Aimco plans to list waterfront Hamilton apartment tower, its second major Miami asset to hit market

Aimco’s waterfront Hamilton apartment tower in Edgewater will hit the market, marking its second major Miami property to list for sale this year. The real estate investment trust will put the 28-story, 276-unit Hamilton at 555 Northeast 34th Street on the market this quarter, according to Aimco’s filings to the Securities and Exchange Commission. An asking price was not…

David Martin, partners propose 1,200 resi units in Overtown, luxury condo tower in Midtown Miami

Developer David Martin is teaming up with partners on two separate projects: a 1,215-unit residential complex in Miami’s Overtown and a 400-unit condo in Midtown Miami. The developers will go before the city’s Urban Development Review Board on Wednesday, as will a Canadian firm seeking approval of its proposed residential tower in downtown Miami. Martin’s Coconut…

World’s Largest Cruise Terminal – MSC’s $450M Facility – Nearing Completion At PortMiami

PortMiami has seen a number of giant cruise terminal’s completed in recent years, but none are bigger than the new MSC Terminal that is now moving closer to completion. MSC’s $450m PortMiami facility will be the world’s largest cruise terminal when it opens later this year. It will have capacity for 36,000 guests each day, with 3 cruise berths. A parking garage for 2,400 cars…

Legal battle escalates at Spanish billionaire Amancio Ortega’s Epic condo-hotel

Condo owners at downtown Miami’s Epic Hotel & Residences are escalating a legal standoff with the global real estate titan who owns the hotel portion. Epic West Condominium Association sued an affiliate of Grupo Ponte Gadea, the real estate investment arm of Spanish billionaire Amancio Ortega, on May 6 in Miami-Dade Circuit Court. The complaint alleges that Ponte Gadea’s…

Photo: Construction Progress At Wynhouse Miami, Where 308 Apartments Being Built

Wynhouse Miami now has nearly all its glass installed, a new photo shows. Construction on the 8-story building began last summer. A top off ceremony was held in March. A $117.5 million loan provided by JP Morgan Chase and affiliates of Canyon Partners is financing construction. Wynhouse is planned to include: 308 rental residences approximately 26,000 square feet…

LA-Based Cigar Company Tatuaje Opens New Distribution Center In Doral

While Tatuaje might be known as a Los Angeles-based cigar company, it now has a new distribution center in the Miami, Fla. suburb of Doral. Adding a Miami-area warehouse gives the company the opportunity to fulfill orders and optimize shipping costs and times for its retailers. The company says that the goal is to ship products to the eastern part of the country from Miami…

Construction Starts on 99-Unit ‘Wellspring Apartments’ at 14701 NW 27th Avenue in Opa-locka

Construction has started on Wellspring Apartments, a senior housing development in Opa-locka. The six-story building will offer 99 residences: seven studios, 81 one-bedroom units, and 11 two-bedroom units. According to Multi-Housing News, 67 units will be reserved for residents making 50 percent or below of the area median income (AMI). The remaining 32 will be available…

Kayak Miami Beach hotel sale results in loss for Varde

Varde Partners wasted no time unloading a Miami Beach hotel, even taking a loss on the quick sale of the Kayak-branded property. An affiliate of Varde, a Minneapolis-based global alternative investment firm, sold the two-story, 51-unit hotel at 2216 Park Avenue for $12.8 million to New York-based Blue Suede Hospitality Group, records and real estate database Vizzda show.

Cranes Now In Place For 100-Story Waldorf Astoria Miami

Two tower cranes are now in place at the construction site of the 100-story Waldorf Astoria Hotel and Residences Miami tower. The Waldorf Astoria Miami is planned to rise to a supertall height of 100 stories, or 1,038 feet above ground and 1,049 feet above sea level. That is taller than any building ever built in Miami, by far. The building is planned to include 360 residential…

NoMad Residences Wynwood Gets Construction Financing, Cranes Installed

NoMad Residences Wynwood now has its cranes in place, and a construction loan for the project has been issued. The developers of the project announced earlier this month they has been issued $141.5 million in construction financing. The financing includes a $51.5 million mezzanine loan from Related Fund Management, the investment management arm of New York’s Related…

Berkadia Arranges $54.5M Refinancing for Downtown Miami Apartment Tower Pier 19 Residences & Marina

Berkadia has arranged a $54.5 million loan for the refinancing of Pier 19 Residences & Marina, a 199-unit apartment tower located along the Miami River in downtown Miami. Charles Foschini, Christopher Apone and Shannon Wilson of Berkadia’s Miami office secured the five-year, fixed-rate loan through Apollo on behalf of the borrower, Neology Development. Located at 1951…

County selling 17 acres it needs to Costco at big discount

A split Miami-Dade commission last week voted to sell water and sewer land to developer Michael Swerdlow to build a Costco at far below appraised value and without a viable alternative to fill county needs. The county didn’t seek to sell, but Mr. Swerdlow made unsolicited offers, $4.5 million last year and about $9 million last week as the deal evolved. Under the 8-5 vote…

Miami luxury rentals’ development outpaces demand

Even though the desire to live in luxury residential buildings is high, the supply is currently outweighing that strong demand, according to high-end luxury residential developers. There’s no question that South Florida is the place where many Americans want to live and demand is high but recently supply is higher, said Asi Cymbal, chairman of Cymbal DLT. “We believe this…”

