Miami’s Historic and Environmental Preservation Board on July 2. The First Presbyterian Church and developer 13th Floor Key Church, LLC are requesting an an amendment to the historic designation report for the property. An iconic, 80-story tower is being planned on the property. A staff report notes that the site…

FIU Report Showcases Doral’s Economic Boom And Rising Diversity In Job Market Amidst Housing Challenges

The City of Doral is hitting its stride with significant economic growth outstripping neighboring areas, as detailed in the latest report put forth by the Florida International University’s Metropolitan Center. The Doral Economic Analysis Report 2024 Update, a continuation of the original study from 2017, reveals a city in the throes of development…

$76.81 Million Loan Secured for ‘SoWy’ Mixed-Use Development in Wynwood and Overtown

More Development, an international real estate company based in Miami and Nassau, The Bahamas, has secured a $76.81 million loan for SoWy, an upcoming mixed-use development in Wynwood and Overtown, north of Downtown Miami. The loan was announced by More Development President Whitney Thier and provided by JP Morgan Chase. The nearly eight-acre SoWy…

1,296-Unit Community Proposed for 15780 W. Dixie Highway in North Miami

An affiliate of Miami-based Resia is seeking approval for a multi-family housing development from North Miami City Officials. The North Towne apartments would comprise five, 12-story buildings, offering a grand total of 1,296 residences at full buildout. Per the South Florida Business Journal, the one-bedroom to three-bedroom units would span 626 to 1,041 square feet…

81-story Brickell Dolce & Gabbana tower advances

Development of an 81-story tower on Brickell Avenue that has been hyped as a condo-hotel with Dolce & Gabbana branding won first-step zoning approval from Miami-Dade County last week by an 11-0 vote. A final review has yet to be scheduled. Currently on the half-acre site is a seven-story office building built in 1972. This is at least the fourth project that aimed to replace that…

Eichner’s Continuum pays $75M for Shuckers site in North Bay Village

Ian Bruce Eichner’s Continuum Company acquired the popular Shuckers Waterfront Bar & Grill property and the adjacent Best Western in North Bay Village. Continuum paid $75 million for the restaurant and hotel at 1819 79th Street Causeway, according to a press release. The firm financed the deal with a $67.5 million loan from Longline Financial. Montreal-based Jesta Group…

Continuum Co. Grows North Bay Village Holdings With $75M Acquisition

Ian Bruce Eichner’s Continuum Co. has added to its property holdings in Miami’s North Bay Village with the purchase of the 2.3-acre site of Shuckers Waterfront Bar & Grille and a Best Western hotel. Continuum paid $75M for the site, Eichner told Bisnow, acquiring it from Canadian investment firm Jesta Group. Continuum landed a $67.5M acquisition and pre-construction loan…

Plans revealed: Three more Live Local Act apartment towers proposed in Wynwood

Developers are seizing on the Live Local Act with plans for five apartment high-rise projects in Wynwood. The towers, which would range from 18 to 48 stories, promise to alter the look of the Miami neighborhood, where heights for years have been capped at 12 stories. Three of the proposals were recently revealed. New York-based Hidrock Properties plans a 39-story, 336-unit…

Raanan Katz plans 1,050-unit project at Miami Sears, amid surge of Live Local Act proposals

RK Centers plans a 1,050-unit Live Local Act complex on the site of a Sears in Miami, amid an outpouring of project proposals under the state’s affordable housing legislation. The firm, founded and led by Miami Heat minority owner Raanan Katz, wants to build three eight-story buildings with 995 apartments and 55 rental townhouses on an 8.1-acre site at 3655 Southwest 22nd St…

Metromover system overhaul gains funding

County commissioners last week unanimously passed a resolution adding $6.7 million to a contract to support the Metromover comprehensive wayside system overhaul project. The additional funds bring the contract to more than $14 million. The contract with New York-based Atkins North America Inc. is for construction, engineering, and inspection services. It passed…

Transformative Miami Riverbridge downtown wins backing

The major redevelopment of one of Miami’s highest profile sites in the heart of downtown is one step closer to reality. A city review board on June 20 unanimously recommended approval of the Miami Riverbridge project, which will take the place of the James L. Knight Center and Hyatt Regency hotel on the Miami River. The Urban Development Review Board did ask…

Miami Riverbridge Approved By UDRB, Including Supertower

The three-tower Miami Riverbridge megaproject was approved last week by the Urban Development Review Board. An existing Hyatt Regency will be demolished to make way for the new towers, one of which will be a new Hyatt Regency. Hyatt is partnering with Gencom on the development. Phase one will include an include an 87-story, 1,046 f00t supertall residential tower…

Miami Riverbridge Gains Unanimous Approval from City of Miami Urban Development Review Board

The redevelopment plans for Downtown Miami’s Hyatt Regency site have received unanimous approval from the City of Miami Urban Development Review Board. The updated project plans for Miami Riverbridge, presented by Hyatt Hotels Corporation and Miami’s Gencom under HRM Owner, LLC, were approved without any conditions at the board hearing. Construction…

“Aggressive pricing”: Brickell landlords list sites at record asking prices

Elevated interest rates and skyrocketing insurance premiums have curbed South Florida’s commercial investment sales flurry of recent years, with cash flow and debt woes besetting some property owners. Yet, Brickell landlords remain unfazed. Since last fall, four large properties have hit the market, and two are for unprecedented prices that would surpass records set during the…

Matther Rieger: Housing Trust Group CEO builds vital affordable housing

Since taking on the role as president and CEO of the Housing Trust Group (HTG), Matthew Rieger has been an advocate and top developer in solving the affordable housing crisis in South Florida. For the past 13 years, Mr. Rieger has led HTG’s advances on affordable housing causes and delivering high-quality housing solutions to underserved communities. Since its inception…

Baha Mar developer scores $77M loan for 8-acre Wynwood assemblage

The original developer of Baha Mar in the Bahamas secured a $76.8 million loan, with plans to build on eight acres of land in Miami’s Wynwood neighborhood. Miami and Bahamas-based More Development spent $115 million-plus assembling six blocks in south Wynwood between 2018 and 2022 where it plans a mixed-use project, said Whitney Thier, president of the firm.

Miami’s First Supertall Tower – Waldorf Astoria Miami – Begins Vertical Construction

The 1,049-foot Waldorf Astoria Miami has commenced vertical construction, new photos show. The Waldorf will be Miami’s first supertall, and the tallest residential building south of New York. It will include 387 condos and 205 guestrooms and suites. The residential component is already 90 percent sold. A record-breaking foundation pour was recently completed…

616-Unit Atlantic Station Tower in Overtown Appears To Have Reached Top Off

Contractors appear to have reached the roof level of the Atlantic Station tower under construction in Overtown, a new photo shows. Groundbreaking for Atlantic Station took place in January 2023. At the time, it was billed as the largest single phase mixed-income Transit-Oriented Development to ever get underway in Miami-Dade County. Atlantic Station is planned…

MSC Group buys future HQ space at Michael Swerdlow’s Block 55 in Overtown

MSC Group is anchoring its new North America cruise headquarters at Michael Swerdlow’s Block 55 at Sawyer’s Walk after paying $67 million for a commercial unit at the Overtown mixed-use project. An affiliate of MSC Group, an international shipping company based in Geneva, Switzerland, purchased a 131,129-square-foot office space on the 7th floor of Block 55 at 249 Northwest…

Corebridge buying Moishe Mana-leased Miami Gardens warehouse, as South Florida industrial deals flow

Corebridge Financial is buying a Miami Gardens warehouse for $25.5 million that is fully leased to Moishe Mana, as South Florida industrial investment sales continue to flow despite elevated interest rates. Lightstone and Mavik Capital Management, both based in New York, are under contract to sell the 134,000-square-foot facility at 15801 Northwest 49th Avenue to Corebridge…

JPMorganChase Expanding Brickell Offices For 400 More Employees

JPMorganChase has announced plans to double the size of its offices in Brickell. The company already has 500 employees in its Brickell offices. With the expansion, the company will have capacity for 400 new employees. The size of the JPMorganChase Brickell office space will go from 80,000 square feet to 160,000 square feet. In addition to offices, there will also be new event…

JPMorganChase Goes Double in Miami

JPMorganChase is planning to double its downtown Miami office footprint at 1450 Brickell to 160,000 square feet, up from 80,000 square feet over the next two years, as well as expand its physical presence in other parts of Florida. JPMorganChase’s major expansion will include other South Florida locations, in addition to the 1450 Brickell office tower seen here.

‘Spectacular’ Tower Planned Across From Brightline’s MiamiCentral

A new downtown Miami transit-oriented residential tower has been announced, with a “spectacular” design. The 700,000-square-foot tower will be known as First & Fifth, and is being developed by Oak Row Equities. It will be located across from Brightline’s MiamiCentral, on a property with a rare perfect transit score of 100. The 45-story tower is being designed…

Foundation Permit Issued At Miami Freedom Park Soccer Stadium Site

A phased foundation permit has been issued at the Miami Freedom Park construction site, according to Miami Building Department records. The phased foundation permit was issued by Miami’s Building Department on June 5 to contractor Lemartec Corporation. Activity can already be seen at the site. Miami Freedom Park will eventually include a 25,000-seat multi-purpose…

Sale of 352-Unit AMLI Doral Multifamily Community in Doral Arranged

JLL Capital Markets has arranged the sale of AMLI Doral, a 352-unit multifamily community located at 11481 N.W. 41st Street in Doral, about 18 miles west of Miami. AMLI Residential sold the property to Pantzer Properties for an undisclosed price. Developed in 2013, AMLI Doral comprises nine four-story buildings with apartments in one-, two- and three-bedroom layouts…

Pantzer continues multifamily buying binge, pays $139M for Doral complex

Pantzer Properties is bullish on South Florida multifamily, acquiring a Doral rental community less than four months after buying a West Palm Beach apartment complex. In what is now the second largest multifamily deal in the tri-county region this year, New York-based Pantzer paid $139.2 million for AMLI Doral, a 6.4-acre garden-style complex at 11481 Northwest 41st Street…

10-Story ‘Ella Miami Beach’ Set for 6940 Abbott Ave in Miami Beach

Yesterday, Florida YIMBY reported on 299 Minorca, an eight-story, mixed-use venture spearheaded by Constellation Group and Boschetti Group. Today, we’re reporting on another venture in the developers’ pipeline: Ella Miami Beach, a 10-story residential tower offering 95 condos. This is not to be confused with ELLE Residences Miami, a taller, separate venture…

Waldorf Astoria Hotel & Residences Secures Record-Breaking Construction Loan and Reaches Major Milestone in Downtown Miami

The Waldorf Astoria Hotel & Residences, a nearly 100-story luxury tower set to rise at 300 Biscayne Boulevard in Downtown Miami, has secured a historic $668 million construction loan, the largest ever for a residential condominium development in Florida. The project, developed by PMG, Greybrook, Mohari Hospitality, S2 Development, and Hilton, achieved this financing…

Developers Propose 57-Condo ‘299 Minorca’ for 299 Minorca Avenue in Coral Gables

Two developers have proposed an eight-story mixed-use venture in Coral Gables. The prospective tower, dubbed “299 Minorca,” would comprise 58,572 square feet of new construction, occupying a 10,341-square-foot site that serves as a surface parking lot. If approved by city officials on June 28th, the project would offer 57 condos intended for short-term rentals, with the homes…

Ellen Buckley gears up development firm following nearly a decade at Terra

During her nearly decade run at Terra, Ellen Buckley managed $6 billion in South Florida real estate projects from concept to final design. But after rising in the ranks to vice president overseeing development at David Martin’s Coconut Grove-based firm, Buckley found no more room to grow professionally. So last year, the 44-year-old developer left Terra to start her own firm…

Miami Seaquarium hit with eviction lawsuit

After nearly 70 years in Virginia Key, Miami Seaquarium is a step closer to getting the boot from its longtime home. Miami-Dade County on Tuesday filed an eviction lawsuit against the affiliate of Miami-based Dolphin Company that owns the landmark marine mammal attraction at 4400 Rickenbacker Causeway. Under the direction of Miami-Dade Mayor Daniella Levine Cava…

Lease roundup: Dacra lands six tenants in Miami Design District, Kushner scores bakery in Edgewater

Dacra scored six tenants at its Miami Design District development. Dacra leased out 90,000 square feet at The Moore mixed-use building at 4040 Northeast Second Avenue, for offices, a private members club, a gallery and a 13-key boutique hotel and the Elastika restaurant, according to a Miami Design District news release. Also, Italian luxury fashion brand Brunello Cucinelli…

Plans Submitted for Grove Village Bimini Block Project in Coconut Grove

Grove Bimini Nassau QOZB, LLC, managed by Sankesh Abbhi of Miami-based private equity firm Abbhi Capital, has submitted plans for the Grove Village Bimini Block Project to the City of Miami’s Urban Development Review Board (UDRB). The proposed project, encompassing the addresses 3410 and 3428 Hibiscus St, 3509/3521/3547/3551/3559/3575 and 3587 Thomas…

City to Consider Plans for ‘the Mosaic at Douglas Road’ at 3700 SW 28th Street in Miami

Today, Miami’s Urban Development Review Board will review plans for an eight-story residential housing complex west of Douglas Park. If brought to fruition, the Mosaic at Douglas Road would comprise just over 268,500 square feet of new construction, offering 130 studio to three-bedroom layout plans. Square footage ranges from 568 to 1,319 square feet, and there would be 210…

Coral Gables office loan enters special servicing

The $71.6 million loan on the Columbus Center office complex in Coral Gables entered special servicing, according to data from Morningstar Credit. The troubled loan is the latest sign that South Florida real estate is feeling the sting from elevated interest rates and other economic headwinds. Although the industry has cited the tri-county regional office market’s resilience…

Total Demolition Permit Issued For One Bayfront Plaza Supertall Site

Miami’s Building Department issued a total demolition permit for the One Bayfront Plaza site yesterday. The permit was approved on March 27. It remained approved but unissued until June 25.. A 19-story office building occupying a full city block in the heart of downtown Miami is being demolished to make way for a supertall tower. Demolition is estimated to take…

PortMiami Among The First In The World With Shore Power

Miami will see a significant reduction in pollution after Shore Power was launched earlier this month at PortMiami. Miami-Dade County Mayor Daniella Levine Cava said Miami was the first port on the eastern seaboard with the system, and one of only 35 in the world. Cruise ships docked at PortMiami no longer have to leave their engines running while in port, instead connecting…

The Weekly Dirt: Examining aspirational pricing in South Florida

Commercial landlords in Brickell are seeking record prices for their properties despite significant economic headwinds. While no one is immune to high interest rates and skyrocketing insurance premiums, multifamily and office owners are having a rockier time. Still, some are betting on the market coming back soon, especially in Miami’s Brickell Financial District, where four…

Miami-Dade Quits $160M Deal to Buy 80-Acre Office Campus

Miami-Dade County has notified the owner of an 80-acre Assurant office complex near Cutler Bay that it is backing out of a $160 million deal to buy the property and transform it into a new South Dade Government Center. A broker representing the campus’s owner, American Bankers Life Assurance — an insurance company that operates as Assurant — received a letter…

Revised Plans for Oceanfront Redevelopment in Hollywood Adds More Residential Units Under Florida’s Live Local Act

Condra Property Group has updated its redevelopment plans for a group of oceanfront hotels, adding more residential units under Florida’s Live Local Act. The New York-based developer, led by Allen Konstam, will present the revised application to Hollywood’s Technical Advisory Committee on July 1. The project concerns 3.33 acres at 2007 and 2115 N. Ocean Drive…

Pine Tree plants roots in South Florida retail with $70M Plantation purchase

Pine Tree made its first foray into South Florida by acquiring a Plantation shopping center at $2.5 million below the previous sale price two decades ago. An affiliate of Northbrook, Illinois-based Pine Tree paid $70 million for The Fountains at 801, 805 and 821 South University Drive, records show. The deal breaks down to $160 per square foot for the 438,051-square-foot…

Mesirow drops $89M for Sunrise apartment complex, amid recent uptick in multifamily investment sales

