Nuveen’s 701 Brickell office tower hits the market for over $500M

Nuveen Real Estate listed its 701 Brickell office tower in Miami for more than $500 million, marking at least the fourth property in the financial district to hit the market since the fall. New York-based Nuveen’s 33-story bayfront tower, named for its address at 701 Brickell Avenue, is more than 90 percent leased, according to a source. Tenants include law firm Holland & Knight…

Nuveen Seeking More Than $500M For Brickell Office Tower

Nuveen Real Estate is looking to sell 701 Brickell Ave. less than a year after it offloaded another nearby office building in Miami’s financial district. Nuveen, the real estate investment arm of the Teachers Insurance and Annuity Association of America, is looking for more than $500M for the 685K SF office tower in the heart of Brickell. The property is around 92% occupied by high…

Foundation Work Progresses On The Site Of Miami’s First Supertall Skyscraper

Foundation work at 300 Biscayne Boulevard, the site of the forthcoming Waldorf Astoria Hotel & Residences, has reached a significant milestone. This 100-story supertall tower, designed by Sieger Suarez Architects in collaboration with Carlos Ott, is poised to transform the downtown Miami skyline. Developed by Property Markets Group in partnership with Greybrook Realty Partners…

Codina-led JV scores approval for Hialeah mixed-use project

A Codina Partners-led joint venture nabbed the initial green light for a planned transformation of a former Sears store, an outparcel and a parking lot in Hialeah into a mixed-use project. The Hialeah City Council voted unanimously on first reading last week to approve Westland Plaza, a planned complex of 815 apartments, 15 townhomes, roughly 32,624 square feet of commercial…

Major developers are converting South Florida malls into mixed-use projects

Electra America and BH Group plan to tear down a big box store on an outparcel of Cutler Bay’s Southland Mall later this year, after the current tenant, Ross Dress For Less, moves into a space in the indoor shopping center. The move will jumpstart the first phase of the joint venture’s $1 billion makeover of Southland Mall into Southplace City Center, a mixed-use project that will…

The Weekly Dirt: South Florida developers go shopping at the mall

At least seven redevelopments of indoor malls are in the works, fueled by the demand for housing. Electra America, BH Group, Aimco, Codina Partners, Midtown Equities, Jericho and Kimco Realty are all playing in the space, Francisco Alvarado reports. It’s a win-win for struggling malls and developers looking to cash in on opportunities to fill the need for housing — a need that was…

Miami Worldcenter to get 53-story condos-and-hotel tower

A developer is bringing a new mixed-use residential tower that will include a hotel and outdoor dining to Miami Worldcenter. Miami A/I Parcel 3 Subsidiary LLC has presented a plan for Miami Worldcenter Block C East at 155 NE 10th St., in the northern edge of the booming Miami Worldcenter District. This latest project will be a 53-story mixed-use tower with a 280-key hotel…

Henry Pino’s Alta lands $68M construction loan for short-term rental condo near Miami River

Alta Development scored a $68 million construction loan for a 283-unit short-term rental-friendly condo near the Miami River. The Kendall-based firm plans the 16-story River District 14 on the 1.3-acre site at 1451 Northwest 14th Street in Miami, according to Alta principal Henry Pino. Boynton Beach-based Forman Capital is the lender. River District 14 is more than 70…

Allen Morris scores approval for once-controversial Ponce Park Residences

After a number of rejections and opposition from neighbors, the Allen Morris Company secured approval for a downsized version of its plans for Ponce Park Residences in Coral Gables that’s been years in the making. The latest version of its plans call for a nine-story building with 57 luxury condos at 3000 Ponce de Leon Boulevard, across from the major mixed-use Plaza Coral…

Fuse sells pair of unfinished Coconut Grove buildings seized from developers

Lender Fuse Group sold a pair of unfinished Coconut Grove buildings tied to defaulted loans from two developers. Fort Lauderdale-based Fuse sold the building shells at 2961 and 2967 Bird Avenue in Miami to an entity led by Patrizio De Brasi for $8.1 million, according to records. De Brasi took out an $8.2 million loan from Fuse. The deal comes after the properties were tied…

Homestead Will See Construction of 1,100 Unit Mixed-Use Development

The Homestead Commission is discussing a large development which will be known as Sandero Landing. This is set to have 1,100 units, along with restaurants and stores. The development will be located on 90 acres of land. The project in question will be built on 90 acres on South 328th Street. The goal is to create a place where many people can live, work and play. There will be office…

Wynwood Arcade being redesigned as Wynwood Jungle

An old established building in the booming Wynwood Arts District is being reborn – again. The City of Miami’s Wynwood neighborhood continues its evolution from industrial warehouse district to a new and vibrant mixed-use neighborhood peppered with street art. The former warehouse at 50 NW 24th St., first reborn as the Wynwood Arcade, is being repurposed once more…

Coto family, Aston Martin complete $1B branded condo tower in downtown Miami

A marching band began playing “Celebration” by Kool & the Gang at the ribbon-cutting ceremony marking the opening of Aston Martin Residences, a waterfront luxury condo tower just completed in downtown Miami. The Coto family, executives from Aston Martin, architect Rodolfo Miani of Buenos Aires-based Bodas Miani Anger, Cervera Real Estate leaders and Miami Mayor…

‘It was heaven. It’s gone.’ Grove Isle residents say Miami broke laws to let tower rise

One of the serene pleasures of Wendy Gordon’s daily routine was sitting on her Grove Isle balcony and watching the sun rise over Biscayne Bay, framed by Key Biscayne and the downtown skyline. No more. The sun is blotted out by a new 91-foot tall, stadium-like condominium that curves around the north end of the island and shrouds Gordon’s Building 3 in shadow…

174-Unit ‘Cassia’ Planned for 4011 Salzedo Street in Coral Gables

Cassia, a 12-story upscale housing complex, is slated for Coral Gables. Our sources indicate that the building will host 174 condos, with homes measuring 662 square feet to 1,439 square feet each. The furnished residences will span one-bedroom to three-bedroom floorplans, with the cost of ownership starting in the $700,000s. The most expensive units hover around $1.8M…

New Renderings Revealed For Okan Tower At 555 North Miami Avenue In Downtown Miami

New renderings have been revealed for Okan Tower, a 70-story mixed-use building under construction at 555 North Miami Avenue in Downtown Miami. Designed by Behar Font & Partners and developed by Okan Group, the 902-foot-tall, 914,124-square-foot structure will yield 399 residences, a 316-key hotel, along with 64,000 square feet of ‘Class A’ office space…

Miami Worldcenter Was Almost A ‘Dinosaur.’ Now It’s A $6B Juggernaut

The Miami Worldcenter team had just broken ground on its debut tower when its plans began to fall apart. Macy’s and Bloomingdale’s were set to anchor the first phase of the 27-acre, $6B development in the heart of Miami, but in mid-2015, the company’s stock was cratering as Americans shifted to shopping online. The 60-story Paramount Miami Worldcenter condo…

Crunch Fitness founderDoug Levine sells three Wynwood buildings for $24M

Crunch Fitness founder Doug Levine sold a trio of commercial buildings in Miami’s Wynwood for $23.5 million, roughly $6 million below his asking price, The Real Deal has learned. Wynwood 126 acquired the 0.7-acre portfolio that can be redeveloped into a mixed-use project with a hotel or multifamily component, according to Tony Arellano and Devlin Marinoff with Dwntwn…

Gucci opens at Dadeland Mall & Other South Florida Leasing News

Gucci opened a boutique in Dadeland Mall. The luxury fashion brand’s 6,000-square-foot store features handbags and accessories, including items from the Gucci Valigeria collection, according to the tenant’s news release. Simon Property Group owns Dadeland Mall at 7535 Southwest 88th Street in the Kendall neighborhood of unincorporated Miami-Dade County.

FAA Permits Issued For 33-Story Residential Tower At 2411 Laguna Circle In North Miami

The Federal Aviation Administration (FAA) has issued permits for One Park Tower by Turnberry, an imminent 33-story residential building located at 2411 Laguna Circle within the 184-acre master-planned community of SoLé Mia in North Miami. Conceived by Arquitectonica and developed by the Aventura-based Turnberry, the 370-foot-tall structure will sit south…

Developers propose 44-unit multifamily project in Goulds

A trio of developers want to build a 44-unit multifamily building with workforce apartments in Goulds, marking continued interest in south Miami-Dade County’s residential market.Javier Sanchez, Marianna Parra Villegas and Adriana Ortega, through an affiliate, propose the six-story Horseshoe Cay Apartments on a 0.3-acre site at 21839 Southwest 118th Court in an unincorporated…

44-Unit ‘The Horseshoe Cay Apartments’ Proposed for 21839 SW 118th Court in Miami

Horseshoe Cay LLC secured a .34-acre parcel for $1.5 million in 2023. Now, it has filed a pre-application with Miami city officials for a six-story apartment complex. The Horseshoe Cay Apartments would offer 44 apartments: 17 one-bedroom units and 27 two-bedroom units. Homes would measure about 545 square feet to 870 square feet each. The South Florida Business…

Developer proposes 23-story mixed-use tower with racket sports courts in Brickell

A developer wants to build a 23-story mixed-use tower with racket sports courts on the former Babylon Apartments site in Miami’s Brickell. The plan comes five years after a contentious proposal for a 24-story building on the property fizzled amid neighbors’ opposition. Yet, the zoning has changed since then. In February, Miami-Dade County included the development site…

First Standalone Four Seasons Condo Planned for 2699 S Bayshore Drive in Coconut Grove

Four Seasons Private Residences Coconut Grove is slated to be the luxury brand’s first standalone venture in the state, offering “legendary service and experiences outside of a hotel or resort.” The 20-story tower will offer 70 homes, four of which are penthouses. Our sources indicate that standard floorplans range from one-bedroom to two-bedroom models, measuring 2,000 to 3,980 sf…

Miami commissioners reduce fines for Château Group’s downtown Miami dev site

Château Group is getting an $800,000 reduction in fines accrued at a downtown Miami development site where a tenant operated an illegal parking lot. The Miami City Commission voted on Thursday to slash $1.1 million in daily accrued fines to $300,000 stemming from a former tenant at 666 Biscayne Boulevard operating a parking lot without a certificate of use from the city.