Henry Pino’s Alta buying South Miami hotel, plans short-term rental condo

Developer Henry Pino is buying a development site in South Miami for $17 million to $19 million, with plans for a 310-unit short-term rental-friendly condo project, The Real Deal has learned. Pino’s Kendall-based Alta Development is under contract for the Rodeway Inn South Miami-Coral Gables hotel at 5959 Southwest 71st Street, Pino said. The plan is for a 15-story building…

Golden Glades getting $17 million bike-pedestrian bridge

Six major highways converge at an interchange in northern Miami-Dade County. The Golden Glades Interchange, however, isn’t known only for its complicated design and heavy traffic. In March 2023, a tractor-trailer rig’s cargo struck a bridge at the interchange, prompting four nights of road closings to make repairs. Major traffic jams occurred last August near the interchange…

LatAm Airlines to expand its MIA VIP club; New Lease Proposed

A new lease proposed for the VIP club for Latam Airlines Group at Miami International Airport would add substantially to the club’s space, the club’s use, and the airport’s revenues. The group would spend $4 million to $5 million to build out its new space, growing the current 10,264-square-foot space of the club on the third floor of Concourse J to 17,884 square feet.

Miami International Airport seeks Zzzzz payoff at sleep centers

Awakening to a global trend, Miami International Airport plans to contract with a Boynton Beach company to offer sleep center amenities to waiting passengers who aren’t looking for the full overnight amenities of the airport’s internal hotel. After advertising for bidders and getting just one that met airport specifications, the Airport and Economic Development Committee this…

South Florida Leads U.S. In Office Attendance Recovery

People come to South Florida for the sunshine, palm trees and beaches, but the region’s workforce is more likely than any other U.S. city’s employees to be in the office. South Florida leads the nation in office attendance compared to pre-pandemic levels, according to new data from Placer.ai, which tracks mobile phone data. Office visits are just 14% off from April 2019 in the Miami metro…

Joe Rasco: Key Biscayne mayor targeting flooding, shoreline, traffic

Joe Rasco is a senior management executive with over 30 years of leadership in local government and large businesses. After moving to Key Biscayne in 1978, he fought alongside other residents to incorporate the town and establish the first village council as well as the village’s independent fire and police departments. In 1998, the community elected Mr. Rasco to his first term…

Developers Close On $141.5 Million In Financing For NoMad Residences Wynwood

Related Group and Tricap have secured $141.5 million in financing for NoMad Residences Wynwood. The project, underway in Miami’s Wynwood Arts District, received a $51.5 million mezzanine loan from Related Fund Management and a $90 million senior construction loan from Kennedy Wilson. The nine-story condominium tower commenced construction in October 2023…

Related, Macklowe buy more units at North Bay Village condo deemed unsafe

The Pérez family’s Related Group and New York developer Harry Macklowe acquired more units at a waterfront condo building in North Bay Village, where they plan a luxury residential development on a larger assemblage of land. The partnership paid $7.9 million for 14 units at Majestic Isle, at 7946 East Drive. It now controls just over half of the building, or 20 of 56 units…

First Renderings Released For Midtown Miami’s Tallest Tower Ever

The Midtown 1 tower which has been in planning for several years has been sent to review by Miami’s Urban Development Review Board, with renderings of the tower publicly released for the first time Midtown 1 is planned to become the tallest tower ever in Midtown Miami, at 48 stories and 596 feet above ground. The new building is planned to include: 400 residential units 27,658…

Revealed: 60-Story Clear Residences Planned In Downtown Miami

Plans and renderings for a new downtown Miami tower called Clear Residences have been made public for the first time, after being in planning since at least 2022. Clear Residences is planned as a 60-story tower, rising 690 feet above ground. The new building is planned to include: 544 residential units 3,680 square feet of commercial 157 parking spaces on five levels…

“Largest affordability crisis” in US: Miami-Dade is short 90K housing units

Miami-Dade County is short more than 90,000 affordable units, as residents struggle to find and keep attainable housing across South Florida. The county is lacking 90,181 units for households earning below 80 percent of the area median income, which comes out to about $75,000 a year, according to a report released by the nonprofit Miami Homes For All. Miami-Dade is facing…

1,219 Residential Units Planned At Former Beckham Stadium Site In Overtown

Plans and renderings for a residential project on the former David Beckham stadium site in Overtown have just been revealed for the first time. The new buildings and parking garages are planned to rise between 3 and 12 stories. Plans for the development include: 1,219 residential units 16,337 square feet of commercial 1,798 parking spaces Arquitectonica is the architect.

Ken Griffin, Orlando Bravo Join Developers, CEOs With Plan To Supercharge Miami

A group of South Florida’s heavy-hitting business leaders has banded together to put forward a plan they say will help Miami capitalize on pandemic-era momentum, overcome its growing infrastructure challenges and solidify its position as a global destination for business and talent. The Partnership for Miami launched this week with a 118-page report outlining Miami’s shortcomings…

Photo: Nameplates Installed At Brickell’s Tallest Office Tower, Opening Soon

830 Brickell is nearing completion as Brickell’s tallest ever office tower, with nameplates now installed at the front entrance. The 55-story tower stands at 724 feet. The building was nearly 100% leased long before completion. Pricing per square foot reached record-breaking levels for Miami. Tenants will include Microsoft, Citadel, Kirkland & Ellis, Sidley Austin, Winston & Strawn…

EIG, Midtown Group Acquire 20.8-Acre Mixed-Use Development Site in Homestead

The Estate Cos. (EIG) and Midtown Group have acquired a 20.8-acre development site located in Homestead, approximately 40 miles southwest of Miami, for $14 million. The companies received approval last September to develop Soleste Midtown, a mixed-use project, at the site. Upon completion, the development will comprise 354 residential units, as well as 43,000 square feet…