Mesirow picked up a 325-unit apartment complex for $89.4 million near Sawgrass Mills mall in Sunrise, amid a recent uptick in South Florida multifamily investment sales. The firm bought The Retreat at Sawgrass Village, consisting of a five-story building and three one-story buildings, at 3001 Northwest 130th Terrace from AMLI Residential, according to records and real estate…

Revised Plans For The Arcadian In Fort Lauderdale Seek Site Plan Amendment

A Site Plan Level II has been filed for review, seeking a Site Plan Amendment with design deviation requests to increase the building floorplate and reduce tower stepbacks for The Arcadian, an 8-story mixed-use development set on a 3.35-acre site at 640 Northwest 7th Avenue in Fort Lauderdale’s Progresso Village neighborhood. This amendment aims to add 22 additional…

Fraudster’s Fort Lauderdale Airport Hangar And Luxury Apartment Go Up For Sale

A private hangar and office at Fort Lauderdale Executive Airport is up for sale as their owner liquidates assets to pay two fraud judgments totaling $124M. The FXE Gateway Complex at 1200 and 1400 NW 62nd Street has direct runway access, with a 20K SF office and 18K SF private hangar that can accommodate four planes, according to a release. The buyer will also get a luxury two…

Ex-NFLer Jonathan Vilma proposes 102-unit affordable housing project on Palm Beach County church site

Super Bowl winner Jonathan Vilma proposes a 102-unit affordable housing project on a church site in Palm Beach County, marking continued redevelopment of South Florida’s religious properties. Vilma, who also is a former University of Miami football star, partnered with the West Palm Beach Seventh Day Baptist Church to request changes in the development regulations…

Dalfen Industrial lightens Palm Beach County portfolio with $55M sale

Dalfen Industrial lightened its load in Palm Beach County by selling one of its warehouse facilities for $55 million. An affiliate of Irvine, California-based LBA Logistics bought Interstate Park Logistics Center at 3774 Interstate Park Road North in Riviera Beach, records and real estate database Vizzda show. The deal breaks down to $232 per square foot for the 236,554-square-foot…

Retail Sales Miss Expectations While the Industrial Sector Moves Towards a More Balanced Equilibrium

Highlights: Retail sales were weaker-than-expected in May, increasing by 0.1% MoM (Est: 0.3%) while April’s previously reported flat change was revised lower to -0.2%.Excluding gasoline stations, however, retail sales were higher by 0.3% MoM. Falling gasoline prices have weakened growth with sales at gasoline stations lower by -2.2% during the month.Over the first five…

Moody’s and Zillow team up to enhance data and analytics for multifamily owners and investors

This new, strategic collaboration will leverage more comprehensive rental market data and insights Moody’s, the leading source of insights on exponential risk and global provider of commercial real estate (CRE) solutions and data, and Zillow, the most-visited online real estate marketplace, announced today a mutually advantageous collaboration to enrich the data…

Bank Delinquency Rates Eke Up, Negative Pressure from High Interest Rates to Continue

The June 2024 FOMC meeting came to a close last week and left the CRE industry waiting for a clear signal of loosening monetary policy. Lower interest rates could lessen the negative pressure on property values and net income, lending and transaction volume, and loan delinquency rates. The radical jump in interest rates roiled the CRE capital markets since 2022…

Freddie Mac apartment investment index jumps nearly 9% in first quarter

Freddie Mac’s Multifamily Apartment Investment Market Index (AIMI) increased 8.7% quarterly during 2024’s first quarter, bouncing back sharply from the deep decline in the previous three-month period. The AIMI’s quarter-over-quarter pick-up was broad-based, with all 25 regional markets tracked by Freddie Mac seeing a rise in the index. Annually, the index is up 8.1%…

Starwood Fund’s Liquidity Issues Spark Spike In Withdrawals At Other REITs

Nine of the 10 largest nontraded real estate investment trusts have seen a huge jump in investors seeking to pull out their money following Starwood Real Estate Income Trust’s move last month to sharply limit redemptions. Investors in these semiliquid funds have been looking to withdraw their money since late 2022 as interest rates were spiking, leading many of the nontraded…

Chart: Yield Curve Remains Inverted as Recession-Predicting Power is Debated

A recession can significantly impact the commercial real estate (CRE) sector, often resulting in decreased demand for office, retail, and industrial spaces. During economic downturns, businesses tend to cut costs, which can lead to downsizing or closures. This contraction reduces the need for office spaces, leading to higher vacancy rates and putting downward pressure on rental…

KKR Makes Its Biggest Foray Into Apartments, Betting on Rising Rents

KKR has completed its largest-ever purchase of apartment buildings, the latest in a string of big-ticket deals, signaling that some of the most prominent investment firms are betting on a broad rebound for multifamily housing. The New York-based private-equity firm paid $2.1 billion for more than 5,200 apartment units across the country, from California and Texas to New Jersey…

8% Of U.S. Office Buildings Are Taking Basically All The Tenant Activity

Only 8% of office buildings are thriving, while most of the market has been struggling since the onset of the pandemic. A CBRE analysis of 57 U.S. office markets found that only a sliver of office properties are successful in attracting tenants today, a sharp acceleration of the flight-to-quality trend. This upper echelon is designated as prime office buildings by CBRE, a more exclusive…

JP Morgan’s 2024 midyear multifamily market update

The outlook for multifamily real estate continues to be largely positive for the rest of 2024, even as interest rates remain high. Nationwide, asking rents are expected to grow 2% this year, with vacancies remaining at 5.6%, according to data from Moody’s CRE. But real estate is a local game. Our experts shared multifamily trends, forecasts and opportunities to keep an eye on in top apartment…

PMG Receives $668M Construction Loan for Waldorf Astoria Hotel & Residences Miami

PMG, a development and investment firm with offices in New York City and Miami, has received a $668 million construction loan for the Waldorf Astoria Hotel & Residences Miami. Located at 300 Biscayne Blvd, the building will rise more than 1,000 feet and will house 387 private residences and 205 hotel rooms and suites, as well as retail and restaurant space. The latter component…

PMG, partners score record $668M construction loan for Waldorf Astoria supertall

PMG and its partners secured $668 million in construction financing for the planned Waldorf Astoria Hotel & Residences in downtown Miami, marking the largest ever condo construction loan in Florida. Bank OZK, the most active construction lender in South Florida, and Related Fund Management provided the financing, according to a press release. The 1,049-foot tower…

PMG Secures Biggest Condo Loan in Florida’s History

Property developer PMG has secured a $668 million residential construction loan – the largest in Florida’s history – for its luxury Waldorf Astoria Residences project in Miami. Bank OZK and Related Fund Management are the lenders. The Financial Times, which reported on the transaction, noted that the closest sized deal in the state is a $600 million loan for the…

Miami’s Waldorf Astoria Set to Be Tallest Building in Florida

The Waldorf Astoria Hotel & Residences Miami, set to be the tallest building in Florida and potentially the tallest south of New York City, just broke another record. The developers of the planned 1,049-foot-tall building in downtown Miami recently received a Florida record $668 million condominium construction loan to help build the behemoth structure, which is slated to have…

Foundry, Clarion score $30M construction loan to build Opa-locka industrial project

Foundry Commercial and Clarion Partners are expanding an Opa-locka industrial complex after nabbing $30.1 million in construction financing for two new warehouses. Regions Bank provided the loan to the joint venture, which recently broke ground on two facilities spanning 374,000 square feet on 21.4 acres at Carrie Meek International Business Park, records show.

Terrazul Student Housing at FIU Receives Temporary Certificate of Occupancy

Temporary Certificate of Occupancy (TCO) has been approved for Terrazul, a new student housing development for Florida International University (FIU). Developed by AARE Sunbelt, an affiliate of Adam America Real Estate, and JW Capital Management, the project is located at 700 Southwest 107th Avenue in the University City district. Coastal Construction Group served…

‘The Wyn Mood C’ to Offer 72 Apartments at 107, 121, and 127 N.W. 31st Street in Miami

Miami’s Urban Development Review Board will review plans for a low-rise residential venture: The Wyn Mood C. If given the greenlight, the four-story building would comprise 53,401 square feet of new construction, offering 72 apartments. Twenty percent of the homes (about 14) would be reserved as workforce housing. According to the South Florida Business Journal…

48-story Midtown residential tower Midtown 1 wins OK

A developer is bringing a residential skyscraper to the north end of Midtown in Miami. Terra and Lion Development Group are proposing a 48-story mixed-use tower, Midtown 1, with 400 residential units, more than 26,000 square feet of commercial, and a parking podium for up to 500 vehicles, on a vacant site at 3501 NE First Ave. The city’s Urban Development Review Board…

Cargo master plan jets toward Miami International Airport

Conversations about bringing jet fuel and other alternative fuels to Miami International Airport (MIA) continue as part of a cargo master plan. As Miami Today reported in March, Commissioner Raquel Regalado asked the county to study either bringing aircraft fuel to the airport by train or constructing fuel facilities at the airport that would be accessible by rail. This direction…

Peter Kanavos: Leading efforts to revitalize the east end of Lincoln Road

Peter Kanavos started in import-export and shipping. Based in Athens, Rome and Africa, he worked on four continents before returning to the US and founding Flag Development with his brothers. The company built thousands of residential units on Florida’s West Coast, eventually focusing on luxury hotel and commercial development in Las Vegas, Orlando, Miami and New York.

Oak Row to Develop 500-Unit Miami Community

Oak Row Equities has paid $38.5 million for the development site of First & Fifth, a 500-unit, 45-story luxury community in Miami. The company also structured seller financing supported by in-place income. The previous owner of the 0.8-acre site was The Citadel Arena Corp., according to Yardi Matrix information. Colliers and Pastore & Associates brokered the deal…

Oak Row expands footprint into downtown Miami with planned multifamily project

Oak Row Equities is expanding its development pipeline with plans for a multifamily project in downtown Miami. The New York-and-Miami-based firm is proposing First & Fifth, a 700,000-square-foot building with 500 apartments at 49 Northwest Fifth Street and 50 Northwest 6th Street, according to a press release. In an off-market transaction, Oak Row paid $38.5 million…

Site Acquired for 45-Story Residential Tower ‘First & Fifth’ at 49 NW 5th Street in Downtown Miami

Oak Row Equities has acquired 49 Northwest 5th Street in Downtown Miami, where it plans to develop First & Fifth, a 45-story multifamily tower. The site was purchased off-market for $38.5 million with seller financing and is located across from MiamiCentral Station, the hub for South Florida’s major train systems. The 700,000-square-foot tower is being designed…

Oak Row Buys Downtown Miami Site For $39M With Plans For 500 Luxury Apartments

Oak Row Equities paid $38.5M for a Downtown Miami development site where it is planning a 500-unit, luxury transit-oriented development. The investment and development firm has dubbed its planned high-rise First & Fifth at 49 NW Fifth St., across from the MiamiCentral Brightline station and transit hub. Oak Row, which has offices in Miami and New York…

Flex Capital Group Proposes 22-Story Tower for 1401 N.E. 123rd Street in North Miami

Flex Capital Group hopes to get approval for a 20-story tower in North Miami. The venture would offer 76 apartments, spanning the building’s 14th to 20th floors. The South Florida Business Journal reports that plans also call for 139 hotel rooms, beginning on the eighth floor and ending on the 14th. Our sources indicate that the developer hasn’t yet selected a hotel brand…

Plans Filed for Denbora Bay II and III Multifamily Residential Projects in Miami Beach

The Miami Beach Design Review Board has received filings for two new multifamily residential projects, Denbora Bay II and Denbora Bay III. Both aim to enhance the housing options in the Biscayne Point and Normandy Isles districts, respectively. These projects are being developed by affiliates of Lake Worth-based JF Developers, led by Julian Mancinelli. MUVE Architecture…

New Renderings Revealed for 41st Street Corridor Revitalization Project in Miami Beach

New renderings for the 41st Street Corridor Revitalization Project in Miami Beach have been revealed via a filing with the Miami Beach Design Review Board. The board is scheduled to review the updated proposal on July 2. The plans, initially reviewed last year, have been revised following feedback from the Florida Department of Transportation (FDOT). The Office of Capital…

Sale of Miami Beach Property Paves Way for New Hotel Development on Washington Avenue

Keyah Real Estate Group, led by Xaver Kriechbaum and Gavin Crescenzo, has acquired a mixed-use property in Miami Beach for $20 million with plans to develop a seven-story, 238-key hotel on Washington Avenue. The project, designed by Miami-based Arquitectonica, involves demolishing the existing single-story retail building and a 13-unit apartment building…

FAA Permits Filed For Planned 55-Story Residential Tower ‘Edge House Miami’

Permits have been filed with the Federal Aviation Administration for Edge House Miami, a 55-story tower planned at 1825 Northeast 4th Avenue in Edgewater, Miami. The June 6 filing indicates the tower will rise 637 feet above ground, or 641 feet above sea level. This development, designed by Kobi Karp Architecture & Interior Design and developed by Peru-based Grupo T&C…

750-Foot Cranes Planned At Brickell Construction Site for St. Regis Residences

Plans were submitted to the FAA on June 3 for two cranes at a Brickell construction site. The cranes are to be installed at the St. Regis Residences property on Brickell Avenue. Two cranes are each planned to rise 741 feet above ground, or 750 feet above sea level, the filing states. Earlier this year, Miami’s Building Department issued a total demolition permit to clear a 17-story…

New 41st Street Design Submitted For Review In Miami Beach

New renderings have been filed for the 41st Street Corridor Revitalization Project in Miami Beach. The Miami Beach Design Review Board is set for a hearing on the proposal on July 2. The board reviewed plans for the project last year, but they have now been reviewed following comments from FDOT. Here’s a letter from the architect Brooks + Scarpa filed with the submission…

Wynwood Design Review Committee Votes To Recommend Against 48-Story Tower

A proposal for Wynwood’s tallest-ever tower did not receive a favorable recommendation from the Wynwood Design Review Committee at a June 4 meeting, according to The Real Deal. The vote is only a recommendation to city planners, who will ultimately make the final decision. The project will also be reviewed by Miami’s Urban Development Review Board. Member’s…

Edgewater Tower Submitted To FAA, With Plans To Rise 641 Feet

A filing with the Federal Aviation Administration last week shows that a new tower is planned to rise in Edgewater. It is the same site where a developer recently announced plans for Edge House, a condo building allowing short term rentals. According to the June 6 FAA filing, the new tower will rise 637 feet above ground, or 641 feet above sea level. According to an April press…

14th Street Tower Getting Taller, Submitted For Zoning Review

Plans have been formally filed for a tower near the Arsht Center, and it is now taller than initial renderings. According to the June 6 filing requesting zoning approval from Miami-Dade, the tower is now planned to rise 30 stories, or 353 feet. In an April filing by the developer as part of a pre-application meeting request, the tower height was listed at 27 stories, or 319 feet. The number…

Pinnacle lands $50M construction loan for 120-unit apartment building near Cutler Bay, as affordable housing financing keeps flowing

Pinnacle scored a $49.9 million construction loan for a 120-unit affordable housing building near Cutler Bay, as financing for below-market rate rental projects continues to flow. Miami-based Pinnacle will develop the five-story building at 10455 Old Cutler Road in unincorporated Miami-Dade County, according to the developer’s news release. The project, called Old Cutler Village…

Berkadia Arranges $400M Construction Loan for Condo Development on Fisher Island

Berkadia has arranged a $400 million construction loan for the development of The Residences at Six Fisher Island, an ultra-luxury condominium property in Miami-Dade County. The 10-story development will feature 50 for-sale condos and high-end amenities on the northeastern shoreline of Fisher Island, a barrier island east of Miami. Scott Wadler, Michael Basinski…..