‘In a holding pattern’: South Florida apartment developers pause projects

Developer Dan Kodsi isn’t rushing to build multifamily projects in South Florida. Two years ago, he jumped into the market with proposals for an apartment tower in Aventura and another in Miami. Now, he’s reevaluating the developments and tweaking both. “It’s too expensive to build [high-rise] apartments today,” Kodsi said. “The margins are very razor tight…

Prologis Expects Lower Average Occupancy Nationally in The Year Ahead

Skittish customers determined to keep a tight rein on costs are holding back on leasing additional logistics space, executives of Prologis reported in their 1Q 2024 earnings conference call. “While operating conditions are healthy in the majority of our markets, customers remain focused on controlling costs, which is weighing on decision making and the pace of leasing,” Prologis…

MisterO1 Extraordinary Pizza Signs 10-Year Retail Lease in Pinecrest

MMG Equity Partners’ retail shopping center in Pinecrest, Pinecrest Shoppes, will be the new home of MisterO1 Extraordinary Pizza. The 2,730-square-foot, newly renovated space (formerly occupied by Mayweather Fit) required a full build-out. Pinecrest Shoppes is located in Miami-Dade’s busiest retail corridor. Its affluent and densely populated trade area includes some…

Preserve or Tear Down: The dilemma of old vs. new plagues Belle Meade residents

Belle Meade is at a turning point in its long-winding history, but as is the case with most evolutions, it’s being preceded by a war. There are two camps developing in the Upper East Side neighborhood: those who want to preserve the eclectic character of the community, and those who want to preserve their rights as property owners to remodel and rebuild as they wish. Surely, there…

Pharmaceuticals take off as a top Miami export

As Miami International Airport continues to grow its cargo, pharmaceuticals fly high among its top commodities. “Over the last, I want to say three, four years, we’ve had… [about] four straight record-breaking years in just cargo overall,” said Ralph Cutié, director of the Miami-Dade Aviation Department. “Back during the pandemic we had, I think it was a little bit over 2.3 million…

Assurant To Relocate In One Of Miami’s Largest Leases Of 2024 So Far

Assurant is moving its Miami offices from the sprawling 79-acre campus it owns to a 78K SF lease that marks the second-largest office deal in the city so far this year. The insurance giant is slated to move into three floors at 701 Waterford Way in the Waterford Business District in June 2025 after listing its campus west of Cutler Bay for sale nearly a year ago. The Waterford…

Tri-Rail chugging toward tri-county express trips

Tri-Rail is closing in on an express service with limited stops between downtown Miami and West Palm Beach, the first Tri-Rail into downtown where passengers won’t have to change trains. The request for a single express train morning and night was on track for South Florida Regional Transportation Authority board action, executive director David Dech told the Citizens…

Miami Beach’s oldest structure, Collins Canal, may get historic label

Miami Beach’s oldest manmade structure, the Collins Canal, is flowing slowly toward historic designation. The flow of state grants could follow. The Miami Beach City Commission referred historic branding to a May 1 meeting of the Land Use and Sustainability Committee. The Historic Preservation Board initiated the designation talks, said Deborah Tacket…

City of Miami Sides with Arts Groups in Billboards Vote

City of Miami commissioners voted 3-2 April 25 to ban future construction of oversized, digital billboards in the municipality. But to be clear, residents will still stumble upon these very structures during their downtown walks or drives. The vote puts the city one step closer to rescinding an ordinance passed in 2023 that allows 100-foot LED billboards spanning 1,800 square feet…

46-Story Tower Designed By FSMY Architects + Planners Proposed For 100 NW 7th Avenue In Fort Lauderdale

On April 23, the Development Review Committee in Fort Lauderdale began reviewing plans for a new 46-story multi-family development at 100 Northwest 7th Avenue, situated just a few blocks east of Brightline’s Fort Lauderdale Station. The project, designed by Josh Bailey of the local architecture firm FSMY Architects & Planners and developed by Miller Property Invest…

Steve Ross’ Related sells W Fort Lauderdale to Blackstone for $98M

After holding onto the W Fort Lauderdale for more than a decade, Steve Ross’ Related Companies sold the 346-key oceanfront hotel for $97.7 million. An affiliate of New York-based Blackstone, led by CEO Stephen Schwarzman, acquired the hotel portion of the 3.8-acre property at 401 North Fort Lauderdale Beach Boulevard, records show. The investment giant paid $282,225…

Proposal Unveiled for Redevelopment of West Palm Beach Family Church Site Featuring Two Condo Towers and New Church Facilities

Related Companies, headed by Stephen M. Ross, and Frisbie Group have partnered with the Family Church to envision a transformative redevelopment project in downtown West Palm Beach. Designed by New York’s Kohn Pedersen Fox Associates, the project calls for two condominium towers of 28 and 32 stories on the church’s expansive 9.6-acre site at 1101 South Flagler Drive…

Steve Ross’ Related, Frisbie propose 190-unit condo project on West Palm church site

Steve Ross’ Related Companies and a partner propose a pair of condo towers with a total of 190 units on a church site near downtown West Palm Beach. New York-based Related and Palm Beach-based Frisbie Group want to build a 28-story building and a 32-story tower on the Family Church property at 1101 South Flagler Drive, while preserving the main worship hall and…

Forté on Flagler Tops Off At 1309 South Flagler Drive in West Palm Beach

Construction has topped off on Forté on Flagler, a 25-story residential building at 1309 South Flagler Drive in West Palm Beach. Designed by Bernardo Fort-Brescia of Arquitectonica with interiors by Jean-Louis Deniot and developed by a joint venture between Two Roads Development and Alpha Blue Ventures, the approximately 300-foot-tall structure will yield 41 residences…

South Florida’s branded condo boom arrives in West Palm Beach

Behind the hedges in Palm Beach hide meticulously maintained architectural samples of old-world opulence. Regency, Mediterranean and Georgian-style estates, many of them built for the heirs to America’s early industrial fortunes, blend into palm trees and lush tropical landscaping. They’re understated, but commanding. The condominiums that sprang from the sand in the…

Burger King to Invest $300M to Remodel 1,100 US Restaurants by 2028

Burger King plans to invest $300 million to modernize 1,100 U.S. restaurants by 2028, according to parent company Restaurant Brands International Inc. (NYSE: QSR). Each restaurant will be renovated in a new layout, called Sizzle, that emphasizes flexibility as well as the digital, pick-up and drive-thru experiences. In addition to the planned renovations, the investment will also…

How Dollar Strength Can Affect Industrial Commercial Real Estate

Reshoring manufacturing has become a trend since the pandemic, as reported by outlets like CNBC, and it all comes down to supply chains. But those in industrial CRE who could benefit from it are learning that keeping up with foreign exchange issues and the current strength of the dollar can be as important as monitoring interest rates. During the pandemic, supply chains broke.

Video: Hessam Nadji discusses bright spots and challenges in commercial real estate

The Discussion: Navigating Storm Clouds and Bright Spots: Insights on Commercial Real Estate As the economic landscape continually shifts, discussions surrounding the commercial real estate market are more pertinent than ever. Recently, on a segment dedicated to real estate, Hessam Nadji, CEO of a large brokerage, provided invaluable insights into the sector’s current state…

Report: Red Lobster Wants To Reel In A Buyer Amid Debt Restructuring And Potential Bankruptcy

Red Lobster has reportedly been fishing for a potential buyer as it considers debt restructuring options that include possible Chapter 11 bankruptcy. The struggling seafood chain sought a buyer in recent months, people familiar with the matter told CNBC. A potential buyer was lined up but the deal fell through, the outlet reported. Red Lobster has been trying to break some contracts…

Amazon Logistics Manager Says EVs Are ‘Past The Tipping Point’ And Industrial CRE Needs To Take Notice

Amazon has been building out infrastructure for electric vehicle fleets over the last two years, and it has reached a turning point that industrial real estate developers and owners should take note of, one of the firm’s senior managers said Tuesday. “The [electric] vans are coming … I believe we’re past the tipping point,” Mark Purcell, a senior construction manager with Amazon…

Self-Storage Slide Continues With Declining Rents, Projects Abandoned

Self-storage, an early pandemic wunderkind in commercial real estate, continued its steady decline in March, with rents dropping 4.5% annually, according to Yardi Matrix. Rents hit $16.25 per SF, showing declines for both climate-controlled and non-climate-controlled properties, the company found. REITs dropped their rates to attract new customers and smaller operators…

CRE Industry Nationally Less Optimistic About Cap Rates, Interest Rate Cuts

Optimism levels about the impact of mortgage and cap rates on commercial real estate are mixed, according to a new survey from CRE Finance Council, with 31% expecting a positive impact and 37% foreseeing a negative one. This marks a shift from the previous quarter’s more optimistic 48% reading, according to the 1Q 2024 Board of Governors Sentiment Index survey.

Republic First Bank Seized With $1.7B Of CRE Loans On Its Books

Republic First Bank, which had $1.7B in commercial real estate and construction loans on its books, was taken over by regulators and sold this weekend. The Philadelphia-based bank was shut down by the Pennsylvania Department of Banking and Securities on Friday, the first regional bank failure this year. It had $6B in total assets. Fulton Financial bought its deposits and assets…

Yardi To Become WeWork’s Majority Owner In $450M Bankruptcy Exit Plan

Attorneys for WeWork revealed in a Monday morning bankruptcy hearing that under its plan to exit bankruptcy, property management software provider Yardi Systems would become the majority owner of the coworking titan. Under the terms of WeWork’s proposed financing deal to exit bankruptcy, the company’s senior lenders agreed to inject WeWork with $50M to keep…

Video: Trepp Chief Product Officer Lonnie Hendry Provided Update on Real Estate Financing And Distressed Loans

In the dynamic world of commercial real estate, staying ahead requires not only understanding the current market trends but also engaging in insightful conversations with industry experts. Recently, a conversation on America’s Commercial Real Estate Show with Lonnie Hendry, Chief Product Officer at Trepp, provided a deep dive into the current state of commercial…

Michael Stern pays $61M for Brickell site of Dolce & Gabbana supertall

As questions swirl about the future of Michael Stern’s Brooklyn supertall, the developer appears to be all in on Miami. Stern’s JDS Development Group paid $61.2 million for the half-acre site at 888 Brickell Avenue, where the firm plans a Dolce & Gabbana-branded condo-hotel tower, property records show. A company tied to Grupo Mezerhane, led by Mashud Mezzerhane…

New Renderings Revealed For Miami Tower Vying To Be Among Florida’s Tallest

The 70-story Okan Tower, which dwarfs all of Florida’s current skyscrapers, is being built at 542 N. Miami Ave., four blocks from the Kaseya Center. The tower, which is slated to deliver in 2027, will have a 316-key hotel and 236 short-term rental condos both with Hilton branding, 163 traditional condos and 64K SF of office space. The tower is the first U.S. development…

Related Group and GTIS Partners Announce Collaboration with Viceroy on 45-Story Brickell Condo Tower

Real estate leaders Related Group and GTIS Partners, in partnership with the luxury hospitality company Viceroy, have announced the development of Viceroy Brickell – The Residences (Viceroy Brickell). Located at 77 Southeast 5th Street in Miami’s Brickell neighborhood, this 45-story tower, already under construction, was initially envisioned as a rental project but has since…

ASG Equities Sells Retail Property in Miami’s Design District for $14M

New York City-based ASG Equities has sold a 4,500-square-foot retail building located at 70–74 N.E. 40th St. in Miami’s Design District. Dacra acquired the property… for $14 million. The transaction marks the final step for ASG’s three-property portfolio that it has sold in recent months, the others being buildings at 80 and 101 N.E. 40th St. The company is actively developing…

Gindi’s ASG sells another Miami Design District building to Craig Robins and partners

A partnership led by Craig Robins continues expanding its market share in the Miami Design District, buying another retail building from the Gindi family’s ASG Equities. An affiliate of Miami Design District Associates acquired 70 and 74 Northeast 40th Street for $14 million, a press release states. The buyer is a joint venture between Robins’ Miami-based Dacra, L Catterton Real Estate…

Apple’s Coral Gables office hub becomes year’s biggest lease deal in Miami-Dade

Coral Gables continues to welcome world-recognized brands as Apple moves in The Plaza Coral Gables. “I think what’s exciting about Apple is that it is an expansion project,” said Mark Trowbridge, president and CEO of the Coral Gables Chamber of Commerce. “This comes on the heels of FIFA bringing their corporate headquarters here, which is a relocation project…

Fleischer Studios for fabled cartoons may be labeled historic

Local preservationists are working to secure historic designations for two 20th century landmarks to showcase and preserve Miami’s history for future generations. Today (4/25), the Miami City Commission is to review resolutions highlighting the historic significance of the Halissee Hall Gates and the Fleischer Studio. If approved, the measures would pave the way for…