Maersk Launches Air Freight Gateway In Miami

A.P. Moller-Maersk (Maersk) extended its air freight operations footprint in April with the launch of a full-service, in-transit gateway solution in Miami, Florida. According to Maersk, the Miami gateway will act as a critical node in the company’s worldwide air freight network. John Wetherell, Global Head of Air Freight Forwarding at Maersk, said: “Our Miami expansion…”

Developers Plan 48-Story Condo Tower With 400 Units At 3501 NE 1st Avenue In Midtown Miami

Terra and Lion Development Group have unveiled plans for Midtown 1, a 48-story residential building located at 3501 Northeast 1st Avenue in Midtown Miami. Scheduled to be reviewed by Miami’s Urban Development Review Board on May 15, this 598-foot-tall structure will offer 606,856 square feet of space, encompassing 400 condominium units, 27,658 square feet…

Terra Plans 48-Story Condo Tower With Healing, Sculpture, Rainforest Gardens

Terra Group and Lion Development Group have unveiled a plan for a 606-foot-tall tower with a trifecta of themed gardens, bringing greenery to the edge of Midtown and the Miami Design District. Midtown 1, planned for a 1.6-acre parcel at 3501 NE First Ave., is an Arquitectonica-designed tower set to rise 48 stories from a now-vacant site. Its 400 condos would sit…

UDRB Filing Reveals 1.8-Million-Square-Foot Mixed-Use Development Proposed In Miami’s Overtown Neighborhood

Plans have been filed for a massive mixed-use development at 650 Northwest 8th Street and 678 Northwest 7th Street in Overtown, Miami. The project is a collaborative effort between 0101 Miami Properties, LLC, led by brothers Jorge and Jose Mas, and 8th Street Connections Holdings, LLC, an affiliate of Terra. The proposed development would yield 1,827,392 sf…

The Weekly Dirt: Will developers’ Brickell office bet pay off?

Planned office towers in Brickell are devoid of preleasing. Will they get built? Miami’s financial district’s success since the pandemic has made headlines across the country. It’s the site of billionaire hedge fund manager Ken Griffin planned mixed-use office tower on the bay, where his firms Citadel and Citadel Securities will have their headquarters. So, developers are doing what developers…

RCLCO takes big hit offloading Miami Design District buildings

In a perplexing move, RCLCO Fund Advisors offloaded two retail buildings in Miami’s Design District, one of the nation’s top retail real estate submarkets, at a steep $17.9 million discount. In one deal, Bethesda, Maryland-based RCLCO sold a two-story, 23,645-square-foot building at 3800 Northeast Miami Court to an affiliate of Miami Beach-based Comras Company, records show.

Developer Files Plans For Clear Residences, A 60-Story Tower At 130 SE 1st Street in Downtown Miami

Toronto-based Blutrich Holdings, led by Israeli-Canadian real estate investor Gil Blutrich, has filed plans for Clear Residences, a 60-story mixed-use building at 130 Southeast 1st Street in Downtown Miami. Designed by Kobi Karp Architecture & Interior Design with KEITH as the landscape architect, the nearly 690-foot-tall structure would yield approximately 666,432 square feet…

ROVR lands $66M construction loan for 300-unit apartment project amid Miami River development boom

ROVR Development scored a $66 million construction loan for a 300-unit apartment project on the Miami River. Coral Gables-based ROVR will start construction this month on the eight-story Tides building with a 444-space garage at 2750 Northwest South River Drive in Miami, according to the development firm’s news release. Los Angeles-based alternative investment manager…

Chick-fil-A to Open Four New Restaurants in Metro Miami

Atlanta-based fast-casual brand Chick-fil-A will open four new restaurants in metro Miami. Chick-fil-A has broken ground on the first of the units, a Cutler Bay restaurant that will span 4,800 square feet. Dustin Griffiths of Chick-fil-A and David Emihovich of Katz & Associates represented Chick-fil-A in the lease negotiations. Michael Berkowitz of Berkowitz Development…

Chetrit scores appeals court win against lender in foreclosure case of Miami Beach hotel

The Chetrit Group scored a win in the legal battle against its lender over the Tides hotel in South Beach. This week, the Third District Court of Appeals reversed a motion for summary judgment issued in a lower court in late 2022 over the $45 million loan backing Tides, a 45-key hotel at 1220 Ocean Drive in Miami Beach. An affiliate of Miami Beach-based Safe Harbor Equity…

FAA Permits Issued For 39-Story Mixed-Use Tower At 128 SW 7th Street In Miami’s Brickell Area

The Federal Aviation Administration (FAA) has issued permits for a 39-story mixed-use building planned at 128 Southwest 7th Street in Miami’s Brickell financial district. Designed by Gensler, developed by Focus Development Inc (Focus) and tentatively dubbed Miami Starlite, the development is projected to yield 685,710 square feet of space. This includes 517 residential units…

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

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

Lissette Calderon’s Miami River apartment project scores refi amid multifamily distress

As multifamily landlords and developers face a distressed market, Lissette Calderon scored fixed-rate refinancing for a Miami River apartment building. New York-based Apollo Asset Management provided the $54.5 million loan to Calderon’s Miami-based Neology Development Group, a press release states. The fixed-rate mortgage is for five years and is secured by Pier 19…

Lease roundup: Macchialina’s owners plan new restaurant in Miami’s Little River

The hospitality group that owns Macchialina in South Beach will open a new restaurant in Miami’s Little River. Pirolo Hospitality leased 3,600 square feet at 7220 North Miami Avenue for its Bar Bucce, an Italian pizzeria, wine shop and market, according to a news release from the tenant and landlords. Bar Bucce is expected to open this year. Pirolo Hospitality is led by chef Michael…