JV Secures $400M Construction Loan for Fisher Island Project

The Related Group and partners Teddy Sagi, BH Group and Wanxiang America RE Group have secured a $400 million construction loan from Madison Realty Capital. The debt will back the construction of Residences at Six Fisher Island, which is situated on the northeastern shoreline of Miami’s Fisher Island. The loan replaces an $85 million acquisition loan Madison Realty Capital…

Codina Partners Receives Site Plan Approval for 412-Unit Multifamily Development at Downtown Doral

Codina Partners has received site plan approval for Sevilla, a 412-unit mid-rise apartment community coming to Downtown Doral, a 250-acre mixed-use development in Miami-Dade County. The seven-story project will be situated on a 4.2-acre lot at the corner of N.W. 53rd Street and N.W. 52nd Terrace, a block from University of Miami Health Systems’ (UHealth) new Ambulatory…

Miami Vacation Rentals acquires portions of Coconut Grove’s Hotel Arya

A short-term rental firm and a German entrepreneur teamed up to acquire 19 condo-hotel units, a commercial space and 66 percent of the common areas at Hotel Arya in Miami’s Coconut Grove. Miami Vacation Rentals, led by founder Juan Uribe, and partner Florian Hagenbuch paid a combined $16.2 million in nine separate deals at the 22-story condo-hotel, which is also…

Shvo’s Multibillion-Dollar Plans For Opulence Start To Show Cracks

Michael Shvo has built his brand on exorbitant luxury. So much so that he is reportedly struggling to find people willing to pay his prices. After going on a $3B shopping spree, acquiring and rehabilitating some of the most acclaimed properties across the country, he is struggling to fill his buildings, and investors are turning away from the developer’s promises, The Wall Street…

A New York Developer Binged on Trophy Properties. His Wager Is Flailing.

New York real-estate developer Michael Shvo went on a multibillion-dollar shopping spree from 2018 to 2020, acquiring some of America’s most storied properties. He bought Miami Beach’s Raleigh Hotel and announced plans to modernize the art deco building and develop adjoining luxury condos. He reached a deal with Mandarin Oriental to develop high-end condos…

Tishman Speyer Makes $100M South Florida Industrial Debut

The Rock Lake Business Center totals 256,000 square feet across two buildings. Image courtesy of Tishman Speyer Tishman Speyer has entered South Florida with the acquisition of Rock Lake Business Center in Pompano Beach. IDI Logistics sold the 35-acre property for $100.2 million. The industrial campus currently includes two fully leased warehouses totaling 256,000 sf…

Citadel Takes More Space At 830 Brickell As Tower Gets Finishing Touches

Ken Griffin’s hedge fund is looking to spread out in Miami’s most anticipated office tower. Citadel signed on for two more floors at 830 Brickell, the under-construction tower in Miami’s financial district that was a magnet for pandemic-era corporate expansions. The hedge fund will be the largest tenant in the building, with 130K SF across eight floors. A Citadel spokesperson…

Lease roundup: Citadel expands at 830 Brickell; more…

Billionaire Ken Griffin’s Citadel expanded its office at the 830 Brickell tower that is expected to be completed this summer. Citadel leased the 13,100-square-foot 14th floor and the 14,400-square-foot 15th floor at the 55-story tower at 830 Brickell Plaza in Miami, said Brian Gale, who is part of the Cushman & Wakefield team leasing the tower. The deal gives Citadel a total…

Turnberry Associates, Elion Partners and members of the Sredni family are suing Stantec and three subcontractors

A group that developed a Trader Joe’s-anchored mixed-use building in Miami Beach is accusing global architecture firm Stantec of shoddy design work, according to a recent lawsuit. The complaint, filed last week in Miami-Dade Circuit Court, alleges Stantec and four subcontractors are responsible for design flaws that led to $1.8 million in delays and cost overruns during…

What’s Inside The $2.7B Plan To Protect Miami Real Estate From Catastrophic Floods

Streets in Miami are flooding this week, as South Florida kicked off summer with a dayslong deluge that is set to drop up to 10 inches of rain through Friday. As the rain pours in and Floridians take advantage of a hurricane tax holiday, county officials and the Army Corps of Engineers are putting the final touches on a $2.7B plan to protect Miami from storm surge. The plan has been…

Joint Venture Receives $575M Refinancing for Diplomat Beach Resort in Hollywood

JLL’s Hotel & Hospitality group has arranged $575 in refinancing for the Diplomat Beach Resort, a 1,000-room beachfront resort located in Hollywood, roughly 10 miles south of Fort Lauderdale and 20 miles north of Miami.  Kevin Davis and Mike Huth of JLL secured the financing on behalf of the borrower, a joint venture between funds managed by Trinity Investments…

‘One Hollywood Residences’ to Break Ground in 2025 at 1817 Taylor Street in Hollywood

A now-vacant parcel in Hollywood, Florida, will soon find new life as a 22-story residential venture. One Hollywood Residences will feature 248 units ranging from 517 to 1,425 square feet, with construction expected to start next summer. According to Condo Blackbook, floorplans range from studios to three bedrooms, offering 11 different layout plans. Future residents will…

Developer Completes 281-Unit Apartment Complex At 200 NE 1st Avenue In Pompano Beach

Cavache Properties has completed Old Town Square, a 281-unit apartment complex in the heart of Pompano Beach’s burgeoning Old Town neighborhood. Located at 200 Northeast 1st Avenue, Old Town Square, designed by Fort Lauderdale-based Adache Group Architects, is the first significant project in this historic downtown area where city officials actively…

Construction Tops Off On Selene Oceanfront Residences In Fort Lauderdale Beach

Construction has topped off on Selene Oceanfront Residences, a 26-story dual-tower condominium at 151 North Seabreeze Boulevard in Fort Lauderdale Beach. Designed by Kobi Karp Architects, with interiors by ID & Design International and developed by Kolter Urban, the 194-unit condominium development will offer panoramic views of the Atlantic Ocean, Intracoastal…

Developer plans 20-story Fort Lauderdale condo tower, amid surge in South Florida proposed projects

A developer proposes a 20-story boutique condo tower near Fort Lauderdale’s waterfront, amid a surge in South Florida planned projects. New York-based Moore Group, led by Gareth and John Moore, wants to build the 38-unit Amalfi on a 0.8-acre site at 2317-2237 North Ocean Boulevard, according to an application filed to the city last month. Designed by Kobi Karp, condo units…

13th Floor to build 124 condos in Coconut Creek

13th Floor Homes and its partners won site plan approval to build a 124-unit condominium complex in Coconut Creek’s master-planned, mixed-use MainStreet area. The Coconut Creek City Commission on Thursday unanimously approved a site plan for six four-story condominium buildings with 16 to 24 units each on 4.8 acres at the southeast corner of Collum and Banks…

‘Boulevard Gardens’ to Offer 92 Affordable Housing Units in Unincorporated Broward County

Broward County’s getting a new affordable housing development for seniors. Boulevard Gardens will comprise a six-story and three-story building, offering a total of 92 residences. According to the South Florida Business Journal, 90 percent of the units (82.8) will be reserved for those earning 60 percent of the area median income (AMI). The remaining 18 would be for those earning…

Foundry, Wheelock land $52M construction loan for Boynton Beach industrial complex

Foundry Commercial and Wheelock Street Capital scored a $52.3M construction loan to build an industrial complex in Boynton Beach. First Citizens Bank provided the financing for Egret Point Logistics Center, which will consist of two warehouses at 3800 South Congress Avenue, a press release states. A JLL team led by Steven Klein and Melissa Rose represented…

Bark Management expands Boca Raton commercial portfolio with $16M purchase

Boca Raton-based Bark Management expanded its commercial portfolio in its home city after acquiring an office campus for $15.7 million. An affiliate of Bark acquired The Greenhouse, a pair of office buildings spanning 93,000 square feet at 5255 and 5301 North Federal Highway, a press release states. Douglas Mandel and Zach Levine with Marcus & Millichap…

Place Projects, NDT score $84M construction loan for Nora, amid Bank OZK lending bonanza

The developers of the mixed-use Nora District in downtown West Palm Beach landed $84 million in construction financing, marking Bank OZK’s continued lending spree in South Florida. The 40-acre Nora District is a multi–phase project being developed by Miami-based Place Projects, West Palm Beach-based NDT Development and Greenwich, Connecticut-based Wheelock…

Two Good Inflation Reports and Another Steady Fed Meeting

Highlights: May’s Consumer Price Index signaled a continuation of disinflationary progress after largely stalling out in the first quarter.As expected, the Federal Reserve unanimously voted to keep its policy rate unchanged at a 23-year high between 5.25% to 5.50% for the seventh consecutive meeting.June’s summary of economic projections implied one, 25 basis point (bps) cut…

The Impact of Work from Home on Interstate Migration in the U.S.

The annual share of people moving from one U.S. state to another has declined substantially over the past several decades. According to our analysis of data from the American Community Survey (ACS), annual interstate migration among working-age adults (ages 18-64) fell from 2.74% in 2005 to 2.40% in 2019, a decrease of 13%. (See the figure below.) A frequently raised concern…

After shrinking for years, average size of new apartments bounces back

More two- and three-bedroom apartments were added to the market last year, pushing the average size of a new apartment to 916 square feet. That’s up by 27 square feet from one year prior, according to RentCafe. The sharp annual increase bears a stark contrast to the longstanding trend of shrinking apartment size over the past several years. From 2018 to 2022, average…

Multifamily sector nationally ‘a mixed bag’ as rent gains persist, but remain tepid

Yardi Matrix’s Multifamily National Report for May succinctly called the month’s performance “a mixed bag,” with the fourth consecutive month of rent gains, albeit slim. The average multifamily asking rent nationwide grew to $1,733 in May, up $6 month over month and a tepid 0.6% year over year. Rents continue to increase in a normal seasonal pattern as demand remains…

Moving Closer to Consistency with a National Definition of Zero Emissions Buildings

Overview: Defining Zero Emissions Buildings Last week, the US Department of Energy (DoE) released a federal definition of a zero emissions building. By providing a standardized definition with accompanying metrics, the administration aims to help propel the shift to zero emissions buildings in the US. It created the definition and accompanying implementation guidance…

Regulatory Developments Related to Managing the Financial Risks of Climate Change – Q2 2024

Introduction Financial regulators have continued on their journey to address the financial risks of climate change, with US agencies making progress on the Financial Stability Oversight Council’s (FSOC) four step recommendations to build regulatory capacity; fill data gaps; improve disclosure requirements; and finally, assess and mitigate climate-related financial risks.

The Fed: Commercial Real Estate in Focus

Commercial real estate (CRE) is navigating several challenges, ranging from a looming maturity wall requiring much of the sector to refinance at higher interest rates (commonly referred to as “repricing risk”) to a deterioration in overall market fundamentals, including moderating net operating income (NOI), rising vacancies and declining valuations. This is particularly true…

Video: MSCI Executive Director Jim Costello Discusses Industrial Real Estate Insights and Updates

The Discussion: The Evolution and Outlook of the Industrial Real Estate Market Introduction In a recent episode of America’s Commercial Real Estate Show the spotlight was cast on the industrial real estate sector—a segment that has experienced a dynamic shift from being the “dirty shoe” to a coveted asset class. This transformation, largely fueled by the pandemic…

The Fed on the Broad, Continuing Rise in U.S. Credit Card Debt Delinquency

In August 2023, a Regional Economist article described a recent rise in credit card debt delinquencies. In this blog post, we highlight that the increase in U.S. credit card delinquencies has continued. While the incidence varies, rising delinquency is pervasive across geographies and different metrics. We base our analysis on quarterly data from the Federal Reserve Bank…

JP Morgan: Understanding the real estate capital stack

The capital stack is a useful way to represent a commercial real estate deal’s financial structure and the balance between different types of capital used to finance a property. A commercial real estate property’s capital stack can be critical in determining the investor’s returns and the degree of risk they could take on. What is the capital stack in real estate? The types of capital…

Most U.S. Apartment Markets Recording Occupancy Improvement

A sum of April and May’s month-over-month apartment occupancy increases shows that most markets across the country are seeing signs of improvement in local readings. The nation overall saw April and May combine for a 0.1% increase in occupancy, according to data from RealPage Market Analytics. The same time last year, occupancy rates ticked down by a rounding…

Gov. Ron DeSantis signs bill tied to controversial balance of power at condo-hotels

Gov. Ron DeSantis approved a law that addresses the delicate balance of power between residents and investors at condo-hotel complexes. House Bill 1021 mainly deals with the issue of fraud, election meddling, withholding of records and other mismanagement by boards of directors and property managers at condo associations. Yet, the Florida Legislature this session approved…

$6.1B In New Construction Added In Miami-Dade Over The Past Year

Miami-Dade County Property values rose significantly last year, and new construction helped add to that growth. Overall taxable values in the county were up 10%, according to an official June 1st estimate released by the county’s Property Appraiser office. Total taxable property values in Miami-Dade are now at $469B, up $43B compared to 2023. Of that increase, $6.1B came…

Sunshine Gasoline Distributors expands storage space in Miami-Dade County

Sunshine Gasoline Distributors beefed up its storage capacity by acquiring a Hialeah warehouse. The Doral-based petroleum company is among the top gas station owners and commercial fuel distributors in Florida. In the tri-county region, Sunshine owns 92 commercial properties, a majority of which are service stations, records show. Recently, Sunshine expanded its…

Pérez family’s Related, partners score $400M construction loan for Six Fisher Island

The Related Group and its partners secured a $400 million construction loan for the Residences at Six Fisher Island, an ultra luxury condominium project. The financing adds to more than $2 billion in condo construction loans that have closed over the past year in South Florida. Miami-based Related, billionaire Teddy Sagi, the Toledanos’ Aventura-based BH Group and Chicago…

Resia plans 1,300-unit apartment complex in North Miami Beach, amid record South Florida multifamily construction

Resia advanced plans for a 1,296-unit apartment project in North Miami Beach, amid record multifamily construction in South Florida that threatens market oversaturation. Resia, a subsidiary of Brazilian real estate firm MRV, scored preliminary approval on Monday for the New North Town Center project with five 12-story buildings at 15530, 15540 and 15780 West Dixie Highway…

Winholt Equipment Group To Open Fourth U.S. Manufacturing Facility In Doral

Winholt is set to open a new Florida facility in July. It will become the hot-holding and warming equipment specialist’s fourth national manufacturing facility in the country, adding to existing locations in Pennsylvania, Texas and California. The company said the expansion adds significant manufacturing and supply chain capacity to the Southeast. With the investment in automated…

Retail Asking Rents Trending Up in South Florida

The retail market dynamics in South Florida are pointing to rising rents as available space continues to get harder to find. Robust tourism, including the return of international visitors, and consumer spending that is outpacing the national average are driving the market, with the demand for space outrunning the supply. Retail rental asking rates have increased in South Florida…

Aby Rosen under contract to sell distressed Lincoln Road retail building for $14M

Aby Rosen is under contract to sell his distressed retail building on Miami Beach’s Lincoln Road for $13.6 million, The Real Deal has learned. Ben Mandell’s Tricera Capital is the contract buyer of the one-story building at 318-334 Lincoln Road, according to sources. Tricera has partners on the purchase, but the sources declined to identify them. The deal could resolve Rosen’s…

“Simplistic” and “unremarkable”: Board slams 48-story Live Local Act project proposed in Wynwood

Bazbaz Development’s plan for a 48-story tower in Wynwood, the area’s tallest ever planned building, struck out in front of a Miami review board. The Wynwood Design Review Committee voted against the proposal after a roughly two-hour discussion this week. The committee’s vote isn’t final but merely a recommendation. Sonny Bazbaz’s eponymously named firm…

Jolt EV charging stations promised to Coral Gables commissioners as free to all users

Coral Gables commissioners on Tuesday got the chance to hear about the possibly of having Jolt EV charging stations throughout the city. City officials heard from Jolt EV representatives on how the electric charging stations would offer free energy to every user of the charger, which would be about 7 kilowatt hours of energy per user per day. The free energy would be roughly…

Miami Beach 63rd Street Bridge openings may be cut in half

Miami Beach is asking the Coast Guard to cut in half the openings of the 63rd Street bridge over Indian Creek at Allison Island to alleviate traffic congestion. City commissioners asked administration to work with the office of US Rep. Frederica Wilson “to engage in the formal process with the US Coast Guard to modify the current operating of the 63rd Street drawbridge…

Surging South Florida condo demand pushing multifamily developers to pivot

It was the “right time, right place” for PMG when it decided to convert a planned multifamily tower into condos in downtown Miami about two years ago. Ryan Shear, managing partner at PMG, said that demand for condos drove the company’s decision to convert the under-construction Society Biscayne rental tower into The Elser Hotel & Residences about two years ago.