Multinationals influx spurs Coral Gables economy

Coral Gables is gearing up for a bustling spring and summer season with events to promote local businesses and the influx of major multinational corporations such as FIFA, Ryder and Apple into the city. Nearing its 100th anniversary next year, Coral Gables is home to over 10,000 businesses and continues expanding as an international business hub. In preparation for…

Grupo Frali buys Edgewater dev site to complete full block assemblage

Grupo Frali purchased a development site in Miami’s Edgewater to complete a full block assemblage, but the firm doesn’t have any immediate plans for a project. An affiliate of Grupo Frali, a private investment firm based in Buenos Aires, Argentina, acquired a 20,240 square-foot vacant lot at 3047 Biscayne Boulevard, a press release states. With its purchase, Grupo Fali now…

Piece by piece, Coral Gables’ historic city hall restored

With an estimated $4 million of Coral Gables city funds allocated this year to restore city hall, next up are to replace windows and seal the exterior walls. Since city hall is a historic building, there is a process for every step and the different phases of renovations, said Vice Mayor Rhonda Anderson. “My last update on this was about three weeks ago when I said it takes four months…

Coral Gables’ mobility hub is immobile

Coral Gables city officials and the administration are still trying to find ways to soften the exterior and allocate the liability costs for the long-planned Coral Gables Mobility Hub. The last item regarding the mobility hub that was brought to the commission focused on its façade, Mayor Vince Lago said. “The mobility hub is expected to enhance our city’s revenue, with commercial…

Oak Row Equities Officially Breaks Ground On 2600 Biscayne Boulevard In Edgewater

Oak Row Equities has broken ground on 2600 Biscayne Boulevard, a 41-story tower in Miami’s Edgewater neighborhood that will offer a mix of multifamily residences and office spaces. Coastal Construction Group is tasked as the project’s general contractor. The design is spearheaded by the internationally acclaimed architecture firm Arquitectonica, with interiors by Portland…

Atlantic Pacific Cos. Breaks Ground on Affordable Housing Complex ‘Culmer Place’ at 800 NW Fifth Avenue in Miami

Atlantic Pacific Cos. has broken ground on Culmer Place, an affordable housing complex in Miami-Dade County. Florida YIMBY first reported on the multi-million-dollar project in March 2022. The seven-story building will offer 239 units, ranging from one-bedroom to five-bedroom layout plans. Residency would be available for those making 30 percent to 80 percent of the area…

After yearslong litigation, former lender wins lawsuit tied to Miami Design District dev site

A former lender of the failed project at the entrance to the Miami Design District and Midtown Miami won in court this week, likely closing the door on years of litigation surrounding previous plans for the property. Miami-based HES Group had planned to develop the site into Triptych Miami, a 475,000-square-foot project with a hotel, retail space, offices and parking…

Tecnoglass plans new Morningside HQ after acquiring dev site

Tecnoglass has big plans for a new headquarters in Miami’s Morningside after acquiring a shovel ready development site. An affiliate of Tecnoglass, an industrial glass manufacturer that last year moved to Miami from Barranquilla, Colombia, acquired a 0.6-acre assemblage at 5101 and 5125 Biscayne Boulevard, according to records and real estate database Vizzda.

Haimov lists Miami Gardens site for $25M, abandoning development plans

Haimov Group is listing a Miami Gardens development site for $24.5 million, after abandoning plans for a $200 million mixed-use project. Miami Beach-based Haimov, led by Igal and Aaron Haimov, is looking to sell a 3.6-acre vacant property at 17300 Northwest Seventh Avenue Road, a listing obtained by The Real Deal shows. Aaron Haimov did not immediately…

UHealth’s Largest Outpatient Medical Facility Tops Off at SoLé Mia In North Miami

UHealth—University of Miami Health System has announced the topping off of its largest outpatient medical facility, UHealth at SoLé Mia. This facility, addressed as 2111 Sole Mia Way, is part of the 184-acre master-planned community in North Miami, developed by Oleta Partners, a joint venture between developers LeFrak and Turnberry. Robins & Morton is the general contractor.

Foundation Pour Is Complete For 70-Story Okan Tower At 555 North Miami Avenue In Downtown Miami

Foundation pouring is complete on the site of Okan Tower, a 70-story mixed-use skyscraper under construction at 555 North Miami Avenue in downtown Miami. International property developer Okan Group recently celebrated this significant milestone for their highly anticipated development, which is set to become the area’s next major mixed-use megaplex. The 36-hour…

‘Palma Miami Beach Residences’ Set for 666 71st Street in Miami Beach

Construction could start on Palma Miami Beach Residences later this year. The 14-story condo would comprise 126 furnished units, with most one-bedroom and two-bedroom floorplans measuring 405 to 886 square feet. The South Florida Business Journal reports that there would also be multiple penthouses––some reaching 1,342 square feet. Communal amenities at Palma Miami…

The Gallery at West Brickell with 465 Apartments Topped Off, Being Painted

The Gallery at West Brickell has topped off and is being painted. Developer Related Group says on its website that the tower will be a “Class-A” mixed-income, mixed-use, and transit-oriented development located in the heart of Brickell. Groundbreaking for the project took place in September 2022. It is the the largest single-phase public/private project in the county…

Evictions surge at Hialeah’s luxury apartment projects Shoma Village, Pura Vida and Manor

Residents in predominantly working-class Hialeah are feeling the squeeze from soaring apartment rents, and some are getting slapped with evictions, following a wave of high-end multifamily construction in the city. The development spree has led to a surge in rent, now ranging from $2,050 for a studio to $3,765 for a three-bedroom unit, pricing out residents in the city where…

$100M The Julia Residences in Allapattah Reaches Completion, Already 35% Leased

The Julia Residences has received its TCO and the first residents have moved in. The $100 million, 14-story residential tower was developed by Lissette Calderon’s Neology Life Development Group. The Allapattah development includes 323 apartments, amenities, and 13,000 square feet of street-level retail space. A total of 25 residents moved in on day 1, and more than 35%…

Office Tower Inspired By The World’s Top Luxury Hotels Launching In Miami

Aman, Rosewood, Oetker and Four Seasons Hotels & Resorts, as many luxury travelers know, are regarded as the top ultra-luxury hotel brands in the world with exquisite rooms, unbending service and amenities that get more over-the-top by the day. Now, a developer in Miami, Robert Rivani, the founder and CEO of the commercial investment firm Black Lion, has plans…

Rishi Kapoor’s Miami Beach co-living project dev site heads to auction

A Miami Beach property where Rishi Kapoor planned a co-living condo project will be sold at auction. Miami Federal Judge Jacqueline Becerra on Monday authorized the hiring of auctioneer Lamar Fisher and his eponymous firm to sell two commercial buildings at 1234 and 1260 Washington Avenue owned by an affiliate of Urbin, a subsidiary of Location Ventures, the Coral Gables…

Tijuana Flats Closes Nine South Florida Locations After Bankruptcy Filing

Central Florida-based restaurant Tijuana Flats has announced it is filing for bankruptcy and has closed 11 of its restaurants, including a whopping nine of them in South Florida. According to a press release, the Tex-Mex brand has brought in new ownership, Flatheads LLC, with a plan of “revitalizing its restaurants and reinvigorating the customer experience.” The release notes…

51-Story Downtown Miami Tower Gale Hotel & Residences Opening Soon

Get ready for hundreds more short and long-term residents in Downtown Miami, with the 51-story 601 Miami tower said to be opening shortly. Stayntouch, which provides hotel property management software, said in a press release yesterday that the 688-room Gale Miami Hotel and Residences is planned open on May 1. As of this morning, rooms are available on Booking.com…

JLL Secures $100M Loan for Warehouse Portfolio in South Florida

JLL has secured a $100 million loan for a nine-property warehouse portfolio spanning 824,546 square feet in South Florida. Jim Cadranell, Gregory Nalbandian, Michael Lachs and Jimmy Calvo of JLL arranged the seven-year, interest-only loan through Nationwide Mutual Insurance Co. on behalf of the borrower, Seagis Property Group LP. The assets in the portfolio include…

Black Lion Pays $63M for Miami Beach Office Building

Black Lion Investment Group has made its first office acquisition in Miami Beach, Fla., purchasing The Lincoln at 1691 Michigan Ave. for $62.5 million, with plans to redevelop the mixed-use property into a luxury office concept it’s calling ‘Class X.’ The seller was Clarion Partners, according to CommercialEdge data. Black Lion Investment Group plans to transform The Lincoln…

Iconic Moore Building in Miami’s Design District Reopens With New Restaurant and Members-Only Club

The iconic Moore building in the Miami Design District, which was built in the 1920s, is officially reopening with a new modern American restaurant, Elastika, a members-only club, a boutique hotel, and more. Helmed by acclaimed Executive Chef Joe Anthony and brought to life by WoodHouse, the modern American restaurant is located on the first floor of the Moore building and…

Privee Capital plans 12-unit waterfront condo in North Beach

Privee Capital plans a 12-unit waterfront condo project in North Beach, marking continued residential development appetite for the neighborhood. The Miami Beach-based development firm will build a five-story building on a 0.8-acre lot at 1940 Bay Drive in Miami Beach, according to Scott Alcus, managing partner at Privee. Designed by Revuelta, the building will include…

Lease roundup: Rosetta Bakery with a speakeasy on tap at Standard-branded condo in Midtown Miami

Rosetta Bakery will open an Italian Bakery Café and cocktail bar at The Standard Residences, Midtown Miami. The restaurant leased 2,500 square feet next to the lobby and 1,200 square feet of outdoor terrace space at the building that’s under construction at 3100 Northeast First Avenue in Miami, according to a news release from the tenant and one of the developers.

Interview: Mandarin Oriental’s Christian Glauser Benz On Expansion Plans And The Rise Of Branded Residences

Christian Glauser Benz has traveled to more than 120 countries in his career managing the strategic growth of some of the best-known luxury hotel brands. He joined Mandarin Oriental Hotel Group in January as the firm’s head of development for the Americas after stints at Hyatt Hotels Corp. and Dream Hotel Group. He saw the pandemic as a transformative moment…

Downtown Miami’s Future Shines Bright with Financing for Parking Garage Redevelopment

Concord Summit Capital LLC recently arranged $20-million in senior financing to refinance the Bayfront Parking Garage, an operating six-story parking garage with 753 spaces located at 255 NE 1st Street, Miami, FL 33131. Concord Summit’s Managing Director Justin Neelis from the firm’s Miami office sourced the loan on behalf of the owners, Artifact Group and Blutrich…

$2.5 Billion Bond Postponed by Mayor Daniella Levine Cava

Alittle more than two months after Miami-Dade County Mayor Daniella Levine Cava floated a $2.5 billion general obligation bond (GOB) referendum during her State of the County address to pay for a series of expansive projects, she’s had a change of heart. The mayor recently announced her decision to postpone those ambitious plans after running into too much opposition…

South Florida industrial vacancies rise in the first quarter

South Florida industrial landlords may see a slowdown on the horizon, as vacancies crept up across the tri-county region in the first quarter, according to a CBRE report. Demand in Miami-Dade County is growing at a slower pace, dropping to 2.1 million square feet in the last 12 months, well below a five-year average annual absorption rate of 4.5 million square feet…

This Week’s South Florida Deal Sheet: Amazon Warehouse Sells For $106M

A 1M SF Amazon fulfillment center near Jupiter was acquired for $106.5M by the investment firm founded by Ross Perot, the late billionaire who ran for president in 1992. Dallas-based Hillwood, the commercial real estate arm of Perot Co., acquired the property through a subsidiary from an entity controlled by Truist Securities, property records from the data intelligence…