‘Alexan Kendall’ Makes Headway at 9030 Southwest 158th Avenue in the Hammocks

An affiliate of Dallas-based Trammell Crow Residential has filed a pre-application for the second phase of Alexan Kendall, the first phase of which is still under construction in West Kendall. The expansion would require 278,076 square feet of new construction, offering 224 studio and three-bedroom apartments in three six-story buildings. The homes’ square footage would span…

Miami Airport Moving Forward With South Terminal Expansion

Miami Dade’s Aviation Department is moving forward with the construction of Concourse K, as part of an expansion of the South Terminal. A public notice was issued this week requesting design-build services. Miami Today first reported on the notice. The new building will have three levels that match the finish of the existing South Terminal. It is planned to accommodate…

Photo: Construction At Multiple 65-Story Towers In Park West

Construction of multiple towers in Park West is continuing to progress, a new photo shows. The 65-story E11even Hotel & Residences is rising in the foreground. It will have 449 condos, 36,852 square feet of commercial space, 2,049 square feet of office space, and four floors of parking garage. Foundation equipment can be seen doing piling work at the site of the second 65-story tower…

Partial Demolition At Former Omni Mall Approved

A permit for partial demolition at the former Omni Mall has been approved. The demolition permit was applied for in November 2022, and approved last week. Most of the wait time was for the applicant to make corrections to plans, a permit tracker shows. According to notes attached to the permit, partial demolition is planned at the former JCPenney space, along with work…

Is the new Liberty Square delivering on its promises to public housing residents?

Within a decade, Liberty City will look totally different. That is by design. A 2016 partnership between Miami-Dade County and Related Urban, the affordable housing arm of Related Group, aimed to redevelop Liberty Square, the first public housing project in the southeastern United States, in order to transform the community. Gone will be the pre-World War II row…

James Curnin sets sights on multifamily projects as he sells unfinished Venetian Islands spec house for $23M

James Curnin’s Clara Homes sold an unfinished waterfront spec house in Miami Beach’s Venetian Islands for $23.1 million. Records show Curnin’s Clara Homes sold the house at 416 West San Marino Drive to Justin Korsant, after asking as much as $29 million for the property. Korsant, CEO of Miami-based family office Long Light Capital, plans to spend another $5 million…

Day in the life of: Erik Rutter of Oak Row Equities

Count Erik Rutter, 31, among the New York developers betting big on South Florida. Rutter is the co-founder of Oak Row Equities, formerly known as Carpe Real Estate, a private equity and development firm with six mixed-use projects in Miami and 4 million gross square feet under development. He launched the company in 2018 alongside his partner, David Weitz…

Jockey Club unit owners hit with $347K judgment in suit tied to common areas

A Jockey Club condo association was hit with a $347,000 judgment tied to its lawsuit. against the owner of the common areas, marking the latest chapter in the nearly decade-long legal saga. The waterfront Jockey Club consists of three condo towers on 22 acres at 11111 Biscayne Boulevard in unincorporated Miami-Dade County, near North Miami. The towers sit on a total of 8 acres.

“Financially devastating”: Receiver takes over embattled Pembroke Pines condo complex

A receiver took over an embattled Pembroke Pines condo association that residents allege was long mismanaged by former board members, The Real Deal has learned. The lakefront Heron Pond complex, consisting of 19 two-story beige buildings, has been repeatedly slammed by the city over structural safety issues. Since last summer, Pembroke Pines officials ordered the…

Developer Proposes 48-Story Apartment Tower At 203 NE 3rd Street In Fort Lauderdale

Secaucus, New Jersey-based National Realty Investment Advisors (NRIA) has filed plans for a 48-story apartment tower with ground-floor retail space at 203 Northeast 3rd Street in Fort Lauderdale. Proposed to rise on a 0.66-acre site comprising four vacant land parcels west of NE 3rd Avenue and east of North Andrews Avenue within the Downtown Regional Activity Center…

Developer Proposes 19-Story Intracoastal-Facing Condo Tower At 3000 East Oakland Park Boulevard in Fort Lauderdale

Claridge Homes, based in Ottawa, Canada, and led by Bill Malhotra, has proposed a new condominium development along the Intracoastal Waterway in Fort Lauderdale. The city’s Development Review Committee will review plans for 3000 Waterside at 3000 East Oakland Park Boulevard today. Claridge Homes 3000 Waterside, an affiliate of the Canadian developer…

Bankrupt Developer Forges Ahead With 48-Story Project In Fort Lauderdale

A New Jersey-based development firm that operated as a Ponzi scheme isn’t letting its ongoing bankruptcy stopping it from advancing a proposal for a soaring apartment tower in Fort Lauderdale. An affiliate of National Realty Investment Advisors, which has been in Chapter 11 bankruptcy restructuring since June 2022, wants to build a 48-story tower at 203 NE Third Street…

Miami’s real estate ‘king’ tells Key Biscayne Village Council of purchase and big plans for the Sands Beach Resort

It’s one of Key Biscayne’s last connections to “yesteryear.” Now, Terra Group CEO David Martin, the proclaimed “King of Miami” when it comes to real estate development, plans to turn the Silver Sands Beach Resort, a quaint motel built in 1956 at 301 Ocean Drive, into a modern 56-residential, climate-resilient condo with a floating beach bar. The Village Manager, Steve…

Green Mills Group Proposes ‘Peace Village’ for 5088 Summit Boulevard in West Palm Beach

Fort Lauderdale-based Green Mills Group hopes to move forward with Peace Village, a four-story affordable housing development for residents 55-plus. The community would offer 104 apartments aimed at those making 70 percent of the area median income (AMI). Palm Beach County reports that a one-person household earning 80 percent of the AMI would make $51,500 a year.