Unanimous OK for a sister tower for Metro at Edgewater

The end of 2023 saw completion of Metro at Edgewater, a mixed-use residential tower a couple of blocks from Biscayne Bay, and now an affiliate of the developer is bringing plans for the next phase, Metro 2. Metro Tower II LLC is the applicant with a proposal for Metro 2 at Edgewater, a 28-story mixed-use residential tower at 3055 NE Fourth Ave. Metro 2 is to rise adjacent…

$29M Forfeiture Sheds Light On How Drug Money Infiltrates Commercial Real Estate

There are documentaries and books outlining how drugs fueled Miami’s real estate market 40 years ago, but a new report shines a light on how illicit funds continue to make their way through commercial properties in South Florida and beyond. Miami-based real estate investment firm Sefira Capital agreed to forfeit more than $29M in assets in 2021 as part of a settlement…

Beacon Council mission to Spain nets 14 hot prospects to come here

The Miami-Dade Beacon Council continues to pave the way for the county’s future with an economic development mission to Spain. “It’s really to engage Spanish businesses and Spanish business leaders in a way that allows us to showcase Greater Miami,” said Juan Carlos Liscano, American Airlines vice president for Miami, the Caribbean and Latin America and Beacon Council…

UHealth buys naming rights to a Metrorail stop

Capping 16 years of effort, Miami-Dade has sold naming rights to a transit station. It agreed to sell the title of the Civic Center Metrorail Station to the University of Miami’s Health System for just over $2.9 million for 20 years. The station will become UHealth Jackson Station on July 1. By federal rules, funds from a transit naming right sale must go to the county’s…

Short-Term Rental Market Will Continue to Grow, Says Miami Developer

Catering to those who seek flexibility and convenience above anything else, the short-term rental sector has only been growing over the past few years. In South Florida, an area known to be a tourist magnet and a sought-after business destination, condo developers have been increasingly embracing the short-term rental model. Rilea Group has been constructing condo towers…

Signature Bridge in downtown Miami closes its first gap

A massive cobweb of steel rods is being woven together by the work crews building a new highway and Signature Bridge in the heart of Miami. The first of six towering arches that will hold and hug the new roadbed that is I-395 has been connected at the top, and a final concrete pour at the end of June will secure that last section – with five to go. Total project completion…

412-Apartment ‘Sevilla’ Planned for Northwest 53rd Street and Northwest 52nd Terrace in Downtown Doral

A new residential development is headed for Downtown Doral. Meet Sevilla, a seven-story apartment building offering 412 homes. Led by Coral Gables-based Codina Partners, the venture would offer one-bedroom to three-bedroom layout plans, with square footage ranging from 720 to 1,708 square feet each. Per the South Florida Business Journal, plans also call for 15,800 sf…

25-Story Residential Tower In Edgewater To Be Named ELLE Residences Miami

Global fashion brand and magazine ELLE has signed its first-ever name branding deal for a condominium project near Miami’s Edgewater neighborhood. Designed by Miami-based Kobi Karp Architecture, ELLE Residences Miami is being developed by Urban Network Capital Group (UNCG) and Vertical Development. The 25-story condo will feature 180 units…

Codina plans another apartment building at Downtown Doral

Codina Partners is ramping up multifamily development at Downtown Doral with a planned mid-rise apartment building. The city of Doral recently approved the Coral Gables-based development firm’s site plan for Sevilla, a seven-story building with 412 apartments on a 4.2-acre vacant lot on the corner of Northwest 53rd Street and Northwest 52nd Terrace, a press release states.

Miami Multifamily Real Estate Report Q4 2021

Market Snapshot for Miami Multifamily Real Estate We’ve compiled key statistics (vacancy rates, absorption rates, and rental rates) and property transactions for Miami multifamily real estate in this report. The Miami multifamily report is updated quarterly by our commercial real estate professionals. We also want to cover the bigger picture and provide some…

Doug Levine continues Wynwood sell-off, listing two office floors for $28M

Doug Levine is on a Wynwood selling spree, listing the majority of a three-story office building after recently unloading a trio of properties in the trendy Miami neighborhood. The Crunch Fitness founder placed the top two floors of Wynwood Sky Office Building at 1900 Northeast Miami Court on the market with an asking price of $27.9 million, an online brochure shows.

Hotel coming to South Beach: Keyah buys Washington Ave site for $20M

Keyah Real Estate Group is planning a seven story, 238-key hotel on South Beach’s Washington Avenue. An affiliate of Aventura-based Keyah, led by Xaver Kriechbaum and Gavin Crescenzo, will tear down a single-story retail building and 13-unit apartment building at 1509 and 1515 Washington Avenue that the firm acquired for $20 million, records show. The seller…

3,233-Unit Project With 6 Towers Marks Miami’s Largest Live Local Proposal To Date

A developer is looking to leverage the Live Local Act to win administrative approval for a six-tower project spanning nearly 12 acres in Miami’s West Little River. The plan to build 3,233 residences on a site at 8400 NW 25th Ave. is the largest development proposed in Miami under the state’s recently created affordable housing law. The towers would reach up to 37 stories…

Total Demolition Permit At One Brickell Citycentre Site Back In Review

There’s activity again on a total demolition permit at the One Brickell Citycentre site. The permit to demolish an office building at 799 Brickell Plaza was submitted for its eighth review cycle on June 3, according to Miami Building Department records. A demolition permit was never issued for that building, although it is vacant. A total demolition permit is active for 700 Brickell…

Lease roundup: Action Black fitness brand coming to Brickell

Fitness concept Action Black will open its first outpost in Florida at Brickell’s Panorama Tower. Action Black leased 8,500 square feet on the second floor of the tower at 1101 Brickell Bay Drive in Miami, according to a news release from the tenant’s broker. The fitness center, which will be Action Black’s flagship Florida outpost, will open next year. Jonathan Rosen of JLL represented…

$34.8 Million Mezzanine Financing Secured For Miami Airport Marriott Connection

Driftwood Capital has provided $34.8 million in mezzanine financing for refinancing Miami Airport Marriott Connection, a Marriott-branded complex with three hotels near Miami International Airport. The financing was provided through Driftwood Lending Partners, LP (DLP), to an affiliate of Cerberus Capital Management and Highgate. Driftwood originated the two-year…

Developer U.G. Investments Files Pre-Application for 46-Unit Complex at Northwest 30th Court and Northwest 54th Street in Brownsville

A Southwest Ranches-based developer has filed a pre-application regarding a 0.36-acre site in Miami-Dade County’s Glenwood Heights/Brownsville neighborhood. The unnamed affordable housing complex would measure three stories above grade and offer 46 one-bedroom apartments, measuring 460 to 612 square feet. There would be no major on-site amenities, but plans…

Rivian to open first South Florida showroom at Aventura Mall

Rivian Automotive, Inc. is on track to open its first South Florida retail showroom at Aventura Mall. On June 4, the mall’s owner, Turnberry Associates, received unanimous approval from the Aventura City Commission, to move forward with its plan to welcome another electric vehicle retailer. Turnberry requested permission to open a Rivian location, which would…

Is the Miami hype waning? In South Florida, defaulted debt volume skyrockets by 100%

The financier of a $7.2 million loan on a three-story office building in Lauderdale Lakes was tired of waiting to get paid. His borrower stopped making debt service payments two months after taking out the loan last spring, according to court filings. In May, the lender sued to foreclose on the note. Meanwhile, over at a 38-unit apartment complex in Opa-locka, the lender filed a $3.9M…

Billionaire Family Builds a Real Estate Empire Fueled by Tequila

The heir to a fortune built on Jose Cuervo tequila has plowed cash into US commercial real estate for the past 15 years, quietly amassing a portfolio that runs from Miami to Minneapolis. Juan Beckmann Vidal, the patriarch behind the tequila maker and other spirits housed under Becle SA, has purchased and developed at least 5 million square feet (464,515 square meters) of mostly…

Amazon’s Zoox To Begin Testing Self-Driving Cars In Miami

Another company has chosen Miami as one of its first cities to test self-driving cars. Zoox, a subsidiary of Amazon, said yesterday that it will soon begin testing here. The company won’t be deploying its custom-built vehicles at first, instead sending a fleet of retrofitted Toyota Highlanders. The fleet will be deployed in a small area near the “business and entertainment…”

Amazon Robotaxi fleet to be cruising Miami’s streets by summer

A new fleet of robotaxis will be introduced to Miami streets this summer, allowing the autonomous vehicles to hone their driving abilities before catering to the public. Zoox, an Amazon subsidiary, announced June 5 that it will begin testing its autonomous technology in two new markets, Miami and Austi, TX. The mobility company says it hopes the deployment in Miami’s…

Morgan Auto adds Hollywood Kia to South Florida portfolio

Morgan Auto Group souped up its South Florida portfolio by acquiring a high-performance Kia dealership in Broward County. As a result, Tampa-based Morgan Auto is now Florida’s largest car dealership owner with 77 across the state. A Morgan Auto affiliate paid $22.5 million for Hollywood Kia at 1640 South State Road 7 in Hollywood, records and real estate database Vizzda.

Tishman Speyer drops $100M for Pompano Beach warehouses, marking its Florida industrial market debut

Tishman Speyer dropped $100.2 million for a fully leased warehouse complex in Pompano Beach, marking its first investment in Florida’s industrial market. New York-based Tishman Speyer bought the 35-acre Rock Lake Business Center 3150-3250 Northwest 33rd Street from Atlanta-based IDI Logistics, according to records and real estate database Vizzda. IDI Logistics…

Developer switch: AMAC, ROVR scoop up 285-unit multifamily site in Pompano Beach

Three years after scoring approval for a 285-unit multifamily project in Pompano Beach, Art Falcone opted to sell the development site for $13.5 million. AMAC, led by Ivan and Maurice Kaufman, and Coral Gables-based ROVR Development bought the 6.2-acre property at 3151-3251 North Federal Highway, said Jeremy Forman, vice president of acquisitions at AMAC. The buyers…

Heafey’s Conrad Fort Lauderdale scores $80M refi

Heafey Group secured an $80 million refinancing of its loan backing the Conrad Fort Lauderdale Beach condo-hotel, amid a high interest rate environment that’s made it difficult to refinance and secure new debt. Ocean Bank provided the loan to FLB Hotel and FLB Restaurant, two entities managed by the Canadian real estate firm, records show. The 24-story development…

Preparing for a Highly Active Hurricane Season; Implications for Commercial Real Estate

Hurricanes have multifaceted impacts on commercial real estate. Damage from hurricanes is primarily driven by precipitation, wind and storm surge, which all manifest impact in different ways, causing both direct property damage, as well as indirect regional disruption that contributes to business interruption. Wind is often responsible for damage to a building itself…

Video: MSCI Research Executive Director Jim Costello Discusses Retail Investment Property Performance & Market Dynamics

The Conversation: Resilience and Revival; Insights from America’s Commercial Real Estate Show In a recent episode of America’s Commercial Real Estate Show, the show host delves into the dynamic world of retail real estate, offering a comprehensive analysis of current trends and future prospects.  Among the topics are insights on cap rates, performance…

NYT: What Retail Apocalypse? Shopping Centers Are Making a Comeback.

Shopping center landlords have found themselves in a wholly unfamiliar position: For the first time in 20 years, demand for retail space outstrips supply. That demand has soared recently and, after years of muted construction and a purge of weak-performing properties, met a retail market with less available space. Properties that survived the purge signed up tenants that would draw…

Video: BOMA President & COO Henry Chamberlain on the History of BOMA International

Henry Chamberlain, a notable figure in the building management sector, recently shared an insightful historical overview of the Building Owners and Managers Association (BOMA). Founded in 1907 as the National Association of Building Owners and Managers (NABOM), BOMA has grown into an international powerhouse within the commercial real estate industry. Chamberlain…

How the real estate cycle can inform multifamily investment strategies

In both good and bad economic times, navigating the real estate cycle is critical to multifamily and other commercial real estate investors’ success. “Understanding the real estate cycle can help multifamily investors not only project the income and capital appreciation of their properties, but also use the best investment strategy to maximize returns,” said Matt Felsot, Central Region…

How defeasance works in commercial real estate

Selling or refinancing a multifamily property before its loan matures often involves paying a prepayment premium such as yield maintenance. Defeasance is an alternative that can be an attractive option depending on a commercial real estate investor’s individual situation and market conditions. But multifamily loan defeasance is a more complex process than…

10 Worst Apartment Occupancy Performers Nationally See Vacancies Climb

Vacancies across the South have climbed in the face of a 40-plus year high supply wave. In May, the worst occupancy performers in the U.S. accounted for more than 749,600 apartment vacancies nationally, according to data from RealPage Market Analytics. Heavily concentrated in Gulf Coast states and the southeast, 11 markets logged occupancy at or below 92%.

Florida Rent Premiums Are Fading Fast

Apartment rent in most Florida cities are trading either at a discount compared to long-term pricing trends or premiums of less than 1%, according to researchers at Florida Atlantic University and two other schools. Just a year ago, nearly all the measured Florida metros were at double-digit premiums. The Waller, Weeks and Johnson Rental Index, a part of FAU’s Real Estate Initiative…

What Are the Long-run Trade-offs of Rent-Control Policies?

When economists evaluate policies, they typically find both positive and negative effects. These trade-offs are at the core of economics, where there is generally no free lunch. The role of the economist is to identify these trade-offs; the policymaker can, then—with full information—determine how to weigh one aspect of the trade-off against another. These trade-offs are apparent…

Live Local Project With 3,233 Residential Units Proposed in North Part of Miami-Dade

Plans have been submitted to Miami-Dade reviewers for a massive Live Local project. The project is named The HueHub or Holland Park. It is planned to include: 3,233 residential units 57,260 square feet of retail 4,249 parking spaces Multiple towers are planned, with the tallest topping off at 37 stories. The property currently has one-story buildings with residential, office…

3,200-unit project in West Little River marks Miami-Dade’s biggest Live Local Act proposal

A developer wants to build a 3,233-unit Live Local Act project in West Little River, marking the largest proposal under the affordable housing legislation in Miami-Dade County and likely all of South Florida. The proposal is for six towers reaching up to 37 stories on an 11.7-acre site at 8400 Northwest 25th Avenue in unincorporated Miami-Dade County, according…

Civic Center Metrorail Station Could Be Renamed UHealth Jackson Station Under Marketing Deal

A proposed naming rights deal would see a Metrorail station renamed for decades to come. The station currently known as Civic Center would become UHealth Jackson Station. UHealth would pay $120,000 per year for the naming rights, with increases of 2% per year. They would also be required to cover the costs of updated wayfinding throughout the Metrorail system. The deal…

Condos Now Being Proposed At Jungle Island, Along With Park

The leaseholders of Jungle Island are proposing to build condos on the property, according to a statement released to the Herald. The land is owned by the City of Miami, and leased to the operator of Jungle Island for a theme park. ESJ Capital Partners and Terra are in talks with the city to allow the condo project on five acres of the property. ESJ took over the lease from…

North Corridor rapid rail transit still a 12-year wait

Don’t plan to ride North Corridor rapid rail to Hard Rock Stadium until 10 years after World Cup games are played there in 2026. The long-awaited North Corridor is expected to open in 2036, Nilia Cartaya of the Florida Department of Transportation told the Citizens’ Independent Transportation Trust last week. The trust oversees county transportation tax receipts…

Miami-Dade taxable property values rise in double digits again

As evidence of Miami-Dade’s real estate strength, estimated taxable values of county properties rose by double digits again this year, the third consecutive year of 10% or more gains. This year’s June 1 estimate of annual growth of taxable values was exactly 10%, following last year’s estimate of 12.3% and a 10.2% estimated rise in 2023. Totals are likely to change when official figures…

Miami Beach moves to speed construction of convention hotel

The Grand Hyatt Miami Beach Convention Center Hotel continues to be atop Miami Beach’s project list as plans for the long-awaited hotel advance. Commissioners passed at first reading last month a resolution amending the city code to “authorize the review and approval of certain requests for funding from the Redevelopment Trust Fund of the Miami Beach Redevelopment…

Miami Beach ponders a homeless drop-in center

Miami Beach is mulling options to provide a nighttime drop-in center for homeless and vulnerable populations. A referral to the Public Safety and Neighborhood Quality of Life Committee passed unanimously in this month’s city commission meeting for the “administration to explore and provide options for establishing a nighttime drop-in center in Miami Beach,” says the item’s…

South Dade bus rapid transit coming ‘sometime’ in 2025

The trust that approves transportation tax spending and is one of three funders of the first new Miami-Dade rapid transit corridor asked last week when South Dade’s bus rapid transit will finally open and was told only sometime “in the first part of 2025.” County transportation head Eulois Cleckley could not be pinned down to a narrower time range when passengers…

Blackstone Proposes 128,000-SF Warehouse In Miami Airport West Distribution Area

Amid an ongoing shortage of industrial space, investment giant Blackstone (BX) plans to build a 127,655-square-foot distribution center in Miami-Dade County’s Airport West distribution area. Link Logistics, Blackstone’s industrial unit, has asked county officials to build the warehouse in an unincorporated area near Miami Springs and Medley, areas northwest of Miami International…

Morabito’s Wynwood office-retail project lands $35M construction loan, as office market slows

Morabito Properties advanced its Wynwood office-retail project with a $35 million construction loan, as looming doubts over the neighborhood’s office market viability persist. The Miami Beach-based development firm dropped $14.6 million for the Wyncatcher II project development site at 2150 Northwest Miami Court in Miami, according to Morabito’s spokesperson.