Starwood sells four office buildings in Miramar at a loss for $45M

Starwood Capital Group sold an office portfolio in Miramar for $45 million, marking a 45 percent discount off its purchase price nine years ago. YMP Real Estate Management bought the pair of Miramar Centre I and III buildings at 3401 and 3601 Southwest 160th Avenue, as well as the pair of Huntington Centre I and II buildings at 2901 and 2801 Southwest 149th Avenue…

Starwood Sells Miramar Office Buildings At 45% Discount

Starwood Capital Group sold a four-building portfolio of offices outside Fort Lauderdale for $45M, just more than half of what it paid to acquire the buildings nearly a decade ago. Starwood sold two buildings in Miramar Centre, including 3601 SW 160th Ave., and two in another office park. A joint venture between YMP Real Estate Management and three entities tied to Nathan…

Estate wins approval to build 353 apartments in Davie, including affordable housing

South Miami-based Estate Companies advanced its ongoing expansion into Broward County, winning site plan approval in Davie for a 353-unit apartment building with an affordable housing component. The Davie Town Council last week approved the site plan for Soleste Reserve I, as well as a developer agreement with Estate that mandates deed restrictions requiring below-market…

Developer proposes 978-unit apartment complex on Fort Lauderdale mobile home park

A developer wants to build a 978-unit apartment complex at the Pan American Estates Mobile Home Park in Fort Lauderdale. Saulo Perez, a South Florida-based real estate developer, proposes the project on the 22.8-acre mobile home park at 150 Northwest 68th Street in the Cypress Creek neighborhood, according to city records. The Fort Lauderdale Development Review Committee…

Acclaimed Architect Renzo Piano Unveils First Concept Design for The Center for Arts & Innovation In Boca Raton

The Center for Arts & Innovation has unveiled its initial vision for a forthcoming, globally revolutionary creativity and innovation hub in Boca Raton designed by the widely acclaimed Renzo Piano Building Workshop. Renzo Piano, a Pritzker Architecture Prize-winning Laureate, selectively undertakes two to three new commissions worldwide each year, emphasizing the…

Venture One pays $36M for three Boynton Beach warehouses

Venture One Real Estate paid $36.2 million for a trio of Boynton Beach warehouses. Through an acquisition fund, an affiliate of Rosemont, Illinois-based Venture One purchased Boynton Logistics Center, an industrial complex at 1200, 1210 and 1220 Southwest 35th Avenue, records and real estate database Vizzda show. The buyer obtained a $50 million mortgage from…

Related Companies Breaks Ground on South Flagler House At 1355 South Flagler Drive in West Palm Beach

Related Companies held a groundbreaking ceremony on April 17 for South Flagler House, an unparalleled luxury residential development in the Palm Beaches. The development features exquisite design by the renowned Robert A.M. Stern Architects (RAMSA), interiors by the acclaimed firm Pembrooke & Ives, and spectacular waterfront views. Located along the Gold Coast…

Morgans Restaurant Relocates to Allapattah After 14 Years in Wynwood

Beloved modern comfort food restaurant Morgans, known for its brunch, is relocating from its Wynwood location to a restaurant space in Allapattah. The family-owned restaurant, which has been serving brunch staples from its Wynwood patio since 2010, will move from its purple home in Wynwood to a larger location in Allapattah at 2800 NW Seventh Ave. on Wednesday, April 24.

Steve Ross’ Related wins bid to build $300M West Palm convention center hotel

Billionaire Steve Ross’ Related Companies won the bid to build West Palm Beach’s next convention center hotel. New York-based Related will build a $300 million 20-story, 404-key Hilton Signia on the site at 900 South Rosemary Avenue, the Palm Beach Post reported. Related estimated the hotel could be completed in three years, according to the publication. The hotel will add…

The Breakers wins approval for courtyard renovation

The Breakers, Palm Beach’s historic oceanfront resort, won approval for the renovation of a central courtyard, the last site on the property in need of major restoration work. The Town of Palm Beach Landmarks Preservation Commission approved plans to update the 16,000-square-foot Mediterranean Courtyard at its meeting last week. Renovations will include adding a 1,800…

Questions & Answers About Distressed Commercial Properties

Distressed commercial properties are under-performing assets that pose significant challenges to owners from a physical and financial point of view. Whether they’re run down, obsolete properties or they’re simply producing a negative cashflow every month, distressed properties can be great investment opportunities. Having said that, investing in distressed properties…

Video: Foodservice Results CEO Darren Tristano Discusses Restaurants and Real Estate 2024

The Conversation: Navigating the Current Landscape of the Restaurant Industry In a recent episode of *America’s Commercial Real Estate Show*, show host Michael delved into the current state of the restaurant industry with CEO Darren Tristano of Foodservice Results. Their insightful conversation provided valuable perspectives on the trends, challenges, and…

Video: Blackstone Sends ‘Takeoff’ Signal With Big Commercial Property Deal

Blackstone’s $10 Billion Real Estate Deal: A Shift in Market Dynamics In a move signaling confidence in the property market, Blackstone recently closed a significant deal worth approximately $10 billion for another apartment landlord with its purchase of Apartment Income REIT.  This transaction underscores the real estate giant’s strategic decision to deploy capital amid changing…

U.S. Industrial Leasing Plunges Nationally In Q1 As ‘Recalibration’ Continues

Industrial users in the U.S. slammed the brakes on leasing in the first quarter, deepening a slowdown that is likely to continue for the remainder of the year. Net absorption reached 28M SF nationwide in Q1, a roughly 70% drop from a year earlier, driving the vacancy rate up to 6.7% from 4.5% last year. But industrial brokers aren’t worried. In fact, they realize their position…

With $191B To Spend, Blackstone Thinks Real Estate Has Hit Bottom

Blackstone sees a recovery in the commercial real estate market coming and is acting accordingly, making major investments in the sector, most notably in multifamily rentals. But the shift in outlook about when interest rates might begin to come down has somewhat tempered spending of the firm’s $191B of dry powder. “The recovery will not be a straight line, but we’re not…”

Apparel Retailer Express Inc. To Close 100 Stores In Bankruptcy

Fashion retailer Express Inc. has filed for Chapter 11 bankruptcy protection, according to a filing with the Securities and Exchange Commission on Monday, and says it will close more than 100 of its 530 locations. The company said it is closing about 95 of its Express locations and all 12 of its UpWest stores, while the remainder of its locations will remain open for normal…

Blackstone Flags Retail Property Investment Opportunity As Big Brands Put Focus Back On Stores

When more than 800 international retailers gathered in Paris last week at the World Retail Congress, their to-do lists were overflowing with a raft of new issues and challenges, many of which barely existed even two years ago. But major investors like Blackstone are buying property again, and that centuries-old route to market, the shop, is seeing a renewed focus. Top of the in-tray…

Optimizing your multifamily portfolio with agency lending

There’s no shortage of multifamily investment strategies, including long-term holds, quick turnarounds and value-add investments. Regardless of the strategy multifamily investors choose, it’s critical that they optimize their portfolios to get the best results. Portfolio optimization, defined. Commercial real estate portfolio optimization is the process of evaluating operations…

How low? LNR buys San Francisco office building for 11% of 2018 price

LNR Partners has snagged a 90,500-square-foot office building in San Francisco with a winning auction bid of $6.56 million — or 10.5 percent of its last traded price. An affiliate of the Miami-based investor took control of the 16-story Hewes Building at 995 Market Street, in Mid-Market, the San Francisco Business Times reported. The seller was Bridgeton Holdings…

Terra’s David Martin buys stake in Deauville Miami Beach site, plans reconstruction

Developer David Martin acquired a minority stake in the site of the former Deauville Beach Resort, a property that billionaire developer Stephen Ross had under contract two years ago. Deauville Associates, led by the Meruelo family, sold a 25 percent interest in the 3.8-acre oceanfront property at 6701 Collins Avenue in Miami Beach for $12.5 million. TMG 67 Communities LLC…

The Weekly Dirt: A brief history of the iconic Deauville

In the deal that was recorded this week, the Meruelo family retained majority ownership of the oceanfront property, once home to the historic resort that hosted the Beatles’ U.S. debut on “The Ed Sullivan Show” in 1964. For some perspective, let’s look back on the recent history of the iconic Melvin Grossman-designed hotel. Damage from a fire and Hurricane Irma in 2017…

Florida Rock pays $98M for quarry in Miami-Dade County

Florida Rock Industries bought a massive quarry outside of Miami-Dade County’s urban development boundary for $98.1 million. An affiliate of Jacksonville-based Florida Rock acquired a 590-acre mining site in an unincorporated area near Doral, records and Vizzda show. The deal breaks down to $166,271 per acre. The seller, an affiliate of Lutz, Florida-based Preferred…

Lights Now On At Five Park, Miami Beach’s New Tallest Building

The lights have now been turned on at South Beach’s new Five Park tower. The 48-story tower broke ground in 2021 at the entrance to South Beach. It is said to be taller than any other building in the city of Miami Beach, at 519 feet. When complete, it will include 280 luxury residential units, in a tower designed by Arquitectonica. Terra and GFO Investments…

One Of Wynwood’s Biggest Ever Apartment Buildings, AMLI Wynwood, Now Open

Get ready for hundreds more residents in Wynwood. AMLI Wynwood, a property with 316 luxury apartments, is now open, according to the AMLI Residential blog. Units are available now, the property website shows. A cross-block pedestrian passage is also now open, the blog post said. The project also includes 388 parking spaces, and is among the largest to break ground…

Okan Tower: Foundation Pour Photos & Estimated Completion Date Released

Contractors recently completed a foundation pour for the 70-story Okan Tower, which is set to reach a height of 902 feet in the air. It will be one of Miami’s tallest towers when it reaches completion, which is now planned for 2027, the developer said in a statement yesterday. Okan Tower is planned to include 163 residential units, 236 short-term rental residences managed by Hilton…

South Florida Office Rents Continue Torrid Rise Even As Leasing Slows

South Florida office rents continue to rise despite leasing activity failing to keep pace with last year across the region. Asking rates in Miami were up 9.1% year-over-year at the end of March, with tenants leasing 468K SF of office space in the first quarter, according to preliminary data from Cushman & Wakefield. Leasing activity was up 3.2% from the same period last year in Miami…

Miami’s Office Market Continues To Lead U.S.