US Sugar scoops up 1,300 acres in Palm Beach County for $27M

U.S. Sugar Corp. scooped up a 1,346-acre agricultural tract in west Palm Beach County for $27.2 million, marking sugar cane producers’ continued appetite for South Florida land. Clewiston-based U.S. Sugar bought the tract east of Brown’s Farm Road and north of Dairy Road in an unincorporated area of the county from an entity tied to Costa Rica-based sugar and honey…

Bank branches vanishing with acquisitions, tech changes

Technology and bank acquisitions continue to guide the conversation in the financial world as banks decide on leasing sites. “I think there are a number of reasons that the number of primary bank offices and branches have been declining, and perhaps one of the major reasons is that … community banks are consolidating, and as they consolidate, they have branches frequently in…

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

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

CRE Sales Nationally Are Ticking Back Up Despite Stagnant Interest Rates

Commercial real estate sales transaction data is starting to show signs of recovery, though numbers are still well below the low-interest-rate days of the early pandemic. The number of CRE sales still dropped 8% in the first quarter of 2024 compared to a year earlier, according to an analysis from Moody’s. But that is substantially less of a drop than the last quarter of 2023…

Starwood CEO Barry Sternlicht Warns Of Commercial Real Estate’s Balance Sheet Crisis

Starwood Capital Group CEO Barry Sternlicht said commercial real estate is facing a balance sheet crisis, even though the underlying assets are performing. Borrowers will have trouble refinancing debt because interest rates have risen 500 basis points, Sternlicht said, during a May 8 interview with Bloomberg at the Milken Institute Global Conference in Beverly Hills, California.

Construction Begins At 41-Story Biscayne Boulevard Tower

Developers held a groundbreaking event last month for a 41-story tower on Biscayne Boulevard, and photos show that work is now underway. The tower, known as 2600 Biscayne, will span an entire city block, one block away from a planned Northeast Corridor rail stop. When complete, it will have 187,000 square feet of office and retail space on the lower levels, with 399 rental…

East Capital adds to industrial portfolio with $18M complex near Medley

East Capital Partners expanded its portfolio near Medley, acquiring an industrial complex for $17.5 million. An affiliate of Darien, Connecticut-based East Capital acquired eight warehouses totaling 85,138 square feet and a storage yard at 7401 Northwest 68th Street, records show. The buildings on the nearly 4-acre site were completed in 1973. The seller, an entity managed…

Society Wynwood Reaches Completion, Adding 348 New Apartments

One of Wynwood’s biggest ever apartment complexes is now open. Society Wynwood, with 318 apartment units, recently reached completion with the first tenants moving in. Most of the apartments are traditional units, with some rent-by-the-bedroom units also available. Residents have access to over 82,000 square feet of amenities. There’s also 50,210 square feet…

Formula 1’s Miami Grand Prix Shatters Record For TV Audience

U.S. TV viewership of the Formula 1’s Miami Grand Prix this past weekend has broken records. An average of 3.1 million viewers in the U.S. watched the event, ABC said. That is 48% higher than last year’s 2.1 million viewers, and also above the previous record of 2.6 million U.S. viewers for the inaugural Miami Grand Prix in 2022, which held the previous U.S. TV viewership record.

Short-term rental-friendly projects now represent half of South Florida’s new condo pipeline

Developers have increasingly tailored their condo projects toward investors, and a new report shows how strong that trend is: More than half South Florida’s planned condo development pipeline is for short-term rental-friendly buildings. Of 20,613 condos in the works from Miami’s Coconut Grove to Hillsboro Beach in Broward County, 10,335 units in 31 buildings allow buyers to rent…

Short-term rental-friendly condos eating up more of Miami’s housing pie

The ISG report, which tracks new projects from Miami’s Coconut Grove to Hillsboro Beach that are east of I-95, stated that of the more than 20,600 condos in the works, 50.1 percent of those units will be able to be rented out with few to no restrictions, like an Airbnb-type of condo. We have said this before, but it’s true. Developers are flocking to this trend because of strong buyer…

Atlantic Sapphire salmon farm near Homestead seeks $250 million public loan

A Norwegian fish-farming complex that plans to produce at build-out 1 billion servings of salmon a year near Homestead at what would be the world’s largest aquaculture facility is to get a $250 million loan boost via industrial revenue bonds up for approval by county commissioners this week. The commission already approved the loan package in April 2023, but under…

Awaited ultra-luxury office tower 830 Brickell vows 2024 finish

Brickell’s much-anticipated Class-A-plus office tower, 830 Brickell, prepares for its completion in the second half of the year. “The construction is progressing,” said Andrew Trench, executive managing director at Cushman & Wakefield. “What we call sort of a super superstructure, it’s complete.” Final touches are being made on the glass curtain wall and amenity spaces.