WeWork out: Co-working giant closing outpost in Miami Beach in bankruptcy restructuring

WeWork wants to scrap its South Beach co-working space. The firm, which filed for Chapter 11 bankruptcy restructuring in November, put the branch at 429 Lenox Avenue in Miami Beach on the chopping block, according to a notice WeWork filed in court on Thursday. The closing would be the first Miami-Dade County outpost WeWork wants to scrap as part of its restructuring plan.

Back to the voters: Jungle Island owner proposing condo project with Terra

David Martin’s Terra is partnering with the owner of Jungle Island to redevelop part of the city-owned site into a residential project, The Real Deal has learned. The proposal hinges on voters approving the deal, possibly later this year. Jungle Island, a waterfront eco-adventure park on Miami’s Watson Island, would close if the project moves forward, sources told TRD.

Project Peach Four-Story MXU Breaks Ground In Overtown

A groundbreaking ceremony has been held for Overtown’s Project Peach, and construction is underway. According to a 2021 presentation, the four-story project was estimated to cost $2.6 million. The developer was requesting $1.3 million in financing from the Omni Community Redevelopment Association to help make it happen. The 2021 filing showed that Project Peach…

Photos: Construction Progress At Overtown’s Block 55

Overtown’s largest mixed-use project in decades is moving closer to completion, a photo shows. Across the street, the 36-story Atlantic Station tower is near top off. The first project is known as Sawyer’s Walk (previously Block 55). It is planned to include: 578 housing units, predominantly for low income seniors; 130,000 square feet of office space; 175,000 square feet of retail…

7410 LLC Proposes Two Projects for 7401 to 7425 Harding Ave and 7410 Collins Avenue in Miami Beach

Miami Beach’s Planning Board is scheduled to hear a proposal for a five-story, mixed-use project. Our sources indicate that, presently, the 30,000-square-foot site in question serves as a parking lot for the adjacent CVS. Yet, if approved by city officials, the new venture would require 60,000 square feet of new construction, with 38,805 square feet (64.7 percent) serving as office space….

Tri-Rail’s New One-Seat Express Service From Downtown Miami Begins July 1

Tri-Rail has announced the start date of a new express service from MiamiCentral that won’t require a change of trains. Service will begin July 1, 2024. The train will stop at just five stations: West Palm Beach Station Boca Raton Station Fort Lauderdale/Hollywood International Airport Station at Dania Beach Metrorail Transfer Station MiamiCentral Station Departure…

Community Meeting Planned To Discuss $83M The Underdeck

A community meeting to discuss The Underdeck is planned by the City of Miami tomorrow. The $83M project includes public park space underneath the new Signature Bridge in downtown Miami. A $60M grant from the U.S. Department of Transportation was recently awarded, the largest such award in Miami’s history. Miami commissioners voted recently to recommend…

Quest Expands Miami Coworking Footprint. Again.

Quest’s new Doral location has fully equipped board rooms. Image courtesy of Quest Workspaces Quest Workspaces has opened its second coworking space in Doral, Fla. The company leased 23,454 square feet of office space at Doral Center in December 2022. CBRE represented the owner, Banyan Street Capital, while Newmark represented the tenant in the negotiations.

31-Story Midtown 7 Gets FAA Approval To Rise 352 Feet Above Ground In Midtown Miami

Midtown 7, a 31-story mixed-use building planned at  3001 Northeast 1st Avenue in Midtown Miami, has recently received height approval from the Federal Aviation Administration (FAA) and is progressing in the permitting process. According to a determination letter issued on May 22, the tower is approved to rise to a maximum height of 352 feet above ground…

Plans Filed for Wynwood’s Tallest Tower: 48-Story Mixed-Use Development at 2101 NW Miami Court

Plans for Wynwood’s tallest-ever tower have been filed. Currently known by its address, 2101 NW Miami Ct, the proposed mixed-use development, designed by Arquitectonica and developed by Wynwood Interest LLC, managed by Isaac, Jacobo, Simon, John, and Rosa Bazbaz, is set to rise 48 stories, or 490 feet above ground and 506 feet above sea level. The project would yield…

Juvia to open rooftop restaurant at Standard Residences in Midtown

Juvia Group inked a 15-year lease to open a rooftop restaurant at the Standard Residences, Midtown Miami, The Real Deal has learned. Carlos Rosso’s Rosso Development, Standard International and Alex Vadia’s Midtown Development are developing the 12-story, 228-unit building at 3100 Northeast First Avenue. It’s under construction and is expected to be completed…

Driftwood Capital Provides $34.8M Mezzanine Loan for Marriott-Branded Hotel Complex near Miami International Airport

Driftwood Capital has provided a $34.8 million mezzanine loan for the refinancing of Miami Airport Marriott Connection, a complex comprising three Marriott-branded hotels near Miami International Airport. Driftwood Capital provided a two-year loan with three one-year extension options on behalf of the borrowers, an affiliate of Cerberus Capital Management and Highgate…

Miami Design District billboard ban could have bigger implications for CRE

A billboard ban in Miami’s Design District did not cause a single-story office building in the chic neighborhood to lose millions of dollars in value, according to a recent court ruling. On May 20, six months after a week-long bench trial, Miami-Dade Circuit Court Judge Migna Sanchez-Llorens ruled that the city of Miami was not liable for property owner Karenza Apartments…

Digital Billboard Battle Just Getting Started; Fights still pending in court and at Miami-Dade County

What was thought to be a victory for the Pérez Art Museum Miami (PAMM) and the Adrienne Arsht Center for the Performing Arts in a monthslong digital billboard debate has since turned into something quite different. Rather, the real battle has only just begun. In a recent reversal by the Miami City Commission at its May 23 meeting, the body voted to completely repeal…

Moderate Industrial Growth Can’t Stop Miami’s Enduring Appeal

In 2023 and continuing into 2024, Miami’s industrial sector experienced moderate growth due to reduced lease turnover, accelerating interest rates and economic uncertainty. However, the market’s strong industrial fundamentals and international connectivity via Miami International Airport and PortMiami continue to demonstrate its enduring strength and resilience.

Ira Giller planning mixed-use mid-rise in Miami Beach

Ira Giller wants in on his home city’s burgeoning office market. Gateway Group, the family-owned firm led by the Miami Beach architect and real estate investor, is planning a new $21.6 million mixed-use building with three floors of offices in the city’s Mid-Beach neighborhood. On Thursday, the Miami Beach Design Review Board approved Giller Tower, a seven-story…

‘Urbania NoMi 6th Ave’ Proposed for 12830 Northeast Sixth Avenue and 575 Northeast 127th Street in North Miami

North Miami’s Planning Commission will review a proposal for Urbania NoMi 6th Ave, a mixed-use development. Proposed by NoMi Holdings Group 2, the 11-story venture would feature 240 apartments, measuring about 695 to 1,070 square feet each. According to Colombia-based Continua Developments’ website, there would be 97 one-bedroom homes and 143…

Developer Sets Eyes on Imperial Club; $60M sought for rehab of Aventura retirement home

Developers are looking to soon purchase a 14-story senior living facility in Aventura known as Imperial Club. Located at 2751 NE 183rd St., Imperial Club is an assisted living facility that also offers accommodations for independent living. Darren Smith, president of Smith & Henzy Advisory Group, says the real estate development firm plans to convert the building to a completely…

Developer Plans 6-Story Hotel Tailored For Pilots At 4849 NW 36th Street Near Miami International Airport

A developer has proposed a new hotel for pilots just north of Miami International Airport in Miami Springs. The city’s Planning and Zoning Board was scheduled to review the site plan for the Pilot House Suites by Sucre LLC on the evening of May 28. The proposed development encompasses 1.13 acres of vacant land at 4849 Northwest 36th Street, 673 La Villa Drive…

Plans Unveiled For 28-Story Mixed-Use Development ‘Shoma 88’ In Kendall

Miami-based developer Shoma Group has announced plans for Shoma 88, a mixed-use development in Kendall. Designed by PPK Architects, this 28-story project will feature 405 rental units, each offering approximately 920 square feet of space. In alignment with Florida’s Live Local Act, at least 40 percent of the units will be designated for workforce housing.

Shoma plans 404-unit rental tower in Kendall, amid a Live Local Act bonanza

Shoma Group wants to build a 404-unit apartment tower with workforce housing in Kendall, amid a torrent of Live Local Act project proposals. The Coral Gables-based firm, led by married couple Masoud and Stephanie Shojaee, proposes a 31-story tower on a 1.9-acre site at 9525 North Kendall Drive in unincorporated Miami-Dade County, according to an application Shoma…

Construction Starts on ‘Wyn Ave’ and ‘W35’ in Miami’s Wynwood Arts District

South Florida-based ABH Developer Group has announced construction on two mid-rise buildings in Miami’s Wynwood Arts District. Here’s what we know. The larger of the two buildings is Wyn Ave, a six-story structure comprising 44 apartments, measuring about 425 to 875 square feet each. Our sources indicate that rent will start at $2,400 a month. Communal amenities…

Miami-Dade could lease 10 acres to Terra for workforce housing

Terra is seeking a deal to build up to 675 workforce apartments around South Dade Government Center through a ground lease with Miami-Dade County. The Miami-Dade Housing, Recreation, Culture and Community Development Committee will consider the ground lease for two sites for a combined 10.74 acres surrounding the government complex at 10740 S.W. 211th Street…

Affinius Capital Originates $70M Refinancing for Multifamily Community Modera Skylar in Miami

Affinius Capital LLC has originated a $70 million loan for the refinancing of Modera Skylar, a 263-unit apartment community in Miami. The borrower is a joint venture between Rockwood Capital and Mill Creek Residential. The property includes a 20-story building comprising 166 units and a 10-story building spanning 97 units. Modera Skylar features a mix of studio…

Caroline Weiss’ mother-daughter Blue Lagoon dev site feud ends

Caroline Weiss’ legal battle with her eldest daughter for control of a 7-acre development site in Miami’s Blue Lagoon district appears to be over. On May 29, the Third District Court Of Appeals affirmed a 2022 lower court ruling that dismissed Adeena Weiss-Ortiz’s 10-year-old lawsuit against her mother and entities that own the three-property waterfront assemblage on Northwest 7th St…

April 2024 Industrial Report: Miami Takes Lead in Rent Growth

At the same time, the U.S. industrial market maintained its upward trend in rent prices. In March 2024, national in-place rents averaged $7.85 per square foot, reflecting a robust 7.3% year-over-year increase. Notably, new leases signed in the last year commanded a premium by averaging $10.43 per square foot. However, the biggest story lies in Miami’s rise: After two years of dominance…

Plans for Live Local towers popping up across Miami-Dade

Bazbaz Development plans a 48-story building in Wynwood. These are just the latest development applications filed under the Live Local Act. The new state law, which incentivizes developers that incorporate workforce housing into their projects, was recently enhanced by the passage of Senate Bill 328. In exchange for setting aside at least 40 percent of the residential units in a project…

Miami-Dade OKs $182M for new county government building after controversy over previous above-market price

After residents raised concerns last year with Miami-Dade County’s plan to pay well-above market-value for a new government center, the commission approved a tweaked deal that dropped the price by around 11 percent. Miami-Dade plans to buy the six-story Flagler Corporate Center at 9250 West Flagler Street in the Fontainebleau neighborhood in an unincorporated…

Teachers Could Live Where They Work; New Brickell school going up to house school staff

There’s a new kind of development going up in Brickell. With granite countertops and a balcony, this building’s 600-square foot units will go for no more than $1,700 a month – not bad for a one-bedroom apartment in Miami these days. Just blocks away from a Metro station and Brickell City Center, this is just the kind of place where many of South Florida’s young professionals…

Marion to Close After Nearly a Decade in Brickell, Will Reopen as New Venue

After nearly a decade of throwing Thursday night soirées, iconic ladies’ nights with French flare, and serving America-Asian fusion cuisine to a crowd looking for an elevated night out, Marion in Brickell will close this summer. The dining and nightlife destination, which opened its doors in 2015 and paved the way for elevated Brickell restaurants to come, has announced it will close…

How 2 Miami Neighborhoods Have Grown To Outshine Its Urban Core

Executives at FIFA, international soccer’s governing body, were torn. They wanted to open a Miami office last year but couldn’t decide between a location in Coral Gables or at the Waterford Business District, a 250-acre office park near Miami International Airport. “If you’re trying to do something world-class and connect yourself to the city in preparation for the 2026 World Cup…

The Magic City’s Rise; An interview with Miami mayor Francis Suarez

Miami began styling itself “The Magic City” just a month after its incorporation in 1896. In recent years, it has lived up to the name, topping lists of the world’s most successful urban centers. As its staggering real estate prices, heavy traffic, stunning beauty, and aura of prosperity testify, Miami has been integral to Florida’s rise to the forefront of American life. As many cities…

BH partners with Prime on Hallandale Beach condo-hotel project

BH Group is partnering with Prime Group to develop a condo-hotel project in Hallandale Beach. The joint venture is now shopping for a hotel brand to reside in the proposed 14-story building at 804 South Federal Highway, according to Isaac Toledano, who along with his wife, Liat, leads Aventura-based BH. A site plan application for the development, which includes 138…

Cortland drops $63M for 240-unit Pembroke Pines rental complex, amid muted investment sales market

A Morgan Stanley asset manager sold the Harbour Cove apartment complex in Pembroke Pines for $62.6 million, despite cooling South Florida investment sales. Atlanta-based Cortland bought the 240-unit community at 1601 South Hiatus Road from Boston-based Eaton Vance, according to records and real estate database Vizzda. The buyer took out a $47.5 million Freddie…

Developer Advances With 620-Unit Residential Development Across 30.6 Acres At 1600 S. Park Road In Hollywood

Developer Park Road Development LLC is advancing with detailed plans for 30.6 acres of city-owned land in Hollywood five years after securing the bid for the property. The city’s Technical Advisory Committee is set to review the residential and commercial components proposed for 1600 South Park Road on June 3. Additionally, a concurrent land use amendment will require…

Trinity, Credit Suisse secure $575M refi for Hollywood’s Diplomat

Trinity Real Estate Investments and Credit Suisse Asset Management lined up a $575 million refinancing of the Diplomat Beach Resort in Hollywood. The joint venture is expected to close on a $452 million first-lien mortgage from Citi Real Estate Funding and German American Capital Corp. next week, according to a Kroll Bond Rating Agency report. TD Miami Beach Mezz…

R&B’s Gateway at Wynwood heads to foreclosure

Three years after completing Gateway at Wynwood, R&B Realty could lose the 14-story mixed-use building at a foreclosure sale set for next month. On May 28, Miami-Dade Circuit Court Judge Pedro Echarte Jr. granted final judgment in favor of Wilmington Trust NA as trustee for Boise-based A10 Capital, court records show. Two months ago, Wilmington Trust filed a foreclosure…

$84.4M Loan Secured For The Arcadian Mixed-Use Affordable Housing Project In Fort Lauderdale

Centennial Bank has provided an $84.4 million loan for The Arcadian, an 8-story mixed-use affordable housing project at 640 Northwest 7th Avenue in Fort Lauderdale. Designed by Behar Font & Partners and developed by Fuse Group in collaboration with Boca Paila led by Grupo Krea, the project will include 478 residential units, 15,000 square feet of retail space, and a 212,000 sf…

Fuse and Boca Paila land $84M loan to build Fort Lauderdale project

Fuse Group and Boca Paila recently broke ground on a Fort Lauderdale mixed-use project after scoring a $84.4 million construction loan. Centennial Bank provided the financing for The Arcadian, a planned $153 million complex of two eight-story buildings at 640 Northwest Seventh Avenue, according to a press release. The development consists of 480 apartments…

Church redevelopment is gospel in South Florida: 160-unit apartment project planned in Fort Lauderdale

Developers plan a 160-unit apartment project on an assemblage that includes the Shaw Temple AME Zion Church in Fort Lauderdale, as redevelopment of religious sites soars across South Florida. Tal Levinson and Eric Malinasky want to build a six-story building on a 1.3-acre property at 500, 506, 510, 522, 530 and 534 Northwest Ninth Avenue in the Dorsey-Riverbend neighborhood…

BBX Logistics, PCCP Break Ground on Delray Beach Industrial Park

The Park at Delray groundbreaking ceremony. Image by Marco Bell Photo, courtesy of BBX Logistics Properties BBX Logistics Properties and joint venture partner PCCP LLC have broken ground on The Park at Delray, a 40-acre campus in Delray Beach, Fla. Phase one of the project includes the development of a 200,000-square-foot building. The Park at Delray is taking shape…

Financial firms magnet? Here’s who leased at Steve Ross’ downtown West Palm office towers

South Florida’s office market prospered from an influx of companies over the past four years, pushing up rents to record rates and prompting developers to jump on projects. But now, as tenants pause expansion plans due to elevated interest rates and more expensive financing, some office owners and developers are feeling the sting of higher vacancies and a lack of preleasing.