Miami’s office market remained atop an index measuring foot traffic into office buildings last month. The Placer.ai index analyzes activity in major office buildings nationwide, and compares it to pre-COVID levels. Miami has enjoyed the fastest recovery of any city, the index shows. In March 2024, that growth continued. Office building activity in Miami was up 8% over the same month…

South Florida office market plateaus in first quarter

While South Florida’s office market is faring better than the rest of the nation, landlords are feeling the pinch from tenants with expiring leases looking to downsize space or leave, according to Colliers’ Jonathan Kingsley. “On a macro level in general, the office markets in the tri-county region are a bit challenged compared to prior quarters,” Kingsley told The Real Deal. “We have…

Una Residences Tops Off At 175 Northeast 25th Road In Brickell Area of Miami

Construction on Una Residences, Brickell’s first waterfront residential development in over a decade, has reached its full height, topping off at 47 stories. This 613-foot-tall building, designed by the internationally recognized architectural firm Adrian Smith + Gordon Gill (AS+GG) with Revuelta Architecture International as the architect of record, features 135 spacious…

Una Residences Tops Off At 47 Stories, Completion Early 2025

Miami’s Una Residences has topped off. The 47-story tower was planned to top off at 579 feet, making it one of the tallest in that part of Brickell. Construction for the project began in the fall of 2020, with contractors working to build the deepest and most expensive underground parking garage in Miami’s history. The 236-car garage reaches nearly 50 feet and three stories…

Plans Filed For 28-Story Mixed-Use Tower At 3055 Northeast 4th Avenue In Edgewater Area of Miami

Plans have been submitted for a 28-story mixed-use building at 3055 Northeast 4th Avenue in Edgewater, Miami. Referred to as Metro 2 at Edgewater (Metro 2) in the application, the project is designed by Burgos Lanza & Associates and developed by Metro Tower II LLC. The proposed building is set to rise 320 feet to the upper roof slab or 335 feet, including the highest…

Developer Driftwood Capital Announces Timeframe For ‘Transformative’ Riverside Wharf

An expected groundbreaking timeframe has been announced for downtown Miami’s Riverside Wharf project. Driftwood Capital, which is partnering with MV Real Estate Holdings and Merrimac Ventures, made the announcement. Groundbreaking for Riverside Wharf is now expected in the latter half of 2024. The $267m development is expected to be “transformative,” and will feature…

Palma Miami Beach Residences Announced for North Beach

Plans have just been announced for a new mixed-use condominium tower called Palma Miami Beach Residences in North Beach. It is the third of four planned residential towers in North Beach by New York-based Lefferts. Palma will rise 14 stories, with 126 condos planned. Units will be delivered fully finished and furnished, with short-term rentals permitted. Condo sizes range…

Mast Capital, AvalonBay Complete 254-Unit Avalon Merrick Park Apartment Community in Coral Gables

Mast Capital and Avalon Bay Communities have completed the development of Avalon Merrick Park, a 254-unit apartment community located at 3811 Shipping Ave. in the Coral Gables neighborhood of Miami. The property, which was constructed by general contractor First Florida, features studio, one-, two- and three-bedroom apartments, ranging from 456 to 1,530 square…

A ‘Come To Jesus’ Moment Looms For Owners Of South Florida’s Aging Condos

Changes to the laws governing condo associations and reserves have the potential to reshape the oceanfront skylines across South Florida, but a wide gulf between buyers and sellers is holding back that transformation. “It’s really going to take a come to Jesus time until they realize that there isn’t a pot of gold at the end of the rainbow,” Edgardo Defortuna, one of the region’s most…

Investcorp Acquires $200M South Florida and Denver Industrial Portfolio

Investcorp has acquired a 1.3 million-square-foot, 31-building industrial real estate portfolio in South Florida and Denver for about $200 million. Investcorp purchased Victory Commerce Center in suburban Cleveland in 2020. Image courtesy of JLL With this purchase, Investcorp has about 43 million square feet of U.S. industrial real estate assets, valued at about $5.1 billion.

Spaceport status OK’d for Homestead Air Reserve Base

Cape Canaveral is losing Florida’s corner on space exploration with the designation of Miami-Dade’s Homestead Air Force Base as an official spaceport. After both houses of the state legislature unanimously passed a bill in March expanding Florida’s spaceport territory to include Homestead Air Reserve Base, Gov. Ron DeSantis signed the bill into law this month. It takes effect July 1.

Location Ventures’ former Coral Gables dev site faces foreclosure

Another development site formerly owned by Rishi Kapoor and Coral Gables-based Location Ventures is the target of a foreclosure action. An entity managed by Chandler Halpern in Fort Lauderdale on Thursday sued Kapoor and the entity that owns the 1.6-acre property at 1505 Ponce de Leon Boulevard in Miami-Dade Circuit Court. The complaint alleges that Kapoor and the…

Robert Rivani’s Black Lion pays $63M for Miami Beach mixed-use building

Robert Rivani’s Black Lion hunted down its biggest purchase in South Florida to date, but will have to compete with other heavy hitter developers in Miami Beach’s office market. The Miami-based commercial real estate investment firm paid $62.5 million for a Miami Beach mixed-use building, The Real Deal has learned. Black Lion is paying at a 42 percent discount off the previous…

Investor Promises Luxury ‘Class-X’ Office After $62M Miami Beach Acquisition

Black Lion Investment Group, a real estate investment firm with offices in Miami and Los Angeles, isn’t just looking to upgrade the first office building it ever acquired — it has ambitions of creating an entirely new designation for property type: “Class-X.” The firm paid $62.5M for The Lincoln at 1691 Michigan Avenue in Miami Beach and announced plans for a $50M renovation…

Prime location drives Doral commercial realty boom

Doral’s prime location continues to drive the city’s high demand for commercial real estate. “The demand in Doral has been steady for years,” said Lee & Associates Senior Vice President Conner Milford. “I haven’t seen any sort of real drop, significant drop….” Doral is a premier location due to its proximity to PortMiami and Miami International Airport, Mr. Milford said.

MCR proposes pair of hotels on Hilton Miami Airport Blue Lagoon site

MCR wants to develop two hotels with 400 keys, combined, next to its Hilton-branded property near Miami International Airport. The hotel owner-operator proposes a pair of eight-story hotels, each with 200 units, adjacent to the Hilton Miami Airport Blue Lagoon at 5101 Blue Lagoon Drive in unincorporated Miami-Dade County, according to MCR’s application submitted…

Unlocking Miami-Dade’s Housing Potential: Existing Vacant Land Could Provide Affordable Housing for 192,000 Renters

Miami-Dade County is dealing with an affordable housing challenge: Through a combination of nationwide rising housing costs and a development pace struggling to keep up with the demand for rentals, the area finds itself in urgent need of new ways to bridge the gap. In fact, half of all households here spend more than 30% of their income on housing costs. While the situation… explore

Miami needs $5 billion to fight flooding

Miami’s new stormwater master plan prioritizes $600 million in near-term infrastructure improvements and anticipates over $5 billion will be needed to shore up the city against flooding and achieve long-term resiliency goals. After extensive research evaluating areas subject to extreme flooding, the City of Miami recently updated its stormwater master plan. The new…

New Miami mega-billboards put on 270-day hold

Miami is moving forward with a 270-day moratorium to halt all new applications for outdoor advertising signs as commissioners continue to debate details of a new ordinance. On April 11, the city commission considered two agenda items related to outdoor advertising downtown. The first, which would have repealed a January 2023 measure that updated the city’s outdoor…

Taurus proposes 159-unit workforce housing project in Goulds

Taurus Development proposes a 159-unit workforce housing project in Goulds, marking continuing investor interest in south Miami-Dade County. The Coral Gables-based firm wants to build a 15-story building on an acre of land at 11888 Southwest 220th Street in an unincorporated area of the county, according to a Taurus application submitted to Miami-Dade this month.

Miami Wilds developers countersue Miami-Dade over scuttled water park

The developers of Miami Wilds are accusing Miami-Dade County Mayor Daniela Levine Cava of killing a controversial water park deal to protect her reelection bid, a recent court filing states. Miami Wilds countersued Miami-Dade on Monday, alleging the county breached a 2022 lease agreement allowing the company to build the water park, a 200-room hotel and up to 20,000 sf…

Michael Lewis: Now-or-never pitch for county land for Costco is no bargain

You’ve heard it too often: a last-minute deal appears that the county must make now at giveaway prices or lose a great opportunity. You hear it when a car dealer or stockbroker or realtor tells you a price won’t last if you don’t buy today. The county heard it when owners said they’d move the Marlins to Las Vegas if the public didn’t build a $3 billion baseball stadium now. We also heard…

Pre-Application Filed for 303-Unit Multifamily Development Under Live Local Act in Princeton Area of Miami-Dade County

A Pre-Application for an ASPR review has been filed for a new multifamily development in Princeton, Miami-Dade County, leveraging the Live Local Act to foster community and accessibility. Set to occupy an entire 10.59-acre parcel at the northwest corner of Southwest 236th Street and Southwest 132nd Avenue, the project plans to feature multiple three-story buildings within…

Plans To Build 28-Story Edgewater Tower Filed With Miami Urban Development Review Board

Plans have just been filed with the Urban Development Review Board for Metro Edgewater 2, a 28-story tower. The new tower is planned next door to the first Metro Edgewater tower, which was completed last year with 279 apartments in a 32-story building. According to the new filing, Metro Edgewater 2 is planned to include: 103 multi-family dwelling units, ranging from 748 SF…

City Of Miami Files To Build Office Building Next To New Inter Miami Stadium

The City of Miami has filed plans for a new office building on a former public golf course where the Inter Miami soccer stadium is planned. The City of Miami Administrative Building is planned at 1822 NW 37 Ave. For now, only renderings have been filed, but the project is at least 200,000 square feet and therefore requires a hearing before the city’s Urban Development…

Camino Capital, partners propose 28-story mixed-use apartment tower in Edgewater

Four months after completing a 32-story apartment tower in Edgewater, a development team wants to build an adjacent 28-story mixed-use building with 103 rentals. Camino Capital Management, Lujeni and Building Block Realty propose Metro 2 at Edgewater on 0.7 vacant acres at 3055 Northeast Fourth Avenue in Miami, according to an application submitted to the city this month.

Anchor Health scores $58M construction loan for Baptist rehab center in South Miami

A health care real estate developer scored a $58.4 million construction loan for a Baptist Health rehabilitation center in South Miami. Charlottesville, Virginia-based Anchor Health Properties will develop a 92-bed facility on 2.4 vacant acres at 6201 and 6233 Sunset Drive, as well as at 7150 Southwest 62nd Avenue, according to South Miami records. First Citizens Bank & Trust…

Lease roundup: Apple opening office in Coral Gables; law firm expands at Amancio Ortega’s Southeast Financial Center

Apple will open an office in Coral Gables, marking the continued expansion of tech companies in South Florida. The tech giant took 42,000 square feet at 2811 Ponce de Leon Boulevard, which is the North Tower at The Plaza Coral Gables mixed-use development, according to Cushman & Wakefield’s first quarter office report for Miami-Dade County. Bloomberg first…

Proposed 750-Foot Brickell Tower Submitted To FAA

Building heights for a proposed Brickell tower have been submitted to the Federal Aviation Administration. The filings were submitted to the agency on April 12. According to the filings, a building height of 737 feet above ground or 750 feet above sea level is proposed. The project site is the same as where a striking 65-story tentatively known as Calle 8 is currently moving through…

Photos: Topped Off 36-Story Modera Riverside In Downtown Miami

Photos show the topped off 36-story Modera Riverside tower in Downtown Miami. The building will include 428 apartments when it is complete. Developers have already filed plans to build a second tower at the complex, which is known as Nexus Riverside. That building will also be 36 stories and will have 345 apartments.

South Florida-Based Cymbal DLT Completes Construction of Laguna Gardens Apartments in Miami Gardens

Cymbal DLT Companies (Cymbal DLT) has completed construction on Laguna Gardens, a 341-unit garden-style multifamily community designed by the award-winning international design firm Jo Palma and Partners, located in the City of Miami Gardens. The development is now welcoming its first tenants after successfully issuing the initial Temporary Certificate of Occupancy (TCO).