Construction materials costs in Miami-Dade stay level

Construction costs in Miami-Dade remain flat without any signs of escalation, according to those involved. Some of the commodities like concrete and steel have leveled off to the point that they are holding their prices throughout the duration of the project, which was not the case in 2022 and 2023, said Al Fernandez, the CEO of ANF Group. “But of course, that has a lot to do with…

Miami International Airport moving to add new concourse, gates

Miami International Airport will add six passenger gates in a new Concourse K beside the South Terminal under a four-year, $621 million contract with a firm that is to design and build the project within four years, according to a just-released call for services. The project is part of a sweeping $6.8 billion plan for airport-wide modernization in the next five to 15 years, paving…

Miami administration building at Freedom Park wins OK

The City of Miami’s latest design for its new government administration building, as part of the rising Miami Freedom Park, has earned praise and a recommendation for approval. The proposed facility is eight stories with government offices spread out over 235,000 square feet, with an attached parking garage for up to 903 vehicles, at a site at 1822 NW 37th Ave. The new city building…

Tricera, Lndmrk and Simkins team up for $23M Society Wynwood retail investment in mixed-use project

Ben Mandell, Alex Karakhanian and Michael Simkins joined forces to buy the ground-floor retail space of Society Wynwood, an almost completed mixed-use project, The Real Deal has learned. A joint venture between Mandell’s Tricera Capital, Karakhanian’s Lndmrk Development and Simkins’ Lion Development Group paid $22.5 million for 32,000 square feet at the base…

New Images Of Brickell’s Mercedes Tower; 100 Units Sold In Just 4 Days

New renderings of the 67-story Mercedes Benz Places tower under construction in Brickell were unveiled at an event last week. The building “has already set a sales record,” with 100 units sold in just the first four days of marketing. The image reveal event took place last week at The Concours Club ahead of the Formula 1 Miami Grand Prix weekend. It was attended by Toto Wolff…

Site Work, Phased Vertical Permits Applied For At Former Miami Arena Site

Construction of a massive apartment project at the former Miami Arena site continues to move closer with new permits filed in recent days. On April 8, a site work permit was applied for with Miami’s Building Department. Coastal Construction is listed as the contractor, and the plan was accepted for review on April 25 (it isn’t yet approved). On May 6, a phased vertical permit…

Brickell City Centre Retail At 100% Occupancy, Again

Brickell City Centre’s shopping area continues to be fully occupied, according to developer Swire Properties. Swire’s earning reports released yesterday showed that 100% of the retail space at the shopping center was occupied as of the company’s quarter end on March 31. The retail space was also 100% occupied at the end of the previous quarter ending December 31. Retail sales…

Miami-Dade County Reviewing Proposal For 23-Story Babylon Racquet Club At 240 SE 14th Street In Brickell, Miami

Bay Racket Club, LLC has submitted a pre-application for developing the Babylon Racquet Club, a 23-story mixed-use building planned at 240 Southeast 14th Street in Brickell. Positioned on a pie-shaped lot approximately 19,164 square feet (0.439 acres) in size, where SE 14th Street meets Brickell Bay Drive along Biscayne Bay, the project is designed to become downtown Miami’s…

523-Foot Babylon Racquet Club Planned In Brickell

A mixed-use tower called the Babylon Racquet Club is now moving through the approval process in Brickell. The Babylon Racquet Club intends to serve as downtown Miami’s “premier racket sports health/wellness center,” according to a Letter of Intent submitted to Miami-Dade planners. The area continues to add new population and business activity but is severely lacking in…

Estate, partner plan mixed-use project with 354 apartments in Homestead

Estate Companies and a partner plan a mixed-use project with 354 apartments and commercial space in Homestead, marking developers’ continued bet on south Miami-Dade County. Estate and Midtown Group, led by principal Jon Samuel, bought the 20.8-acre vacant development site on the southeast corner of Campbell Drive and Northeast 30th Avenue for $14 million…

Brickell office slump? Nearly 3M sf planned, zero preleased

As Miami’s Brickell became the epicenter of South Florida’s office leasing flurry during the past four years, developers jumped into the area with plans for three towers that would add 2.8 million square feet to the market. But the influx of out-of-state companies signing major leases for big blocks of space in the tri-county region has ended, data shows. The dearth of leases from…

66-Story Aston Martin Tower Reaches Completion, 99% Sold

They said it couldn’t be done. Now, downtown Miami’s Aston Martin Residences tower has opened, with almost all of the residential units already sold. Developer G&G Business Developments held a ribbon cutting ceremony on April 30, during Miami’s race week. The event was also attended by Aston Martin executives and Miami Mayor Francis Suarez. The tower includes 391 luxury…

Miami Developer Tibor Hollo Dies At 96

Developer Tibor Hollo has died, according to the Herald. The Hungarian-born Hollo was one of the first to develop Miami’s urban core in a big way, with projects including the Omni mall and multiple surrounding towers. Brickell’s 85-story Panorama Tower, which is currently the tallest building in Miami, was built by Hollo’s Florida East Coast Realty when he was in his late 80s.

South Florida developer Tibor Hollo dies at 96

South Florida developer Tibor Hollo, who helped shape Miami’s skyline, died at the age of 96. Hollo, a Holocaust survivor, founded his family owned Florida East Coast Realty after moving to Miami in 1956, and served as chairman and president. The residential, commercial and mixed-use developer most recently built Panorama Tower in Brickell, one of the tallest…

First Glass Installed At Miami Worldcenter’s Rumored New Apple Store

The first glass has been installed at an under-construction Miami Worldcenter building reported to be an Apple Store. According to a construction permit filing, a 1-story building is being built with 16,629 square feet of retail, adjacent to Worldcenter’s World Square. A recent report said a lease agreement between Apple and Worldcenter has been filed with Miami-Dade.

