Macy’s site on Miami Beach under sale contract

Sale of the Macy’s department store site on Miami Beach is currently in process. The site is under contract, with Marcus & Millichap commercial brokerage managing the sale. The Macy’s building itself at 1675 Meridian Ave. is a two-story square building that sits on 50,000 square feet, but the buyer has the option to expand development because a total of 137,000 square feet is available, with only…

92 to 100 story downtown tower work to begin next year

Florida East Coast Realty plans to demolish its downtown tower at 100 S Biscayne Blvd. by 2019 and build a new 92- to 100-story downtown tower to open in 2023. The building at 1,049 feet above Biscayne Bay would be the tallest in the area with 360-degree, panoramic views and over 3 million square feet of office, residential and hotel space. “We are starting to put our tenants on notice…

As Port Expands, Miami’s Industrial Market Attracts Investor Attention

Miami’s industrial market, currently enjoying record low vacancy of about 4.5 percent, is attracting more powerful investors who want to buy in as demand overwhelms supply and new Panamax-sized ships pull up to the newly expanded port. Florida has one of the most dynamic industrial markets in the country, being the only state almost completely surrounded by the ocean, but known primarily for its…

Family that owns Channel 7 buys land in Miramar from Walmart for $14M

The family of billionaire Edmund Ansin, which owns South Florida television station WSVN-Channel 7, bought 28.7 acres in Miramar from retailer Walmart for $14 million. Walmart sold the vacant land at the northeast corner of Flamingo Road and Miramar Parkway to the Ansin Family Trust, headed by Andrew Ansin, the son of Edmund Ansin who runs the Miramar Park of Commerce, a business park with…

Video: Tim Bodner and Byron Carlock of PwC Discuss Tax Act Impact on Retail Properties

Leaders Tim Bodner and Byron Carlock of global accounting and professional service company PwC appears on The Commercial Real Estate Show with its host Michael to discuss the impact of The Tax Cuts and Jobs Act on the Retail Sector. Among the topics they discuss are trends today in retail centers, customer experience in retail, economic risks for retail and overall, interest rate increase projections…

Video: David Kessler of CohnReznick on Tax Reform’s Impact on Commercial Real Estate

National Director of Real Estate Practice at CohnReznick David Kessler appears with show host Michael Bull to talk about the impact that tax reform is having on commercial real estate. They go into topics including predictions for repatriation of monies, individual interest deductions, employment, qualified business income deductions, entity deduction qualifications, and carried interest. CohnReznick…

Video: David Kessler of CohnReznick Provides Current Commercial Real Estate Strategies

David Kessler, National Director of Real Estate Practice at CohnReznick, a New York based national professional services firm that is the tenth largest public accounting firm in the United States (2013), appears with show host Michael Bull to discuss some current strategies for commercial real estate in the midst of tax reform. Together they discuss topic including interest rate increases, infrastructure…

The Tower Hotel in Little Havana is almost ready for its next chapter as a boutique hotel

Little Havana’s Tower Hotel at 1450 SW 7th Street is about to be reborn as a boutique hotel – a hotel that draws heavily on its storied history. The Miami Herald breaks down everything the building’s been in the past from a WWII hospital to a jazz venue that hosted Billie Holiday… The property’s redevelopment is thanks to a partnership between the Barlington Group and NYC-based hotel company Selina…

Video: Moody’s Analytics Senior Economist Adam Kamins on Opportunities Provided by the Tax Act

Adam Kamins, Senior Economist with Moody’s Analytics, appears on America’s Commercial Real Estate Show with its host Michael Bull to discuss opportunities in real estate created by The Tax Cuts and Jobs Act. Other covered topics include multifamily market projections, market prices, interest rate changes and predictions, commercial real estate sector favorability, and favorable provisions for REITS…

Video: SVP at Grandbridge Real Estate Capital SVP Tom Walsh Provides Tips for Real Estate Financing Today

Tom Walsh, Senior Vice President at Grandbridge Real Estate Capital, joins host Michael Bull on his show, America’s Commercial Real Estate Show, to discuss various tips and strategies for real estate financing today. Among topics discussed are the private equity source market, real estate crowdfunding performance, impacts of loan default, tips for refinancing commercial properties, and tips for getting….

Economics shelves FPL nuclear units at Turkey Point

Nuclear units Florida Power & Light was to build at Turkey Point have been delayed indefinitely as it’s too expensive to compete with natural gas, FPL says. In 2010, the county agreed with FPL to build two new nuclear units at Turkey Point and treat 90 million gallons daily of reclaimed water to cool them. But “conditions have changed, and the units will not be constructed in the foreseeable future,” Mayor…

20 largest Miami-Dade office buildings paid $51 million in taxes

Property owners might gain new appreciation for large office buildings nearby as a result of new research that indicates office towers offset real estate tax obligations for surrounding properties while also providing revenue for the county. Thomas Dixon of Dixon Commercial Real Estate finds the largest office buildings contributing about $51 million to Miami-Dade in 2017 property taxes.