‘Come To Your Higher Self’: Adam Neumann Officially Launches Flow Apartment Brand at South Florida Apartment Buildings

Adam Neumann finally pulled back the curtain on his foray into multifamily investment Thursday, with the former WeWork CEO launching Flow at two apartment buildings in South Florida. The interview coincided with Flow launching a website with apartment listings for its properties in Miami and Fort Lauderdale, nearly two years after Neumann announced the brand…

WeWork’s Bankruptcy Finally Hits Miami

WeWork’s six Miami locations have so far avoided getting cut from the property roster as the coworking firm navigates Chapter 11 bankruptcy. That could be about to change. WeWork moved to reject its lease at 429 Lenox Ave. in Miami Beach in a Monday court filing. The coworking company is seeking a bankruptcy judge’s approval to exit the property at the end of May…

Developer Proposes 245-Unit Assisted Living Facility for 357 Racquet Club Road in Weston

SREH-357 Racquet Club LLC hopes to move forward with an assisted living facility in Weston, FL. Under the current proposal, the complex would comprise a six-story, 325,808-square-foot building, featuring 245 units and 303 beds. Of the 245 units, there would be 113 independent living units, 108 assisted living units, and 24 memory care units. On-site amenities would include…

Housing Trust Group & Elite Equity Development break ground on Phase 2 of the ‘Naranja Grand’ Affordable Housing Community in Homestead

A joint venture between Housing Trust Group (HTG) and Miami Lakes-based Elite Equity Development, Inc. (EED), has closed on financing and commenced construction on Naranja Grand II, a new $71 million affordable apartment community comprised of 200 residences in Homestead, Southwest Miami-Dade County. Naranja Grand II is the second phase of a…

Developer Proposes ‘Capri Place II’ with 180 Affordable Units for 8001 NW 27th Avenue in Miami

West Palm Beach-based Richman Group has plans for a 2.66-acre site in South Florida. New plans for Capri Place II call for 180 affordable housing units in a 12-story building. Our sources indicate that residences would span one-bedroom to two-bedroom floorplans. Communal amenities include a swimming pool, spa, and two-story, 206-spot parking garage. There would be…

Winmar Construction Begins Foundation Pour For The Avenue Coral Gables Hotel & Residences

Winmar Construction has initiated the foundation pour for The Avenue Hotel & Residences Coral Gables, a project developed by Roger Development Group. This Coral Gables-based, family-owned real estate development and management company is led by President & CEO Oscar Roger, Sr., alongside CFO Oscar Roger, Jr., who joined the company in 2013 and continues…

Naftali Group Breaks Ground On 67-Story JEM Private Residences At Miami Worldcenter

Naftali Group has officially broken ground on JEM Private Residences, a 67-story condominium development located at 1016 Northeast 2nd Avenue in Miami Worldcenter. Designed by the Miami-based architecture firm Arquitectonica and the New York City-based interior design firm Rockwell Group, the building will rise over 700 feet and feature 259 condo units on the upper levels…

New Renderings Of Viceroy Brickell As Sales Begin For 420 Condos

Viceroy Brickell has officially launched sales. The 45-story glass tower is already under construction, with completion projected in early 2026, the developers of the project said today. Viceroy Brickell – The Residences will form part of the One Brickell complex, where three towers are planned. Another tower, Baccarat Residences, is also under construction. The Viceroy Brickell…

Demolition Of Second Building At One Brickell City Centre as 97-Foot Office Tower Project Advances

It appears that demolition of a second building at the One Brickell City Centre site is moving forward Last month, the WSJ reported that Swire Properties and Related Companies were restructuring a deal to build a near-supertall office tower on the site. There are two existing office buildings on the site set for demolition. The first building, 700 Brickell Avenue, has an active demolition…

Overtown Zip Code Has The Most Untapped Development Potential, Report Says

Miami’s 33136 zip code, which includes part of Overtown and Park West, has the most untapped development potential for apartments in the county, according to a new analysis. Rentcafe analyzed Propertyshark data for the study, which looked at vacant land that could be developed into apartments. Miami has an urgent need to build more rentals as prices are expected to surge…

Photo: 2000 Biscayne Apartment Tower Nearing Completion

An apartment tower being built at 2000 Biscayne Boulevard is now nearly complete. The 36-story topped off nearly a year ago. It was planned to rise 408 feet above ground, according to a pre-construction filing. The pre-construction filings showed it would include 393 rental apartments, 455 parking spaces, and 4,569 square feet of retail. It forms part of a three-tower complex…

Carnival Puts Miami Headquarters Up For Sale As Doral Real Estate Soars

Carnival Corp. has listed for sale its sprawling headquarters on the outskirts of Miami, seeking to cash in on real estate the cruise giant has owned for roughly three decades. The company is now looking to downsize to about 300,000 square feet (27,871 square meters) of new office space in the Miami area, according to a person familiar with the matter…

Viceroy reborn: Related launches sales of branded Brickell condo tower

Related Group and its partner converted plans for an apartment tower under construction into a Viceroy-branded condo building along the Miami River. Coconut Grove-based Related and New York-based GTIS Partners launched sales of the 45-story, 420-unit Viceroy Brickell, The Residences, at 77 Southeast Fifth Street, just west of Brickell Avenue in Miami, according…

Calta launches sales of Coral Gables townhome project

Calta Group launched sales of Via Veneto, a planned Coral Gables luxury townhome development. The developer, led by Italian brothers Ignazio and Gaetano Caltagirone, tapped mother-son duo Judy and Nathan Zeder of the Jills Zeder Group at Coldwell Banker Realty to lead sales, according to a press release. Via Veneto will include 10 three-story townhomes, each spanning 5,500…

Chart: Miami-Dade Multifamily Listings Surge

Multifamily properties offered for sale generally go up on one or more listings platforms, one of which is the commercial MLS. It has seemed that there has been a rash of multifamily listings in recent weeks. Conveniently, the commercial MLS allows one to checks such a perception by viewing active listings counts over time, filtered for property type. In the chart above, we’ve…

Doral Central Park phases to open in summer

Since taking on the role as Doral interim city manager in February, Kathie Brooks’ top priority has been to ensure transparency throughout the city for its residents. The next big item on her agenda is targeting the opening of phases two and three of Doral Central Park by summer and completion by the end of the calendar year, Ms. Brooks told Miami Today. Ms. Brooks replaced…

Six Years In The Making, Portion Of Doral Central Park To Open In Summer

Whether you live or work in the city of Doral, you’ve noticed a massive construction site and took note when you started asking questions about when this project might be completed. South Florida residents could get to use at least a portion of Doral Central Park as soon as this summer, but we went to city for answers about the project. “When is it going to be opening…

Efstathios and Nicolas Tsatas acquire second Pompano Beach condo-hotel dev site

Canadian developers Efstathios Tsatas and Nicolas Tsatas are expanding their portfolio in Pompano Beach with plans for their second project, a condo-hotel. An entity managed by the pair acquired a nearly shovel-ready 1-acre site at 330 Southeast First Street, records and Vizzda show. The city of Pompano Beach approved a site plan and a building design development order several…

Maven pays $19M for LA Fitness building in Pompano Beach

Maven Real Estate picked up a standalone retail building leased to L.A. Fitness in Pompano Beach. An affiliate of Coral Gables-based Maven, led by Marc Schwarzberg, paid $18.8 million for the two-story gym at 1000 North Federal Highway, records and Vizzda show. The buyer obtained a $9.4 million mortgage from City National Bank of Florida. The deal breaks down to $330…

Regency Centers Sells Retail Asset Tamarac Town Square

Regency Centers has sold Tamarac Town Square, a 124,585-square-foot Publix-anchored shopping center in Tamarac, Fla., with the assistance of JLL. An affiliate of Jamestown purchased the 83.8 percent-leased asset for $22.5 million, as reported by The Real Deal. The property previously traded in 1998 for $10.2 million, according to CommerciaEdge data. Tamarac Town Square…

Jamestown pays $23M for Publix-anchored shopping center in Tamarac

Jamestown expanded its South Florida portfolio of shopping centers by paying $22.5 million for a Publix-anchored retail site in Tamarac. An affiliate of Atlanta-based Jamestown acquired Tamarac Town Square at 8129-8315 North Pine Island Road, records and Vizzda show. JLL represented the seller, an affiliate of Jacksonville-based Regency Centers. In 1998, Regency…

Moderno, 75Invest plan Live Local tower in Fort Lauderdale

Moderno Development Group and 75Invest Group filed plans for a Live Local Act mixed-income project in Fort Lauderdale. The developers submitted their application for 500 Art Lofts, a 27-story, 290-unit rental building planned for the site at 501 Southwest Second Avenue, south of the New River, said Doron Broman, founder of Miami-based Moderno. Seventy-one units…

Northbridge pays $18M for Deerfield Beach industrial complex

NorthBridge Partners acquired a three-building industrial complex in Deerfield Beach for $18.1 million. An affiliate of Wakefield, Massachusetts-based Northbridge bought Powerline Commerce Park at 1250 South Powerline Road, records and Vizzda show. The 4.5-acre site has 72,919 square feet of industrial space. The park was built in 1989. The deal breaks down to $248 psf.

Venture One Buys Boynton Logistics Center Industrial Park

Boynton Logistics Center features a total of 34 dock-high loading doors, 12 truck wells and four drive-in doors. Image courtesy of Cushman & Wakefield Venture One Real Estate has acquired Boynton Logistics Center, a 197,608-square-foot industrial campus in Boynton Beach, Fla., from Elion Partners. Cushman & Wakefield brokered the transaction. The brokerage firm…

Mutual of America Life Insurance Proposes 288-Unit Complex for 1150 Broken Sound Parkway Northwest in Boca Raton

Mutual of America Life Insurance hopes to get approval for a seven-story apartment complex on its Boca Campus. The unnamed building would comprise close to 345,000 square feet of new construction, offering 288 units. Layout plans would span one-bedroom to three-bedroom floorplans, averaging 844 square feet each. Of those units, 29 would be set aside as affordable…

Workforce Housing ‘Vista Gardens’ Approved for 12450 Central Boulevard in Palm Beach Gardens

Vista Gardens, a 221-unit apartment complex in Palm Beach Gardens, received approval from the City Commission April 4th. The four-story complex will offer homes ranging from one-bedroom to three-bedroom layout plans, with 10 percent (22 units) set aside as workforce housing. One of the biggest draws to the Mediterranean-style complex would be the two pickleball…

Vista Residential scores approval for 221-unit multifamily project in Palm Beach Gardens

Vista Residential Partners scored approval for a 221-unit apartment building with workforce housing in Palm Beach Gardens. Atlanta-based Vista Residential plans the four-story project, called Gardens Vista Apartments, at 12450 Central Boulevard, according to city records. The 16.7-acre vacant site is part of the larger Cimarron Cove master-planned development.