North American Industrial Big Box Leasing Is On A Tear

2024 could be the third-highest year for industrial big-box leasing, CBRE projects. Even though a spate of new construction in 2023 brought a record 413 million SF to market, it expects that abundant supply to be short-lived. “Investor sentiment has significantly improved from last year as industrial operating fundamentals remain solid and the credit market has stabilized,” said C…

Aston Martin Residences Completes Construction At 300 Biscayne Boulevard Way In Downtown Miami

Construction is complete on Aston Martin Residences, a 66-story residential building at 300 Biscayne Boulevard Way in downtown Miami. Located at the mouth of the Miami River, this milestone was celebrated with a ribbon-cutting ceremony attended by the Coto family, Aston Martin executives, Buenos Aires-based architect Rodolfo Miani from Bodas Miani Anger…

New Detailed Renderings Unveiled for 116-Room Hotel Development at 160 NW 28th Street in Wynwood

Updated renderings have been revealed via a warrant and waiver application for a proposed 10-story hotel at 160 Northwest 28th Street in Wynwood, Miami. Designed by MKDA and developed by a joint venture between Robert Finvarb Companies and Hidrock Realty, the 121-foot-tall structure would yield a total floor area of 74,498 square feet. This includes 38,096 square feet…

Developer Seeks Design Review Approval For 4-Story Commercial Building At 1901 Alton Road In Miami Beach

Crescent Heights, under the 1901 Alton Property LLC, and Wells Fargo Bank, the property owner, have submitted an application for Design Review Approval for a new 4-story commercial building at 1901 Alton Road in the Bayshore neighborhood of Miami Beach. The proposed 54-foot-tall structure, designed by Studio MC+G Architecture with facade architecture…

Pérez family’s Related, partners score $141.5M financing for NoMad Wynwood condos

A partnership led by the Pérez family’s Related Group and David Edelstein’s Tricap scored $141.5 million in financing for their planned NoMad Residences Wynwood. Related Fund Management, the investment management arm of New York-based Related Companies, provided the developers with a $51.5 million mezzanine loan, according to a press release. Beverly Hills…

Application Seeking Design Review Approval Filed For Planned Office Building At 1100 5th Street In Miami Beach

An application has been filed seeking design review approval for a new 5-story commercial office building at 1100 5th Street in the South of Fifth neighborhood of Miami Beach. Designed by Eduardo Souta de Moura with Zyscovich Architects serving as the executive architect, and developed by Sumaida + Khurana in partnership with property owners Roslyn and Norton Nesis…

Lease roundup: Assurant moving to Waterford, Buccan restaurant opening in Coral Gables

Global insurance company Assurant will move its Miami-Dade County office to the Waterford Business District. Atlanta-based Assurant took 78,000 square feet at 701 Waterford Way, where it will open in June, according to a spokesperson for the landlords and their broker. The 250-acre Waterford Business District, with 1.7 million square feet of office space, is in an unincorporated…

GL Homes loses suit over contentious 550-home project on Calusa golf course

GL Homes lost a lawsuit over its controversial plan to develop a 550-home complex on the Calusa golf course near Kendall. The Florida Supreme Court on Wednesday denied GL Homes’ request for review of a lower court’s decision that had effectively nixed the project. The decision marks the latest in the nearly three-year saga over the redevelopment of the 159-acre Calusa golf…

Miami Mayor Francis Suarez testifies in SEC case against Rishi Kapoor

Miami Mayor Francis Suarez detailed his role as a private consultant for Rishi Kapoor’s real estate companies in a sworn statement to the U.S. Securities and Exchange Commission. Last month, Suarez provided his testimony under subpoena about the business arrangement with Urbin, a subsidiary of Location Ventures, Miami Herald reported. Kapoor founded both firms…

Plans Filed For 200-Unit Multifamily Development At 1830-1844 Jackson Street In Hollywood

Plans have been filed for Jackson Street Apartments, a 13-story apartment building proposed for 1830 – 1844 Jackson Street in Hollywood. Designed by Joseph B. Kaller of Kaller Architecture with Gabriela Fojt of The Mirror of Paradise as the landscape architect and developed by Menachem Trietel of Brooklyn-based Capitall Group in partnership with Isaac Khabie…

Blackstone subsidiary expands industrial portfolio in Pompano Beach with $21M purchase

Blackstone’s Link Logistics expanded its Pompano Beach industrial portfolio with its recent $20.7 million purchase of a manufacturing and distribution facility. An affiliate of Link, a New York-based industrial real estate firm led by CEO Luke Petherbridge, acquired a 93,873-square-foot warehouse at 3141 Southwest 10th Street, records show. The deal breaks down…

Pompano Beach industrial market heats up with Invesco acquisition

Pompano Beach’s industrial submarket is garnering attention from institutional investors. Invesco Real Estate picked up two warehouses on the heels of Blackstone subsidiary Link Logistics buying an industrial facility in the same city. An affiliate of Dallas-based Invesco, led by CEO Scott Dennis, paid $23.8 million for two facilities spanning nearly 105,000 square feet at 1280-1300…

‘Ocean One’ to Offer 371 Homes in 8 Stories at 114-222 N. Federal Highway in Boynton Beach

Hyperion Development Group is one step closer to realizing Ocean One, an eight-story residential development in Boynton Beach. The Miami-based firm purchased the 3.71-acre parcel for $12 million in 2022, and now, it’s hoping to get up to $9.9 million in tax rebates to make the venture possible. The Boynton Beach Community Redevelopment Agency (CRA) will discuss the…

Foundation Work Progresses On Alba Palm Beach At 4714 N Flagler Drive In West Palm Beach