The Pros and Cons of a Strong Economy for CRE 

In CRE, good and bad news come hand-in-hand. What’s bad for the retail sector might be good for warehouse performance; trends that put major metros at a disadvantage may be supporting success in suburbs or smaller cities.   The strong economy that we’ve seen over the last few quarters presents a similar scenario. Market conditions have no doubt been great for rents…

Video: RXR CEO Scott Rechler; There’s Been A Day Of Reckoning For Commercial Real Estate Nationally

The Conversation: Navigating the Financial Landscapel A Conversation on the Challenges and Opportunities Ahead In a revealing conversation, Scott Rechler, CEO and Chairman of RXR, joins Bloomberg Intelligence to delve into the evolving landscape of interest rates, debt, and real estate, painting a complex picture of the challenges and opportunities that lie ahead.

Industrial Property Trends For 2024

The likes of manufacturing facilities, warehouses, and distribution hubs have all been influenced by developments in technology, sustainability, and customer expectations. Insider looks at some of the trends that are shaping the industrial property space for 2024 and beyond. Smart warehousing. Isra Akhter is the senior consultant in the digital advisory team at CBRE.

Riding Out the Storm in Some Office Markets, Potential Opportunities

Across the United States, cities are grappling with an unprecedented crisis in the office sector, underscored by staggering drops in commercial real estate values. Recent reports have painted a grim picture, with total losses potentially reaching as high as $1 trillion. This downturn has been felt in many areas, including the California market, where large defaults in cities…

Video: Costar National Director of Office Analytics Phil Mobley Provides Office Real Estate Forecast, Discusses Performance & Cap Rates

An In-Depth Discussion on the Future of the Office Market: Insights from Phil Mobley, National Director of Office Analytics at CoStar Introduction In a recent conversation with Phil Mobley, the National Director of Office Analytics at CoStar, the host of America’s Commercial Real Estate Show delved into the complexities and current state of the office market.

More Pain to Come for Regional Banks Nationally

Regional banks and commercial real estate are inevitably linked. As commercial properties, most notably office space, work through the current crisis of sliding valuations and high interest rates, it is important for brokers to understand how intertwined these two sectors are in the current economy. The following are a few different ways of looking at the connection between…

Will RealPage face a long line of court cases?

Judging by the news these days, you might think that RealPage CEO Dana Jones is commercial real estate’s Public Enemy No. 1. Her company has certainly garnered plenty of negative publicity for its YieldStar Revenue Management software that collects data about rental units and then tells landlords how much they can charge for an apartment. I first wrote about the Texas-based…

Put It on Ice: Climate-controlled storage facilities are heating up the market

Modern climate-controlled facilities play an ever-greater role in the nation’s supply chain. America’s food processing, pharmaceutical and cold storage warehousing infrastructure continues to grow with a larger emphasis on just-in-time logistics and last-mile delivery. Brokers seeking financing for these projects, which can include new construction, retrofits, expansions and facility…

Debt service coverage ratios warn of office distress in some metros

The good news thus far for the beleaguered office real estate sector is that the surge of distress that many observers have predicted has yet to be actualized. The bad news, though, is that according to research from Yardi Matrix, many markets remain at risk of distress from offices that don’t have the income to cover their debt obligations. Debt costs for commercial real estate have…

The Fed’s Beige Book: Cautious Optimism in the Labor Market

The new Beige Book largely describes economic trends holding steady in the Southeast with slow overall growth as price pressures generally continue to ease and employers have a slightly easier time finding labor. This edition of the anecdotal report included a “community perspectives” section on conditions in low- and moderate-income communities that appears…

“Becoming a big issue”: Conflicts at condo, homeowners associations fuel insurance woes

In Pembroke Pines, the Heron Pond condo complex’s property insurer halted coverage in April, and the general liability carrier warned it won’t renew its policy when it expires in June. Near North Miami Beach, the Star Lakes condo complex’s board president said he expects this year’s insurance premiums to be about 45 percent more than the association paid in prior years.

Is Bank OZK overexposed to real estate?

When a Citi analyst downgraded Bank OZK from a buy to a sell, sending the stock price tumbling 17 percent, the news shook the industry. Normally, an analyst’s downgrade is not the center of real estate water cooler conversations. But OZK is arguably the most important bank in commercial real estate. It is watched more closely than any other bank, and for good reason.

Terreno Realty Completes 186 KSF Industrial Facility in Hialeah

Among Terreno Realty Corp.’s recent additions to its industrial portfolio is this 112,000-square-foot facility in Redondo Beach, Calif., which it acquired last year for $45.7 million. Image courtesy of CommercialEdge Terreno Realty Corp. has completed Countyline Corporate Park Phase IV Building 40, a 186,000-square-foot facility in Hialeah, Fla., a Miami submarket.

Art + Tec, partner pick up Edgewater assemblage, as South Florida dev site purchases continue

Developers picked up a 0.7-acre assemblage in Miami’s Edgewater, as South Florida development site purchases continue, despite elevated interest rates and macroeconomic headwinds. Bay Harbor Islands-based Art + Tec Development, led by Gabriel Boano, and partner Silvio Caprino bought the five adjacent lots at 2650 Biscayne Boulevard and 250 Northeast 27th Street…

‘Century Park Villas Place’ to Yield Homes by Year’s End at SW 332nd Street and Krome Avenue in Homestead

Construction has started on Century Park Villas Place, a townhome development in Miami-Dade County. Our sources indicate that the venture will comprise 45 three-bedroom and four-bedroom townhomes, with square footage ranging from 1,351 to 1,610 square feet each. There are four floorplans named Gabriela, Alexa, Karina, and Isabella. Costing $394,990 to $420,990…

Miami Multifamily Market Holds Steady Despite Challenging Market Conditions

Miami’s multifamily sector was on fire from the end of 2020 through the beginning of 2023 as the market received a wave of newcomers, primarily from affluent Northeastern and Western states. During the height of the pandemic, roughly $1 out of every $6 in income that moved nationwide relocated to Florida, more than any other state. And Miami-Dade County saw the…

Wynwood’s Tallest Ever Tower Planned Under Live Local Act

Plan’s for Wynwood’s tallest-ever tower have been filed with Miami’s Planning & Zoning reviewers. For now, the development is known by its address, 2101 NW Miami Ct. It is proposed to rise 48 stories, or 490 feet above ground and 506 feet above sea level, and include: 544 residential units two floors of amenities on levels 9 and 10 19,292 square feet of ground floor retail 621 on-site…

Bazbaz proposes 48-story Wynwood project –– area’s tallest –– under Live Local Act

Bazbaz Development wants to build a 48-story apartment tower in Wynwood under the Live Local Act, marking the tallest project proposed for the Miami neighborhood. The firm filed an application for a 544-unit project on a 1.5-acre assemblage at 2110, 2118 and 2134 North Miami Avenue, as well as 2101, 2129 and 2135 Northwest Miami Court, according to city records.

Developers launch Elle-branded condo tower in Miami’s Edgewater

Elle Residences Miami would be built on the half-acre site at 3618 Northeast Fifth Avenue, which also fronts Northeast 36th Street and I-195. Urban Network is led by CEO Robert Thorne and Vertical is led by CEO Fernando de Nuñez y Lugones, a former development sales executive at One Sotheby’s International Realty and Fortune International Group. The 25-story, 180-unit…

Biscayne Boulevard hotel-residential tower advances

A new hotel and residential tower, along with office and commercial space, is proposed for busy Biscayne Boulevard in Miami’s Edgewater neighborhood. Owner-developer Green Circle Development LLC plans the new building at 3200 NE Biscayne Blvd. The overall project will have 523,318 square feet of floor area and include 108 lodging units, 110 residential units, about 5,000 sf…

Miami Beach hunts for ways to resurrect Roosevelt Theater

Miami Beach commissioners want the city’s administration to reach out to help resurrect the long-shuttered Roosevelt Theater that opened 75 years ago, either for a movie house or some other use that will spur 41st Street activity. Commissioners have voted unanimously to have a conversation with the property owner of the Roosevelt at 770 Arthur Godfrey Road…

Coastline-Nakash Capital Group Revises Plans for ‘the Eden’ at 3550 NW S River Drive in Miami

A Miami developer has revised plans for a mixed-use venture east of Miami International Airport (MIA). Florida YIMBY first reported on this project in October 2023. Previously, the multi-building “Eden” was to host 720 apartments, along with 7,851 square feet of retail and 821 parking spots. However, after receiving feedback from city officials, the project has been scaled back.

Coral Gables City Commission Approves Ponce Park Residences At 3000 Ponce De Leon Boulevard

The Allen Morris Company, led by Allen and Spencer Morris, has received commission approval for their luxury condominium project, Ponce Park Residences, slated for development in Coral Gables. Located at 3000 Ponce de Leon Boulevard, at the intersection with University Drive, this development is poised to become a significant architectural addition to the city.

Miami An Appealing Apartment Market Despite Challenges

As an apartment investment market, Miami has its pros and cons. Strict building codes, high insurance premiums, and the threat of natural disasters are among the latter. However, a new report from Freddie Mac on the area concludes that many residents and investors believe that the potential after-effects of climate-related disasters are well mitigated to justify that uncertainty…

Taurus Development Proposes 15-Story ‘Valencia Tower’ for 11888 SW 220th St in SW Miami-Dade’s Goulds Neighborhood

Our sources point to a 321,330-square-foot mixed-use venture in Miami’s Goulds neighborhood. The proposed Valencia Tower would measure 15 stories above grade, featuring 159 apartments, with 25 percent (about 40) reserved as workforce housing. The Real Deal reports that to qualify as workforce housing in Miami-Dade County, homes would be targeted at those…

Miami Worldcenter scores $120M refi, as South Florida still bucks nationwide lending slump

Miami Worldcenter landed a $120 million refinancing, showing South Florida continues to buck the nationwide lending slump. Entities tied to the project’s master developer, Miami Worldcenter Associates, obtained the refinancing for six lots at the 10-block development, with Deutsche Bank serving as administrative agent for itself and other lenders, according to records.

60-Story ‘Summit Brickell’ Gets FAA Clearance To Rise 765 Feet Above Ground

Summit Brickell, a planned mixed-use development at 1015 Southwest 1st Avenue in Miami’s Brickell neighborhood, has recently secured Federal Aviation Administration (FAA) approval. Filed on April 5 and swiftly approved on May 21, the tower is approved to rise 765 feet above ground or 769 feet above sea level at its highest point. Designed by Corwil Architects and developed…

Lease roundup: West Palm’s Nora District scores tenants, Coral Gables’ Zucca restaurant moving

Developers of the mixed-use Nora District in downtown West Palm Beach scored four tenants. Cameron Mitchell Restaurants’ Del Mar, which offers Mediterranean cuisine, leased nearly 10,000 square feet of indoor space and a 2,000-square-foot patio; and Sana Skin Studio leased 1,800 square feet, according to the developers’ spokesperson. Women’s clothing and accessories store…

CGI Merchant’s Gabriel hotels in Miami, South Beach head to UCC foreclosure sales

CGI Merchant Group faces a double whammy in Miami-Dade County, with both of its Gabriel-branded hotels headed to foreclosure auctions. The two planned Uniform Commercial Code, or UCC, sales come as the South Florida real estate market is feeling the sting from elevated interest rates and skyrocketing insurance premiums. Yet, CGI Merchant, a Coconut Grove-based…

Blue Suede kicks it up, buys second Miami Beach hotel this month

For the second time this month, Blue Suede Hospitality picked up a small Miami Beach hotel, quadrupling its Art Deco portfolio in the city. An affiliate of New York-based Blue Suede, led by CEO Kenneth Lipschutz, paid $16.6 million for Blue Moon Hotel, a 75-key Art Deco property at 944 Collins Avenue, records and real estate database Vizzda show. The deal breaks down to $221,667…

31-Story Midtown Miami Apartment Tower Gets FAA Approval, Advances In Permitting

The Midtown 7 building planned in Midtown Miami has received height approval from the Federal Aviation Administration while making new advances in the permitting process. According to a May 22 determination letter, the tower is permitted to reach a maximum height of 352 feet above ground, or 367 feet above sea level. The developer is listed on the FAA letter as PPF AMLI…

Census: City Of Miami Population Grew Last Year By 1.3%

Miami’s population grew last year, according to newly released Census Bureau data. As of July 1, 2023, the City of Miami’s estimated population stood at 455,924. That is an increase from the estimate of 450,014 residents on the same date in 2022. According to an Axios analysis, Miami’s 1.31% growth rate in 2023 was one of the top ten for large cities in the U.S. last year.

Manoucheri Brothers boosts South Florida multifamily portfolio

Manoucheri Brothers bulked up its South Florida multifamily portfolio by adding a 153-unit apartment complex in Sunrise. An affiliate of the Los Angeles and Aventura-based family office paid $30.4 million for Summerfield Apartments at 3200 Northwest 84th Avenue, records and real estate database Vizzda show. The buyer also assumed a nine-year $18.3 million Fannie Mae…

Downtown Miami could use more businesses. $1 million in grant money is up for grabs

The Miami Downtown Development Authority wants to make downtown Miami an area where people can live, work and play — and it has one million ways it hopes to do that. With its new $1.1 million business incentive program, the Miami DDA will provide businesses with funding to develop and grow downtown. “We want to help mom-and-pop retailers open their businesses,” said…

Can South Florida Condo Demand Endure? Related Group’s Nick Pérez Weighs In

Condo demand across South Florida remains robust thanks to favorable tax policies, the influx of high-income households and a business-friendly environment. The limited single-family stock available is also pushing buyers toward condominiums, especially in waterfront and urban settings, according to Nick Pérez, president of the condominium division at The Related Group.