Amazon To Double Same-Day Delivery Hubs Nationally

Amazon is doubling down on the strategy it introduced last year to regionalize its retail distribution network—and run the whole logistics network with AI-driven inventory control—by rapidly expanding its same-day delivery capacity. The online retail giant is focused on speed—it can assemble and ship customer orders at same-day facilities in as little as 11 minutes—and increasing its…

Video: AFIRE CEO Gunnar Branson on International Investors’ View of U.S. Real Estate Expressed in its International Investment Survey 2024

The Conversation: Decoding the Trends in America’s Commercial Real Estate Market In the dynamic world of commercial real estate, understanding the broader perspectives and global trends can offer valuable insights into local markets. Recently, a conversation unfolded on America’s Commercial Real Estate Show, shedding light on the international investor view of commercial…

The Historic Tax Credit program, explained

Historic buildings are part of what make neighborhoods unique, and preserving these buildings can spur economic activity as developers create jobs to revitalize aging properties. Through the Historic Tax Credit (HTC) program, federal tax law provides an income tax credit to developers, who own historic buildings that undergo substantial rehabilitations into income-producing uses…

Urban Core Multifamily No Longer Grossly Underperforming Suburban Counterparts Nationally

In a typical, pre-pandemic world, urban core submarkets generally underperformed their suburban counterparts by a small margin. Urban core occupancy typically fell less than 100 basis points (bps) below suburban occupancy. Likewise, annual effective rent change in urban cores underperformed suburban counterparts by about as much. Then came the pandemic. Arguably no…

The Fed: Beige Book Shows Modest Growth, Continued Easing of Price Pressures

Economic activity in the Southeast grew modestly over the past several weeks as labor market and pricing conditions broadly continued on their paths of recent months, according to the new Beige Book anecdotal report from the Federal Reserve Bank of Atlanta. Most Atlanta Fed contacts said it continued to get easier to fill open jobs. Even so, business leaders across…

Apples and oranges: Florida passes a slew of pro-development laws, contrary to New York

As the New York State Legislature struggles to pass the state’s budget, divided, in part, over how to handle key housing policies, the Florida Legislature has gone in the opposite direction. Last month, Florida lawmakers wrapped up the 2024 session with the approval of a $117.5 billion state budget and the passage of a handful of pro-development bills. In the last two years, lawmakers…

‘No Rest For The Weary’: What Higher Interest Rate Expectations Mean For CRE

The first half of this year was supposed to be when interest rates began coming down, providing a lifeline to struggling commercial real estate owners. But it now appears the Federal Reserve may not be coming to the rescue anytime soon. Following Wednesday’s consumer price index report showing that inflation rose 3.5% year-over-year in March, the expert consensus around…

Carnival Lists 470K SF Miami Headquarters For Sale

Carnival Corp. is looking to sell its massive headquarters in a Miami suburb and reduce its footprint in the city by around 35%. The cruise company has brought on Cushman & Wakefield to market its 470K SF headquarters in Doral and is looking to lease around 300K SF… Carnival’s 10-story office building at 3655 NW 87th Avenue sits on a 17-acre site with a large surface parking lot.

Carnival Eyes Real Estate Jackpot: Reportedly Plans To Sell Miami HQ Amid Post-Pandemic Shifts

Carnival Corp is reportedly eyeing the sale of its long-held Miami headquarters to capitalize on real estate gains, seeking a smaller office footprint amid post-pandemic changes. The cruise operator plans to sell its 470,000-square-foot Miami headquarters, aiming to downsize to approximately 300,000 square feet in a new location, reported Bloomberg, citing a person familiar…

Apple Opening Big 42k SF Office in Coral Gables; Miami Worldcenter Retail Store Confirmed

Apple is expanding in Miami with new offices and a large new retail store, according to Bloomberg. The company will open its biggest ever Miami office at The Plaza in Coral Gables. A Cushman & Wakefield report said that the space is around 42,000 square feet. Apple will also open a large new retail store at Miami Worldcenter, the Bloomberg report said…

Apple Signs 42K SF Deal For New Office Space In Coral Gables

Apple is poised to open a new office in Coral Gables nearly three years after the big tech firm began looking for space in Miami. Apple signed a 42K SF lease on the 11th and 12th floors of the north tower of the Plaza Coral Gables, according to a Cushman & Wakefield office market report provided to Bisnow. The deal comes after reports in late April 2021 that the tech firm was…

Report: Apple Chooses Coral Gables as Site of New Florida Office

Apple Inc. plans to open a roughly 45,000-square-foot office space in a Coral Gables tower, following in the footsteps of other tech giants that are setting up shop in the Miami area, Bloomberg reports. The smartphone maker is poised to move into The Plaza Coral Gables, a newly constructed mixed-use complex in the City Beautiful. Apple reportedly has a lease for upper floors…

First Renderings Filed For 283-Unit Multifamily Tower Near Arsht Center

The first renderings were filed with Miami-Dade planners yesterday for a downtown Miami residential tower. The building is being proposed under the county’s Rapid Transit Zone zoning code. Plans for the tower include 283 dwelling units and 1,384 square feet of commercial/retail. Total floor area will be 184,135 square feet. The tower is planned to rise 27 stories, with…

Gomez Development, Avenue 4 list Miami River assemblage for $25M

Gomez Development and Avenue 4 are asking $25 million for a Miami River assemblage that is primed for a townhome community, The Real Deal has learned. Arthur Porosoff with Porosoff Group is listing the 1.8-acre development site at 1515, 1529 and 1543 Northwest South River Drive. Coral Gables-based Avenue 4, led by Fausto Callava and Antonio Pardo, paid $3.8 million…

Related Group Founder Jorge Perez: ‘Serious, Serious Money’ Now Moving To Miami

Miami is benefitting from a “serious” influx of new companies and residents into the city, according to Related Group founder Jorge Perez. Perez told Bloomberg that the high number of companies now moving to Miami is driving real estate prices higher. Those companies are bringing “very high-end” employment to the city, adding a demographic that can afford…

Fort Partners pays $60M for oceanfront site next to Surfside Four Seasons

Developer Jason Halpern sold an oceanfront site in Surfside to Nadim Ashi’s Fort Partners, which completed the adjacent Four Seasons Hotel and Residences at the Surf Club. An affiliate of Halpern’s New York-based JMH Development struck a deal with Fort Lauderdale-based Fort Partners in 2021 to sell the 0.6-acre development site at 8995 Collins Avenue and a 0.2-acre parcel…

Under-Construction 45-Story Tower Viceroy Brickell to be Sold as Condos

A Brickell tower that is under construction has been renamed Viceroy Brickell and units will be sold as condos, according to the Miami Luxury Homes blog. Viceroy Brickell is planned to top off at 45 stories. It is being built next to the Baccarat Residences tower which is also under construction. A total of 498 condos are planned ranging from studios to 2 bedrooms, with prices…

Photo: Completed Arch At Downtown Miami’s Signature Bridge

A photo shows a nearly completed arch at Downtown Miami’s under-construction Signature Bridge., part of an $840m interchange project According to an FAA filing, the arch heights are: Top of Arch 1 – 180 feet above ground Top of Arch 2 – 230 feet above ground Top of Arch 3 – 180 feet above ground Top of Arch 4 – 250 feet above ground Top of Arch 5 – 330 feet above…

Miami Beach Housing Authority, Atlantic Pacific Break Ground on 119-Unit Affordable Housing Community for Seniors

The Housing Authority of the City of Miami Beach and Atlantic Pacific Cos. have broken ground on Vista Breeze, a 119-unit affordable seniors housing development. situated near the Normandy Shores Golf Course at 280 S. Shore Drive. The property represents the largest affordable housing development to break ground in Miami Beach in 45 years, according to the developers.

The Estate Cos. Completes 23-Story Soleste NoMi Beach Luxury Apartment Tower in North Miami Beach

The Estate Cos. (EIG) has completed Soleste NoMi Beach, a 23-story luxury apartment tower located on Biscayne Bay in North Miami Beach. The 685,957-square-foot project consists of 367 units as well as 4,460 square feet of indoor and outdoor commercial space that will house Uma Cantina Peruana, a Peruvian fine dining restaurant. Residents have access to a ninth-floor…

Crescent Heights Proposes 26-Story Tower for 101, 115, 119, 121 and 125 NE 14th Street in Miami

Miami-based Crescent Heights hopes to get approval for a 26-story mixed-used tower west of the Adrienne Arsht Center for the Performing Arts. The unnamed venture would comprise 184,135 square feet of new construction, offering 280 condos with no on-site parking. The community would offer short-term rentals—an emerging trend in the South Florida market.

William Ticona targets Miami’s Edgewater for project pipeline

More than a decade after acquiring his first development site in Miami’s Edgewater, Peruvian developer William Ticona is ready to ignite a pipeline of projects in the city’s booming neighborhood. “For a while the Miami market was getting too hot, so I was a bit worried that there could be a correction,” Ticona told The Real Deal over lattes in the lobby cafe of Hotel Riu Plaza Miami Beach.

Hotel & Residential Tower 130 Biscayne with 104 Floors Submitted to Zoning Review

The developer planning the 130 Biscayne tower in Downtown Miami submitted the project to zoning review yesterday. The tower is planned to top off at 104 stories and 1,049 feet, the maximum permitted by aviation rules in the area, the filing states. It will also include a rooftop pool and amenity area for residents on the 104th floor. For now, the tower is known as 130 Biscayne.

Store Capital pays $27M for Design District office building

Store Capital picked up a fully leased office building in the Miami Design District for $27.2 million. An affiliate of Scottsdale, Arizona-based Store… The seller, an affiliate of San Francisco-based real estate firm Stockbridge paid $22 million in 2018 for the site at 3704 Northeast Second Avenue, records show. The same year, Stockbridge renovated the building, Vizzda states.

First Aria Reserve Tower Tops Off At 62 Stories

Melo Group has topped off its first tower at Aria Reserve at 62 stories. The South Tower was the first to top off. The North Tower is also now under construction and will eventually top off at the same height of 62 stories. Both towers are now officially expected to be fully completed in a record-breaking three-year timeframe from groundbreaking. The first deliveries are planned…

Midtown Miami’s Tallest-Ever Tower Submitted To FAA

A filing with the Federal Aviation Administration shows that developers are planning to build Midtown Miami’s tallest-ever tower. According to the April 5 filing, the tower is planned on the Midtown Gateway site. It will rise 610 feet above ground, or 623 feet above sea level – taller than any other building in Midtown Miami. Miami-based Terra, in partnership with Lion…

South Florida office market plateaus in first quarter

While South Florida’s office market is faring better than the rest of the nation, landlords are feeling the pinch from tenants with expiring leases looking to downsize space or leave, according to Colliers’ Jonathan Kingsley. “On a macro level in general, the office markets in the tri-county region are a bit challenged compared to prior quarters,” Kingsley told The Real Deal.

Condo Designed By World-Renowned Architecture Firm Breaks Ground In Miami Beach

The Perigon Miami Beach has broken ground. It is the first residential project in the area designed by OMA, led by world-renowned architect Rem Koolhaas. The development also features landscape design by Gustafson Porter + Bowman, the firm responsible for redesigning the green space at the Eiffel Tower and delivering the Princess Diana Memorial Fountain in…

Miami Beach paints new pastel picture of city skyline

Globally photographed pastel buildings are to glow again in Miami Beach. “We are so lucky to have Ms. [Barbara] Hulanicki [fashion designer] as a longtime Miami Beach resident,” Commissioner Kristen Rosen Gonzalez told city commissioners last week. “She was pivotal in the Art Deco movement of coming to South Beach and renovating these beautiful hotels…

Fortune, Château score $100M financing boost for St. Regis Sunny Isles

Edgardo Defortuna’s Fortune International Group and Manuel Grosskopf’s Château Group secured a financing boost for their under-construction St. Regis Residences in Sunny Isles Beach. Bank OZK increased the $119 million loan it provided in 2020 by $100 million, for a total of $219 million, property records show. Edgardo Defortuna, founder and CEO of Brickell-based…

Crescent Heights’ $40M Whole Foods project in Miami Beach gets green light

Russell Galbut’s plan for a $39.8 million Whole Foods Market-anchored retail building in Miami Beach is getting a kick start after nearly a decade of inactivity. The Miami Beach Design Review Board on Tuesday approved the planned four-story project spanning 199,000 square feet at 1901 Alton Road. Miami-based Crescent Heights, led by Galbut, Sonny Kahn and Bruce Menin…

Trimont acquires Kayak Miami Beach hotel

Trimont Real Estate Advisors paid $13.6 million for the Kayak Miami Beach in a deed in lieu of foreclosure sale. Atlanta-based Trimont acquired the 51-key property for roughly $260,000 less than the outstanding mortgage debt that the seller owed the lender, Minneapolis-based Varde Partners, records and Vizzda show. Trimont, led by executive managing director Cindy Barreda…