Foundation work progresses on Alba Palm Beach, a 22-story waterfront residential condominium development located at 4714 North Flagler Drive in West Palm Beach. Designed by locally-based Spina O’Rourke + Partners with Schmidt Nichols as the landscape architect and developed by BGI Companies and Blue Road Group, the 262-foot-tall structure will deliver a collection…

‘Elan Palm Reserve’ Ends Construction at 4350 Peregrine Way in Lake Worth

Elan Palm Reserve is set to welcome its first residents the third week of May. The $90 million project, developed by Greystar, started construction in October 2022. The first phase will offer more than 300 apartments that, according to sources, feature “resort style living.” The venture’s website reports that homes span from one-bedroom to three-bedroom layouts, measuring 749 sf…

Coal Capital’s Lake Worth Beach rehab complex faces foreclosure

Coal Capital Group could lose a medical rehab facility in Lake Worth Beach to foreclosure. Denver-based Lapis Advisers, as agent for a fund that acquired a mortgage from Santander Bank in 2020, filed a foreclosure complaint against Brooklyn-based Coal Capital and two affiliates, court records and real estate database Vizzda show. The lawsuit, filed in Palm Beach Circuit Court…

Tzadik co-founder sues CEO Adam Hendry for $8M tied to multifamily deals

A Tzadik Management co-founder is suing the company and CEO Adam Hendry for $8 million tied to sales of a massive multifamily portfolio. Alex Arguelles alleges that Hendry and Tzadik affiliates failed to pay him “a single dime from the sale” of the properties, in violation of a settlement agreement, according to Arguelles’ lawsuit filed in March. The portfolio spans nearly…

“I take every opportunity to gloat”: Francis Suarez talks Miami’s growth, challenges at The Real Deal’s New York Forum

Miami Mayor Francis Suarez challenged New York City Mayor Eric Adams to a showdown at The Real Deal’s New York Real Estate Forum. Adams didn’t appear, but Suarez took the stage to promote Miami’s growth, publicly proclaim its support of Israel, and offer potential solutions to traffic and infrastructure concerns. Suarez spoke with TRD Founder and Publisher Amir…

Brightline Increases Prices Over Seat Shortage, Some Customers ‘Outraged’

Some longtime Brightline customers are “outraged” over a recently announced price increase, according to NBC6. The company is raising prices on packages that it sells to commuters. One person said they had purchased a home near a Brightline station to be able to use the train service. Brightline recently told investors that it is dealing with a shortage of capacity on some of its…

Video: RealPage Director of Research & Analysis, Market Analytics Carl Whitaker Provide Student Housing Updates & Strategies

The Discussion: Unveiling the Trends and Insights of Student Housing In the realm of real estate, few sectors offer as intriguing a landscape as student housing. On a recent episode of “America’s Commercial Real Estate Show,” the show’s host sat down with Carl Whitaker, Director of Research and Analysis at RealPage, to delve into the nuances of this dynamic market.

Video: Lisa McCracken, Head of Research & Analytics at the National Investment Center for Seniors Housing & Care (NIC) Discusses Senior Housing 2024

A Discussion About Navigating the Landscape of Senior Housing In the realm of real estate, certain sectors hold unique significance, not just in terms of investment potential, but also as indicators of societal shifts and demographic trends. One such sector is senior housing, which has been subject to intense scrutiny and adaptation, especially in recent years. A conversation between…

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

Navigating the Currents of Commercial Real Estate: Insights from a Conversation 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…

45,000 Retail Stores Could Shutter In The Next 5 Years: UBS

Roughly 45,000 retail stores could close their doors in the next few years, a new retail report by UBS estimates. UBS modeled out the share of e-commerce shoppers in the U.S. growing from 21% to 26% and retail growing overall by 4% and said that would lead to mass closures by 2028, Retail Dive reports. The growth of online shopping, capital constraints, cost of store operations…

Cannabis Reclassification Would Likely Boost Cash Flow, Opening Doors For CRE Moves

This week’s announcement that the Department of Justice recommended cannabis be reclassified as a lower-risk substance is a long-awaited move toward legitimacy coveted by thousands of marijuana businesses in states where recreational use is legal. The decision could bring big changes for cannabis-related real estate as a result of loosened lending restrictions…

Who Is Yardi — And What Does It Want With WeWork?

Yardi Systems spent the past 40 years quietly growing into a giant in the real estate software industry, but it’s far from a household name. It’s about to own one. When WeWork’s attorneys revealed in court on Monday that Yardi would become the majority owner of the beleaguered coworking company after providing it most of the money it needs to exit bankruptcy, the arrangement…

AI Has Quietly Become Part Of Industrial Real Estate Development

Artificial intelligence has become a subtle but increasingly important partner for the industrial development sector in the Northeast, local leaders say. AI has reached a fever pitch across real estate, fueling data center demand and pushing the government to issue guidance this week related to its use for fair housing. In industrial real estate, AI tools are integrating into the site selection…

J.P. Morgan 2024 commercial real estate midyear outlook

The commercial real estate outlook for the second half of 2024 is largely positive—multifamily continues to perform, as do industrial and retail. But challenges could lie ahead. The higher interest rate environment appears to be here to stay, and office vacancies continue to climb. “On the income side, drivers like rents and vacancies will likely be flat to stable for most property types…

Pairing bank capital with agency execution for multifamily properties

Bank and agency loans are important sources of financing for multifamily properties and can be good solutions depending on the property and the owner’s goals. Finding the right financing solutions requires a team that understands conventional bank loans and agency loans and can help determine which option—or combination of options—is the right fit. “Both agency and bank…”

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…