Self-checkout: Publix expands South Florida portfolio with $59M purchase of retail site anchored by its store

Publix pumped up its South Florida retail holdings by acquiring a shopping center anchored by one of its supermarkets. The Lakeland, Florida-based grocery chain paid $58.5 million for Ramblewood Square Shopping Center at 1201-1327 North University Drive in Coral Springs, records and real estate database Vizzda show. The seller, an affiliate of New York-based…

Margate solicits bids for downtown-style development with new city hall

Margate is soliciting offers to build a municipal mixed-use development that would include a new city hall and serve as the city’s “downtown” area. The development, called Margate City Center, would unfold on 51.4 acres on the east and west sides of U.S. 441 between Royal Palm Boulevard and Atlantic Boulevard. The developer would lease the largely vacant land, which was…

Joint Venture Plans Mixed-Use Redevelopment of The Quay Shopping Center in Fort Lauderdale

A joint venture between BH Group, PEBB Enterprises and Related Group is set to begin the mixed-use redevelopment of The Quay shopping center in the Harbordale neighborhood of Fort Lauderdale.  The joint venture recently acquired the 73,000-square-foot center for $48.5 million. Located at 1515 SE 17th St., the property currently features restaurants, retail space, a marina…

Related, BH, Pebb continue South Florida commercial shopping spree with Fort Lauderdale Waterfront  MXU Purchase

Continuing their commercial shopping spree that began last year, a partnership between three South Florida firms acquired a waterfront mixed-use property in Fort Lauderdale that is primed for redevelopment. Coconut Grove-based Related Group, Aventura-based BH Group and Boca Raton-based Pebb Enterprises paid $48.5 million for The Quay at 17th Street, a 7-acre site…

Plans Filed For Low-Rise Mixed-Use Development At 1102 NW 6th Street In Dorsey Riverbend, Fort Lauderdale

Fort Lauderdale’s Development Review Committee is scheduled to review a new proposal by ILFC Corp, led by Gonzalo Sanchez, for a mixed-use development named DL-Design, located at 1102 NW 6th Street in the Dorsey Riverbend area, on May 28. The project, designed to rise four stories to a height of 49 feet, aims to transform a currently vacant 6,342-square-foot lot into…

Broward City Courts Developers To Remake 50 Acres Of Its Downtown

Cale Curtis left tropical Florida this week to head to the Las Vegas desert. The Margate city manager is on official business, showing up with a pitch to developers at the ICSC conference: remake the downtown core of the city of 58,712 people. Local officials in Margate, located in central Broward County, have put out a request for proposals to redevelop as many as 50…

New York Developer Proposes Cantilevering 22-Story Condo Tower At 2317 N Ocean Boulevard In Fort Lauderdale

Fort Lauderdale’s Development Review Committee is set to review a Site Plan Level III application for The Amalfi, a 22-story luxury condominium tower designed by Kobi Karp Architecture and proposed by Baldwin, New York-based Moore Group Corporation. Located at 2317 North Ocean Boulevard, the project will offer 38 residential units and amenities within a 0.84-acre…

Erickson pays $54M for senior living dev site at Ag Reserve, amid nationwide expansion

Erickson Senior Living paid $53.5 million for a development site at the Agricultural Reserve, where it plans to build a large facility amid the firm’s nationwide expansion. The Baltimore, Maryland-based firm bought the 92.5-acre tract at 8344 Boynton Beach Boulevard in unincorporated Palm Beach County from the William Mazzoni Revocable Trust, led by Patricia Mazzoni…

Office Submarkets Around the Country Bucking the Trend

Highlights: As of the first quarter of 2024, our top 82 primary office markets were evaluated based on their year-to-date change in effective revenue.Among our five regions, while the Northeast was the top ranked region for the multifamily sector, its office sector performance ranked last given its effective revenue declined by 87-bps during the quarter. Similarly, while…

Survey finds tighter credit policies, weaker loan demand among banks

Banks reported tighter standards and a downtick in demand for real estate loans over the past three months in the Federal Reserve’s April 2024 Senior Loan Officer Opinion Survey (SLOOS) on Bank Lending Practices. Participating institutions generally indicated a reduced tolerance for risk across the board, broadly impacting both residential and commercial real estate lending…

April figures point to return of sustainable apartment rent growth nationally

April marked the second straight month of solid apartment rent gains, Yardi Matrix’s latest Multifamily National Report revealed. Per the real estate analytics company’s data, the average asking rent nationwide grew 0.3%, or $6, to $1,725 month over month in April. The increase moved rents just $2 below the all-time high set last summer. Year-over-year growth was flat from…

The hospitality industry’s new normal with business travelers

It’s no secret that hotels as an asset class have had a bumpy recovery post-COVID. A large part of the lag has been due to the uneven return of business travel, which has long been a lifeblood of the hospitality sector. The post-pandemic evolution of interactions within and among workplaces, including the universalization of video calls and virtual meetings, has reduced in-person…

New Data and Regulation Show an Insurance Industry in Flux

The Latest Data on Rising Insurance Premiums Insurance premiums have been on the rise in recent years, presenting challenges for borrowers and lenders alike. We assessed rising insurance premiums in detail in a report last summer and have been updating the analysis as 2023 expense data was finalized. Figure 1 shows that average premiums for multifamily…

Is the Distribution Bubble About to Burst? Or Will Industrial Price Gains Nationally Endure?

Industrial property prices and rental rates have experienced substantial increases over the last decade. The onset of the pandemic, which propelled the world into lockdown, shifted consumer habits towards increased online shopping and strained supply chains, thereby elevating the demand for warehousing and, in turn, boosting industrial property and rental values.

Not So Roaring Inflation

Highlights: Tuesday’s PPI report seemed like what would be a continuation of the hotter-than-expected economic trend from the first quarter of the year and while the report did come in above consensus, markets overlooked the report buoyed by downward revisions from the previous month and perhaps along with some help from posterchild meme investor, Roaring Kitty.

Video: Moody’s Analytics Senior Economist Ermengarde Jabir Provides Self-Storage Real Estate Update

A Deep-Dive Discussion into the Resilient Self-Storage Market In a recent episode of America’s Commercial Real Estate Show the spotlight was on the self-storage sector. The discussion featured Ermengarde Jabir from Moody’s Analytics, who provided valuable insights into the current trends, challenges, and future projections for the self-storage industry.

Video: Head of Real Estate Strategy & Research at Cohen & Steers Rich Hill on Current State of Commercial Real Estate

The Discussion: Real Estate Trust’s Signal; The Worst Behind in the US? In a recent interview with Bloomberg Television, Rich Hill, Head of Real Estate Strategy & Research at Cohen & Steers, discussed the current state of commercial real estate and the future of office buildings nationally (observations can apply less in Miami). This conversation took place as the Dow Jones…

Video: Morgan Stanley’s Real Estate Investing Co-CEO Lauren Hochfelder discusses firm’s top real estate investing ‘megatrends’

The Discussion: Morgan Stanley’s Real Estate Investing Megatrends; Insights from Co-CEO Lauren Hochfelder The recent Yahoo Finance episode of “Wealth!” featured Morgan Stanley Real Estate Investing Co-CEO, Lauren Hochfelder, who provided an in-depth analysis of current real estate investing trends amidst a volatile market. With shelter prices rising by 5.5% year over year…

Video: RealPage Director of Research & Analysis, Market Analytics Presents Multifamily Market Updates & Insights

The Discussion: Navigating the Dynamics of America’s Multifamily Real Estate Market In the realm of real estate, few sectors have captured investor interest and market attention quite like multifamily properties. Offering a blend of stability, demand, and potential for growth, multifamily real estate has been a favored asset class for many investors, particularly in the…

Top 3 commercial real estate valuation methods

Cost, sales comparison and income are the three main commercial real estate valuation approaches. Find out more about these methods and other helpful tools for the valuation of commercial properties. 1. Cost approach. The cost approach is a type of commercial property valuation method that involves separating the cost of the building from the land it’s on. The process looks…

Amazon Plans To Sublet Up To 30 MSF Of Warehouse Space After Over-Expanding

fix link https://ca.movies.yahoo.com/news/amazon-plans-sublet-30-million-072126688.html Amazon plans to sublet between 10 million to 30 million square feet of warehouse space, reports say. It’s also thinking of ending or renegotiating some warehouse leases. The e-commerce giant ramped up capacity during COVID-19, but now has to cope with over-expanding.

“We have to live in the real world”: Lawmaker, experts debate Florida’s condo crisis, looming association deadlines

Attorney Roberto Blanch says Dec. 31, 2024 will be “a date that lives in infamy.” It’s one of the key deadlines for condo associations to comply with new condo safety laws that could upend the market for older buildings across Florida. The Miami-based lawyer, a shareholder at Siegfried Rivera, was among six experts who spoke last week at a condo symposium about…

Citi analyst slams stock of leading new construction lender Bank OZK with double downgrade

Major real estate lender Bank OZK is having an awful day on the stock market after an analyst hit the institution hard over two projects it financed. Citi analyst Benjamin Gerlinger downgraded his recommendation on the Bank OZK stock from buy to sell, a double downgrade that skipped over the hold option, Bloomberg reported. Gerlinger also dropped his price target…

As Lending Lags, Residential Developers Add More Layers To The Capital Stack

Not even South Florida’s reputation as a beacon of pandemic-era growth and booming population can keep residential development bustling in the region. Developers searching for financing in South Florida today are facing a decline in institutional lending as market fundamentals soften, pushing down new construction starts. That has sent builders in search of creative solutions…

Co-Living Community ‘i5 Wynwood’ Reaches Completion At 51 NW 28th Street In Wynwood

i5 Wynwood, a newly completed co-living community in Miami’s Wynwood neighborhood, is now welcoming its first residents. Located at 51 Northwest 28th Street, between North Miami Avenue and Northwest 1st Avenue, this 9-story residential building was designed by Arquitectonica and has interiors by Michael Wolk. Developed by Related Group and W5 Group, i5 Wynwood…

i5 Wynwood Co-Living Community Reaches Completion With 215 Suites

Hundreds of new residents are about to begin moving into a newly completed co-living building known as i5 Wynwood. Leasing and move-ins for i5 Wynwood have now begun, according to a press release. Residents will have their own private bedroom and ensuite bathroom, inside a 3 or 4 bedroom apartment. The living area and kitchen will be shared. Prices start at…

35-Story Domus Brickell Center Announced, With Sales Now Underway

Developers have announced plans and launched sales for a new 35-story tower called Domus Brickell Center. Domus Brickell Center is planned to include 579 fully finished and furnished units allowing short term rentals. Prices range from the $500,000’s to $1.5 million. Brickell’s Metrorail and Metromover stations are a block away from the project site. The Domus concept…

Ricardo Dunin, Peruvian partner launch sales of second Domus-branded Brickell condo project

Ricardo Dunin and his Peruvian partner, Juan Carlos Tassara, are launching sales of their second Domus-branded short-term rental-friendly condo tower in Miami’s Brickell neighborhood. Dunin, CEO of Miami-Based Oak Capital and co-founder of North Development, his joint venture with Tassara, said his aim for Domus Brickell Center, as the project is named, is affordability…

Three Proposers Shortlisted For Downtown Miami 24-Hour Metrocenter Project

Downtown Miami’s Metrocenter development is advancing. The county has now shortlisted three prequalified proposers for the project, according to a memo to commissioners dated last week. Multiple county properties are planned to be redeveloped to make way for Metrocenter. Plans call for around 27 acres in the downtown government center area be redeveloped into…

51-Story Downtown Miami Tower Gale Miami Hotel & Residences Opens Next Week, After 3 Years Of Construction

The Gale Miami Hotel & Residences will open on June 1, according to the Herald. The 51-story tower, formerly known as Natiivo, broke ground in February 2021, so construction took a little over three years. The 160 hotel rooms at The Gale will be offered for both short and long-term stays. The building also includes restaurants (one of which will open in July), 125,000 square feet…

Refinancing for 352-Room EAST Miami Hotel Arranged

Colliers’ Hospitality Practice Group has arranged the refinancing for EAST Miami Hotel, a 352-room hotel located in Miami’s Brickell district. The property is part of Swire Properties’ $1 billion Brickell City Centre development, which features more than 500,000 square feet of shops and restaurants. EAST Miami Hotel opened in 2016 and features meeting rooms, a fitness center…

Wynwood’s tech office boom hits a short circuit

New York-based R&B Realty wrapped a large vinyl sign around the ground-floor windows of Gateway at Wynwood recently. The advertisement is meant to draw the attention of prospective tenants to the 13-story mixed-use building’s 3,500 square feet to 30,000 square feet spaces that are available for lease. Some suites are move-in ready, and an entire floor is available…

Integral Group Breaks Ground on 99-Unit Affordable Seniors Housing Community in Opa-Locka

The Integral Group has broken ground on Wellspring Apartments, an affordable seniors housing community in the Miami suburb of Opa-Locka. Wellspring Apartments will feature 99 units, 67 of which are reserved for residents earning below 50 percent of the area median income (AMI), and the remaining 32 units are for residents earning below 60 percent AMI. The 81,350-square…

Resia nabs $71M construction loan for Golden Glades apartments, as South Florida defies financing slump

Resia scored a $71 million construction loan for a 420-unit apartment complex in Golden Glades, as South Florida continues to defy the nationwide financing slump. The development firm plans four five-story buildings and a 705-space garage on a 7.1-acre site between Northwest 159th Street and Northwest 161st Street, immediately east of I-95 in unincorporated Miami-Dade County…

PortMiami Increases Economic Impact

PortMiami’s economic impact has increased by 48% to US$61.4bn in eight years, according to a study conducted by Martin Associates, which accounts for 4% of the state of Florida’s US$1.6tn Gross Domestic Product (GDP). The study used the same methodology that was carried out in the 2016 report and measured PortMiami’s impact in terms of jobs, business revenue…

Fisher Island potential dev site hits market, bids starting at $200M

Just when it seemed like Fisher Island was tapped out of development sites, a nearly 10-acre fuel depot on the exclusive enclave is now in play. TransMontaigne Partners, a Denver-based energy company that operates fossil fuel storage terminals, is putting its facility at 1 Fisher Island Drive on the market, according to an offering memorandum obtained by The Real Deal. The asking…

MetroCenter development of 17 downtown acres advancing

Miami-Dade County’s $10 billion downtown utopian vision, MetroCenter, had a little more money thrown at it last week. The project, Mayor Daniella Levine Cava said in a presentation last August, is a “transformative redevelopment of the … government center campus.” The county’s Infrastructure, Operations and Innovations Committee voted unanimously to send a resolution…

Miami Downtown Development Authority adds to expansion incentives

Miami’s Downtown Development Authority (DDA) is offering $1.1 million in incentives for businesses to expand operations in the area, stimulate the economy and attract high-quality jobs for local talent. The grant program expands previous incentives and includes funding for ground floor retail, start-up operations and mid-size businesses seeking to move or grow in downtown’s…

South Florida price rises slowing, but still outpace nation

South Florida’s cost of living as measured by the Consumer Price Index is still rising faster than in the nation’s urban areas as a whole, but that pace continues to decline from the soaring inflation of recent years, new federal data reveal. While urban inflation across the nation was 3.4% in April, South Florida inflation grew faster, a 4.5% annual pace, data from the US Bureau of Labor…

FAA Approves Summit at Brickell Tower To be Built At 765 Feet Above Ground

The Federal Aviation Administration has approved construction of the Summit At Brickell tower after a relatively short review process. The project height was filed with the FAA on April 5, with an approval letter issued this morning. Summit At Brickell is planned to rise 765 feet above ground, or 769 feet above sea level at its highest point, according to the approval letter. The 60-story…

Photo: Nearly Completed Arch At Downtown Miami’s Signature Bridge

A photo shows a nearly completed arch at the Signature Bridge under construction in Downtown Miami. The Florida Department of Transportation is spending $840m on a rebuild of the I-95 highway interchange, where it crosses I-395 and the 836 expressway. As part of the project, six arches are being built as a design feature next to the overpasses passing through Miami’s…

Urban Development Review Board Votes In Favor Of Massive 1.8M sf Mixed-Use Development In Overtown

The Urban Development Review Board (UDRB) has voted in favor of a mixed-use development project at 650 Northwest 8th Street and 678 Northwest 7th Street in Overtown, Miami. The planned project, a collaboration between 0101 Miami Properties, LLC, led by Jorge and Jose Mas, and 8th Street Connections Holdings, LLC, an affiliate of Terra, will encompass over 1.8…

1,219-Unit Overtown Development Approved, Construction Timeline Announced

Miami’s Urban Development Review Board has voted in favor of a massive Overtown development, and a construction timeline has been announced by the developer. The UDRB vote 4-0 last week to recommend approval as presented. Developer Terra is working in partnership with an entity controlled by the Mas family on the new community. Three phases are planned.