Oolite Arts to base 12 artists in Coral Gables office tower

Terranova Corporation is collaborating with Oolite Arts to launch the Oolite Arts Project Space initiative in Coral Gables. Birthed from a shared vision to nurture and showcase local artists, the “Oolite Arts Project Space presented by Terranova”’ is set to transform Terranova’s location at 255 Alhambra into a living canvas, celebrating Miami’s artists. With both the exterior and interior…

No ‘away we go’ yet: decision to raze Jackie Gleason Theater deferred

Action that could see a new Jackie Gleason theater rise in Miami Beach has been deferred a month by city commissioners as they try to figure out how to approach the project. Talk focused on Finance and Economic Resiliency Committee recommendations that the city begin discussion with Live Nation, which controls the theater’s programming, focusing on construction…

Forman Capital Funds $54.56 Million Construction Loan for Condominium-Hotel Development in Miami’s Financial District

Forman Capital, a private direct real estate lender based in Palm Beach County, Florida, provided a $54.56 million construction loan to the developer of a condominium-hotel project in Miami’s Brickell Financial District. The 12-story, 172-unit Domus Brickell Park, designed by Zyscovich Architects with Urban Robot Associates as the interior designer, will bring a new condo-hotel…

$10M Sale of Multifamily Development Site in Miami’s Little Havana Brokered

Marcus & Millichap has brokered the $10 million sale of a fully approved multifamily development site at 315 N.W. 27th Ave. in Miami’s Little Havana neighborhood. The buyer, an entity doing business as Astor Acquisitions LLC, plans to develop an apartment community on the 1.2-acre site called 315 Urban Flats. Eddie Toledo and Jonathan De La Rosa of Marcus & Millichap’s Miami…

ILP Developers Proposes 26-Story Apartment Tower Designed By NMD Nomadas In North Miami Beach

In North Miami Beach, a new development proposal seeks to transform a current restaurant and retail strip into a 26-story apartment tower, Elevate North Miami Beach Apartments, designed by Aventura-based NMD Nomadas with Thomas Engineering Group as the civil engineer and Architectural Alliance Landscape as the landscape architect. The city’s Planning and Zoning Board…

60-Story Summit At Brickell Submitted To FAA

The proposed Summit At Brickell continues to move through the approval process, with a FAA height filing on Friday. Plans for the tower were submitted to Miami-Dade for review in 2023. County review of the plans remains ongoing. The tower is now planned to rise 60 stories, and around 760 feet above ground, according to a February revision filing with the county.

First Renderings Released Of 55-Story Edge House Miami

The first renderings of the 55-story Edge House Miami have been released, along with new details. Edge House will include condos delivered fully finished and furnished and allowing for short-term rentals to generate income. Unit sizes will range from 360 to 840 square feet, with prices starting in the $400,000s. Kobi Karp is the architect, with interiors by Adriana Hoyos…

‘Bold, Visionary’ Plan That Includes Transit Funding Coming, Miami-Dade Mayor Says

Miami-Dade voters will soon be able to vote on whether they want the county to finance an expansion of mass transit. The vote would take place in November 2026. Miami-Dade property owners would pay for the proposal through their property taxes. Miami-Dade Mayor Daniella Levine Cava had previously announced a $2.5b bond proposal that would include $800m in funding…

Peruvian Developer Grupo T&C Announces 55-Story Condo Tower At 1825 NE 4th Avenue In Edgewater

Grupo T&C, a prominent developer from Peru, has announced Edge House Miami, a 55-story luxury condominium designed for home-sharing, located at 1825 Northeast 4th Avenue in Miami’s Edgewater neighborhood. The project, designed by the internationally recognized architect Kobi Karp, will offer fully finished and furnished residences with interiors by…

‘Cloud One Hotel’ Proposed for 1509 Washington Avenue in Miami Beach

Miami Beach’s Planning Board has plans to review a proposal for Cloud One Hotel on April 25th. The 91,230-square-foot venture would measure seven stories above grade and offer 238 rooms. The average room would hover around 200 square feet. Communal amenities would include a second-floor swimming pool and bar, along with two restaurants. One would be located on…

Developers Break Ground On 17-Story ‘The Perigon’ At 5333 Collins Avenue In Miami Beach

Mast Capital and a controlled affiliate of Starwood Capital Group broke ground on The Perigon, a 17-story residential development at 5333 Collins Avenue, noted for its unique position as the only new beachfront condominium project currently under construction in Miami Beach, with completion anticipated for late 2026. Designed by the globally acclaimed architecture firm…

Developer Files New Plans For 60-Story Tower In Edgewater

A developer has filed new plans with the City of Miami for a 60-story tower in Edgewater, according to The Real Deal. The new tower will have 592 condo units, allowing for short-term rentals. Grupo T&C of Peru, led by William Ticona, is the developer. Kobi Karp is the architect. It’s possible that the new tower will be named Edge House Miami. Records show that the company…

Photos: Construction Site Of Brickell’s Tallest Tower Ever

Construction is continuing in Brickell on an 80-story tower called Cipriani Residences, the tallest to ever break ground in the neighborhood. The permanent height of the tower is planned at 940 feet above ground, or 950 feet feet above sea level. A groundbreaking ceremony for the tower took place in February, after developer Mast Capital secured $600m in construction…

KYU founders plan new restaurant in Wynwood Norte

The founders of the popular Wynwood restaurant KYU filed plans for a new ground-up restaurant in Wynwood Norte, The Real Deal has learned. Chef and restaurateur Michael Lewis, Steven Haigh and Lizzy Maynes of Scotch Bacon Group are working on plans for the 5,000-square-foot, 120-seat restaurant at 55 Northwest 30th Street, just west of Midtown Miami, Lewis said.

Is it doomsday for South Florida’s multifamily market?

South Florida has outperformed other major metros, with out-of-state apartment investors and developers flocking to the region during the pandemic boom. That could make the downcycle even worse, Alex Horn of Miami-based lender BridgeInvest tells my colleague Lidia Dinkova. Between the middle of 2022 and 2023, South Florida property repair and maintenance costs…

Turnberry Ocean Club condo association sues Jeffrey Soffer’s firm and development team over alleged construction defects

Turnberry Ocean Club’s condo association is suing the developer, contractor, subcontractors and the rest of the team that built the waterfront Sunny Isles Beach condo tower, alleging a laundry list of alleged defects. Billionaire Jeffrey Soffer’s Aventura-based Fontainebleau Development, Fontainebleau Construction, architect Robert Swedroe and his firm Swedroe…

Groundbreaking Event Marks Milestone For ‘Pinnacle at La Cabaña’, An Affordable Senior Housing Development At 8911 Miramar Parkway In Miramar

Pinnacle is commencing the construction of its affordable housing project, Pinnacle at La Cabaña, in Miramar. The $41.2 million development aims to provide essential quality affordable housing to seniors amid rising housing costs. Comprising 110 units, Pinnacle at La Cabaña will offer one- and two-bedroom apartments, with amenities designed for aging residents.

Related sells Boynton Beach affordable senior housing complex for $53M

Smith & Henzy Advisory Group bought an affordable senior apartment complex in Boynton Beach for $53 million. The Pérez family’s Coconut Grove-based Related Group sold the 240-unit garden-style Boynton Bay Apartments, which is restricted for residents 55 and older, at 1785 Northeast Fourth Street, according to records and real estate database Vizzda. Delray Beach…

BBX, PCCP land $31M construction loan for Delray Beach industrial project

BBX Capital’s logistics arm and PCCP scored a $31.1 million construction loan for the first phase of a Delray Beach industrial complex. Miami-based City National Bank of Florida provided the financing to Fort Lauderdale-based BBX and Los Angeles-based PCCP, records show. The joint venture plans to break ground soon on a 200,000-square-foot building, representing the first…

Forté on Flagler and City of West Palm Beach Announce West Palm Beach Art Walk, Featuring City’s First All-Female Sculpture Installation”

Forté on Flagler, in collaboration with the City of West Palm Beach, has announced the upcoming West Palm Beach Art Walk, a public art initiative. The project, developed along the West Palm Beach waterfront, includes a partnership with the Norton Museum of Art for the temporary exhibition of two sculptures out of three designated for the art walk, with installations set to be…

Related’s Stephen Ross Raising $300M To Lure Vanderbilt To West Palm Beach

South Florida’s elite gathered at the Palm Beach mansion of Related Cos. founder Stephen Ross Monday with a singular goal: raise enough money to lure an elite university to West Palm Beach. Ross gathered members of South Florida’s high society to meet with Vanderbilt University Chancellor Daniel Diermeier as Ross works to woo the Nashville-based college…

The Fed on Commercial Real Estate Exposure and Bank Stock Returns

The COVID-19 pandemic induced social and economic changes, such as accelerating the shift to work from home and e-commerce, that have downgraded the future prospects for office buildings and shopping centers. As a result, debt backed by commercial real estate (CRE) has become a financial stability concern.1 In a previous Economic Synopses essay, we showed that at least…

Getting In The Heads Of Industrial Tenants Nationally

An excess of supply in some industrial markets has led to more rentable options and more favorable leasing terms for tenants. With new construction starts taking a more than 70 percent dive since early 2022, however, according to a 2023 Savills report, demand is likely to quickly outpace new deliveries. Until then, tenants have their pick of spaces and landlords. “Looking ahead…”

Blackstone Agrees to Acquire Apartment REIT AIR Communities for $10B, Take Company Private

Private equity behemoth Blackstone (NYSE: BX) has agreed to acquire AIR Communities (NYSE: AIRC) for $10 billion in an all-cash deal that would take the Denver-based multifamily REIT private. The deal is expected to close during the third quarter. AIR Communities, which is formally named Apartment Income REIT Corp., owns 76 multifamily properties totaling roughly…

WSJ: The Real Estate Nightmare Unfolding in Downtown St. Louis

The Railway Exchange Building was the heart of downtown St. Louis for a century. Every day, locals crowded into the sprawling, ornate 21-story office building to go to work, shop at the department store that filled its lower floors or dine on the famous French onion soup at its restaurant. Today, the building sits empty, with many of its windows boarded up. A fire broke out last year…

Asset Classes, Markets, Operational Concerns: Bisnow Survey Reveals National CRE Focus For 2024

Each year, Bisnow’s Escape and Ascent retreats bring together a hand-selected group of commercial real estate leaders for four days of networking, deal-making and relaxation in Miami Beach. These retreats have led to multimillion-dollar deals and lifelong business connections, due in no small part to the curated attendee list of top owners, operators, developers…

Strapped For Cash, Retailer 99 Cents Store Considers Filing Chapter 11

Retailer 99 Cents Only Store LLC is mulling filing for bankruptcy, Bloomberg reported. Unable to offload assets, and with growing lease expenditures, the discounter is struggling to keep cash flowing in. 99 Cents is considering liquidation, bankruptcy or an out-of-court agreement, according to Bloomberg. Another option on the table is debt restructuring. The company is in talks…

Florida Lawmakers Take Aim At Historic Buildings, Affordable Housing, Short-Term Rentals

The 60-day flurry of debate and voting that defines the Florida Legislature’s annual session came to a close last month, and as the dust settles, the impact of an array of bills on the state’s real estate sector is coming into focus. A major theme this session was the state’s effort to claw back control of development and housing. From historic properties to affordable housing…

Quantifying the Effect of Rent/NOI Growth on IRR

Investors often consider commercial property primarily on the cap rate (net operating income divided by price). In most cases there is the expectation of NOI (net operating income) growth and appreciation over time. These expectations are seemingly considered as benefits, with no consideration given to them as incremental return. In this post, we seek to quantify the effects.