Miami board green-lights plans for Overtown, Midtown and downtown Miami towers

Developers David Martin, the Más family, Michael Simkins and Gil Blutrich received the green light from Miami’s Urban Development Review Board last week for planned residential projects from Overtown to Midtown Miami. Board members called the three projects “beautiful.” The UDRB unanimously recommended approval of all three developments at its meeting last…

Space Availability in Large Industrial Properties Continues To Rise in South Florida

The slump in industrial leasing continues into 2024, with all South Florida markets seeing slight upticks in vacancy and slowing rent gains. Annual leasing activity has dropped between roughly 20% and 35% below levels achieved during the peak of the pandemic, and except for Fort Lauderdale, leasing activity also remains depressed relative to pre-pandemic average trends.

Vantage Capital pays $21M for 108-unit Hialeah rental complex amid investment sales slowdown

Vantage Capital Partners scooped up a 108-unit apartment complex in Hialeah for $20.6 million, marking one of the few multifamily investment sales this year. Coconut Grove-based Vantage bought the San Sherri Apartments at 1310–1345 West 29th Street from a pair of affiliates tied to Brooklyn-based Freshwater Group, according to records and real estate database Vizzda..

Miami A Launch Market For Uber’s New Shuttle Service

Uber has announced plans for a new shuttle service, and Miami will be the first to experience the new service. Uber said it is partnering with Hard Rock Stadium to launch the new service for concerts this summer. Miami is one of four launch cities named for Uber Shuttle, and the only one with a confirmed destination announced. Exact routes to and from the stadium haven’t…

28-Story Kendall Apartment Tower Shoma 88 Announced Under Live Local Act

Miami-based developer Shoma Group is planning a 28-story apartment tower in Kendall, thanks to Florida’s Live Local Act. The Live Local Act overrides many local zoning rules statewide, if developers commit to building 40% of units as workforce housing. The new Kendall project is known as Shoma 88. “Kendall holds a special place in our hearts,” says Masoud Shojaee…

Construction Progress: Airstream Trailer Amenity Installed At Wynhouse Miami

Construction continues progressing on Wynhouse Miami, an 8-story mixed-use building at 2200 Northwest 1st Avenue in the heart of Miami’s Wynwood neighborhood. Designed by Nichols Architects with interiors by ID & Design International (IDDI) and developed by Fisher Brothers, the recently topped-off, approximately 115-foot-tall structure will deliver 308 rental residences…

Tenant rumble at Robert Rivani’s Wynwood Jungle in Miami

Robert Rivani’s Black Lion is in a legal tussle with a tenant that allegedly backed out of opening a restaurant at Wynwood Jungle in Miami. An affiliate of Columbus, Ohio-based restaurateur Brian Swanson last week sued an affiliate of Miami-based Black Lion Investment Group that owns the 23,000-square-foot retail and restaurant building at 50 Northwest 24th…

Atlantic Pacific, nonprofit partner plan 124-unit apartment project for disabled adults in Kendall

Atlantic Pacific Companies and nonprofit Casa Familia will develop a 124-unit apartment complex in Kendall for tenants with intellectual and developmental disabilities. The Village at Casa Familia will be developed in three phases on 9 acres at 11025 Southwest 84th Street in unincorporated Miami-Dade County, according to a project filing submitted to the county last week. The first phase…

Alta Development Plans ‘SoMi Walk’ for 5959 SW 71st Street in Miami

Alta Development, led by Henry Pino, has plans for a 15-story complex. Upon completion, the proposed SoMi Walk condo would feature 310 units, measuring 490 to 800 square feet each, with prices from $500,000 to $860,000. The development, designed by Miami-based Architecture Form Group, includes a host of communal amenities, such as indoor pickleball courts…

Retail Rents Rise in South Florida as Demand Continues to Outpace Supply

The retail sector in South Florida is undergoing adjustments that reflect the region’s dynamic economic landscape and evolving consumer preferences. One notable trend is evident in the restaurant sector, where owners increasingly aim to expand by opening new locations and entering lucrative markets.  This trend is primarily driven by consumer spending, particularly the continual…

Plans Filed For 8-Story Mediterranean-Style Mixed-Use Development At 33 Alhambra Circle In Coral Gables

33 Alhambra ProCo, LLC, an affiliate of a joint venture partnership between local developer MG Developer and Peru-based VYV, has submitted plans for an 8-story mixed-use development known as Alhambra Parc, also referred to as 33 Alhambra, in Coral Gables. The project aims to develop the 1.12-acre site at 33 Alhambra Circle, which was acquired in 2022 for $19,250,000.

CP Group, DRA Advisors Execute 40,000 SF of Office Leases at Miami Tower

CP Group and DRA Advisors have executed nearly 40,000 square feet of office lease transactions at Miami Tower, a 47-story, Class A office tower located at 100 S.E. 2nd St. in downtown Miami. The executed deals include two lease renewals (H&R Block and Transwestern), one expansion (law firm Assouline & Berlowe) and seven new leases, all of which were for Miami…

850-Foot Residences At Mandarin Oriental on Brickell Key To Break Ground In 2025

Swire Properties has launched sales for The Residences at Mandarin Oriental, Miami and released additional details on the development. Two towers are planned, connected by a landscaped podium. The South Tower will rise 66 stories, or 850 feet, while the North Tower will rise 426 feet. Both are being designed by Kohn Pedersen Fox. The South Tower will have 228 condos…

1,000-Foot Cranes Approved At Cipriani Construction Site In Brickell

The Federal Aviation Administration has approved the heights of several tower cranes planned at the 80-story Cipriani Residences construction site in Brickell. The first crane is now approved to reach a height of 1000 feet above ground, or 1003 feet above sea level. The second crane is approved to reach a height of 980 feet above ground, or 983 feet above sea level. The permanent…

Deal For Brightline To Build Commuter Rail System Nearly Ready

Negotiations on a deal for Brightline to build a commuter rail system on its tracks are “advancing very nicely,” according to a recent report on the SFBJ. Miami-Dade commissioners will probably vote on the deal in June or July, the report said. While Brightline will build the system, it will likely be operated by the South Florida Regional Transportation Agency, which operates Tri-Rail.

Construction Dates & Additional Details Released For Midtown Miami’s Tallest Tower Ever

The developers planning the Midtown 1 tower have announced an expected construction start date and additional details. The tower is proposed to rise 48 stories, or 596 feet above ground, making it the tallest ever in Midtown Miami. There will be 329 luxury condominium units, according to a statement released by the developers. Arquitectonica is designing the building…

New York Hotel Operator Proposes Two New Hotels At 5101 Blue Lagoon Drive Near Miami Airport

New York-based hotel owner MCR, under the M2 Miami Airport Blue Lagoon, LLC, has unveiled plans for two new hotels adjacent to its Hilton Miami Airport Blue Lagoon. The proposal filed as a pre-application with Miami-Dade County officials concerns the 20.6-acre property at 5101 Blue Lagoon Drive, which currently hosts the 14-story, 508-room hotel developed…

WeWork holds onto leases for most of its South Florida portfolio – still unclear on Miami, South Beach outposts

WeWork will hold onto its leases for most of its South Florida co-working spaces, while the future of its South Beach and downtown Miami outposts remains in doubt. The firm, which filed for Chapter 11 reorganization in November, is working to emerge from bankruptcy by the end of May, most recently filing a plan to keep 89 co-working spaces in the U.S. and Canada.

3 firms to relocate to recently renovated Doral building

Three companies secured a total of 14,201 square feet in a Doral office building that recently underwent a multimillion dollar renovation. Grupo Eulen, Vanderweil Engineers, and Trust Lending have signed leases and will relocate to the Offices at Doral Square, a 141,246-square-foot building at 8600 N.W. 36th Street. Grupo Eulen will move its Miami office into a 6,026-square-foot…

Developer plans 245-unit senior living facility in Weston

South Florida developer Terry Salzman won site plan approval for the development of a six-story, 245-unit senior living facility in Weston. Fort Lauderdale architecture firm Synalovski Romanik Saye LLC designed the 325,808-square-foot building with 113 units for independent living, 108 for assisted living, and 24 for memory care. A resident of Weston for the last 25 years…

286-Apartment ‘Cypress Crossing’ Could Replace Park-and-Ride in Fort Lauderdale

Oakland Park’s Development Review Committee will review a proposal for Cypress Crossing tomorrow, May 23rd. The mixed-use venture would replace a park-and-ride lot, comprising three buildings: one eight-story building and two 7,500-square-foot retail buildings. According to the South Florida Business Journal, the mid-rise building would offer 286 apartments…

Mixed-Use, 71-Apartment ‘1435 ArtXchange’ Set for 1429 to 1435 Sistrunk Boulevard in Fort Lauderdale

Sirrom Commercial hopes to move one step closer to accomplishing 1435 ArtXchange, a mixed-use project in Fort Lauderdale. The city’s Community Development Agency (CRA) board will consider a $6 million forgivable loan for the workforce housing development which, upon completion would deliver 71 apartments, 5,844 square feet of commercial bays (five total), and a 218…

NRIA’s successor proposes 48-story apartment tower in Fort Lauderdale

The successor to the formerly embattled National Realty Investment Advisors proposed a 48-story, 429-unit apartment tower in Fort Lauderdale’s Flagler Village area. A city review panel told a subsidiary of AIRN Holding Company on Tuesday to consider redesigning the ­proposed multifamily tower to address excessive podium height and add visual drama to the roofline.

Former funeral home site in Wilton Manors to be redeveloped as boutique hotel with 123 rooms

The owners of a former funeral home in Wilton Manors won city approval to redevelop the property as a 123-room boutique hotel called the Wilton Hotel. The Wilton Manors City Council unanimously approved a rezoning of the hotel development site during the council’s meeting Tuesday night, along with a developer’s agreement and deed restrictions on the development site.

New Renderings Of Broward Elevated Light Rail That Could Eventually Reach Sawgrass

The Sun Sentinel has published new renderings of a people mover system and an elevated light rail system to be built in Broward County. The light rail system is planned to be elevated. It will run 3.5 miles in a first phase, from an intermodal center at Fort Lauderdale airport to the Broward County Convention Center and Port Everglades. Eventually, it could be extended to Sawgrass Mills.

Pompano Beach senior rental project lands $28M in construction loans, as affordable apartments defy financing slump

A low-income apartment project for senior residents in Pompano Beach landed a $27.5 million construction loan package, as affordable housing remains immune to the multifamily financing slump. The Housing Authority of Pompano Beach and Jacksonville-based apartment developer Vestcor are building the 100-unit Provident Place with a pair of three-story buildings…

Ares drops $140M for Boca Raton apartments in biggest South Florida multifamily sale this year

Ares Management bought a 284-unit apartment building in Boca Raton for $139.7 million, marking the biggest multifamily sale in South Florida so far this year. Los Angeles-based Ares scooped up the eight-story Ceru property at 5205 Congress Avenue from Fort Lauderdale-based Mainstreet Capital Partners, according to records and real estate database Vizzda. The sale defies the…

Brookfield buying big US multifamily portfolio including properties in Coral Springs, West Palm Beach

Brookfield has agreed to pay US$1.55bn for a 7,300-unit apartment portfolio concentrated in Florida and Texas, Green Street News can reveal. The investment behemoth is buying the 23-property package from Starwood Capital, which evidently pieced the portfolio together over the last five years. The deal values each apartment at US$212,000. It’s not clear if Miami Beach-based…

Lease roundup: Financial firms lease at Steve Ross’ West Palm towers, Pura Vida is in expansion mode

Steve Ross’ Related Companies signed six new tenants in downtown West Palm Beach, amid the developer’s hefty bet on the area’s office market. JPMorgan Chase leased space at the 20-story 360 Rosemary building at 360 South Rosemary Avenue, which Related completed in 2021, Bloomberg reported. Also, billionaire hedge funder John Paulson’s Paulson Capital and private equity…

What’s Trending In Industrial Space? Automation In Towering Cold Storage Boxes

Many in the cold storage space are using ASRS to more strategically manage their inventories. In one instance, an occupant called AmeriCold constructs their new buildings around such a system, and in many cases, they stretch 150 feet in height. To put this in context, that is approximately 12 stories high, and roughly four times the height of the modern concrete…

The Supermarket Rental Sweep: Analyzing Multifamily Rent Premiums Generated by Grocery Store Anchors

Across the country, both urban centers and established suburbs have contended with a mismatch between the desire to densify with contemporary mixed-use development and their existing land use patterns of single-use, low-density development. In particular, many grocery stores were built as sprawling, low-density stores in central locations that today present an inefficient…

Multifamily Distress Rate Nearly Doubles Nationally In April

The worst isn’t over for the distress-riddled multifamily industry, according to new monthly financial indicators. The overall distress rate set a new record of 8.35% in April, according to real estate data firm CRED iQ, with multifamily leading the increase. Multifamily’s distress rate increased from 3.7% in March to 7.2% in April, CRED iQ reported. The jump was led by a loan…

DeSantis Signs Live Local Amendments, Boosting Tax Breaks For Developers

Florida Gov. Ron DeSantis signed into law changes to the Live Local Act that are meant to clarify its rules while providing a boost for developers looking to build affordable and workforce housing. The amendments were one of 11 bills DeSantis signed into law Thursday. Among the changes, which are seen as largely favorable to developers, are increased tax breaks for affordable…

Live Local changes could propel workforce housing boom in South Florida

A “coming soon” sign posted at the construction site of an affordable housing development in Hollywood, a market brimming with new projects, prompted an unexpected response. More than 21,000 people applied to live in the 113-unit future development, called Pinnacle 441. Pinnacle opened a lottery for the units March 15 and closed it 10 days later. It’s no secret that South Florida…

The Weekly Dirt: It’s go time for Live Local projects

Gov. Ron DeSantis signed long-awaited amendments to the Live Local Act into law last week, a relief for developers banking on the changes. Senate Bill 328 generally boosts and clarifies developer incentives under the workforce housing law that the Florida Legislature passed in 2023. It took more than two months for the latest bill to make it to DeSantis’ desk in early May.

Video: Morgan Stanley’s Real Estate Investing Co-CEO Lauren Hochfelder discusses firm’s top real estate investing ‘megatrends’

The recent Yahoo Finance episode of “Wealth!” featured Morgan Stanley Real Estate Investing Co-CEO, Lauren Hochfelder, who provided an in-depth analysis of current real estate investing trends amidst a volatile market. With shelter prices rising by 5.5% year over year and high mortgage rates coupled with low housing inventory, investors face a challenging landscape. Hochfelder…

How to use the debt service coverage ratio in real estate

The debt service coverage ratio, or DSCR, is a useful metric for assessing a borrower’s ability to cover debt obligations. In real estate, it can measure how easily the net income a property generates can cover its mortgage. The DSCR is one tool real estate investors often use when evaluating potential investment properties. It’s also an important factor lenders consider when investors…

Innovative financing for workforce housing

Half of all U.S. renter households spent more than 30% of their income on rent in 2022, according to the Harvard Joint Center for Housing Studies. In many markets, families are spending the majority of their income on housing costs, leaving limited resources for other needs. When cost burdens are that widespread, low-income renters aren’t the only ones struggling…

U.S. Apartment Transactions Nationally Slump to Lowest Level Since Pandemic

Investments in U.S. apartments continued to decline in 2024’s 1st quarter amid the high cost of borrowing and economic uncertainty. Though the asset class remains an attractive commercial real estate investment, sales have fallen well below pre-pandemic levels. Nearly 1,040 apartment properties changed hands at a value of $20.6 billion during 1st quarter 2024, according…

Bank OZK Has Dominated Construction Lending. Its CEO Has No Plans To Slow Down

No one has handed out more U.S. construction loans over the past year and a half than a midsized bank in Little Rock, Arkansas. In fact, no entity is even close. Bank OZK handed out more than $3B in real estate construction loans in 2023, while its closest competition, JPMorgan Chase and Wells Fargo, each originated less than $2B, according to MSCI. As most banks are pulling…