Brightline’s service to Miami is expected to begin by end of April

Ridership is three times larger than expected, according to Brightline’s president High speed rail service will be in Miami before you know it. At a lunch with the Greater Miami Chamber of Commerce last week, the South Florida Business Journal reports that Brightline CEO Patrick Goddard said that the train’s service to Miami is expected to start by the end of April. The 75-mile-per-hour trains will travel…

Apartment building that can convert to short-term rentals sells in Miami Beach’s South-of-Fifth

Fresh from undergoing a multi-year renovation, a 27-unit apartment building in Miami Beach’s South-of-Fifth neighborhood just sold for $14.6 million, property records show. The developer, TwoFifty Collins LLC, managed by Alessandro Renzetti, listed the property at 250 Collins Avenue for $22 million with Gary Hennes Realtors in 2016 – meaning the building sold at about a 33 percent discount off its…

Jugofresh past its expiration date

Jugofresh is no more. Owner Matthew Sherman announced the cold-pressed juice company shut down on Tuesday, closing all of its stores and ending its partnership with Whole Foods Market. Sherman wrote in an email blast that his “lack of experience and rapid expansion are what ultimately led us to close.” The company grew quickly in its six years,  with up to eight locations in South Florida…

Soffers, Simon Property want $2 billion to refinance Aventura Mall

The Soffers and Simon Property Group are seeking $2 billion to refinance Aventura Mall. The loan, if granted, will be used to pay off a $1.2 billion commercial mortgage-backed securities loan that the joint venture between Turnberry Associates and Simon Property secured in 2013. An additional $167.4 million in financing was used to…

Privé developers to collect $21.6M settlement, ending legal battle

Developers of the completed Privé at Island Estates have agreed to collect a $21.6 million settlement from the Williams Island Property Owners Association, ending years of litigation over the construction of the luxury two-tower condo complex in Aventura. Williams Island Property Owners Association had filed suit in 2013, seeking to stop the development. A jury in Miami-Dade Circuit Court on…

Development team’s office complex project near Aventura wins approval

A joint venture just won approval for a nine-story office complex that will rise near Aventura, set to break ground soon, The Real Deal has learned. The developers: BM2 Realty, MG3 Developer Group, Scheck Group and Solomon Capital Management will build 188 Aventura Centre, a 290,000-square-foot office building. The project, which just received site approval from the City of Miami, will include about 53…

The future is now: Driverless cars could upend the real estate market

The mass adoption of driverless cars could shift some of the traditional rules that govern real estate values, particularly those concerning access to mass transit. Fully driverless cars are heading to California’s streets in April, following state approval, so that future could be a lot closer than it seems. Having a driverless option could make using — and living and working near — mass transit less appealing to those…

Investors pick up development sites in Allapattah and Miami River

Two development sites on the Miami River and in Allapattah sold to developer Enrique Manhard and real estate entrepreneur Spencer Waxman, respectively. Property records show Mapocho Development LLC sold the 1.55-acre waterfront lot at 1690 Northwest North River Drive to River and 16th Property LLC for 6.4 million. The buyer is controlled by Manhard, a developer in Hallandale Beach. The site is…

Ed Morse scores $114M refinance for 10 Florida dealerships

Auto titan Edward “Teddy” Morse III just scored $114.3 million in financing for 10 of his dealerships in Florida. Midvale, Utah-based Ally Bank is the lender, according to property records. The bank assumed a $95 million mortgage from Bank of America in 2015 and increased the loan to $114.3 million. It covers dealerships in Brandon, Tampa, Lakeland, Port Richey, Delray Beach, Riviera Beach, Fort Lauderdale…

Going up: Elevator technology is reaching new heights in skyscrapers across the globe

During the next two years alone, 187 skyscrapers are expected to pop up across the globe — each of which will rise 820 feet in the air. As developers look to build taller and taller, some elevator companies are exploring ways to revolutionize vertical travel. A recent report by Bloomberg examined new technologies addressing speed, capacity and, in some cases, direction in skyscrapers of the future.

Soffer family wants $5 million bond for Opa-Locka Executive Airport expansion project

The Soffer family is requesting a $5 million bond grant to expand its jet center at Miami Opa-Locka Executive Airport. Turnberry Airport Holdings is seeking approval of the grant from Miami-Dade County’s Economic Development and Tourism Committee on Thursday and then from the county commission in April. The billionaire family would use the county bond for a $27.6 million project at the airport…

InterContinental Miami among U.S. hotels that Chinese regulators may sell

The insurance regulatory agency in China is considering offers to buy luxury U.S. hotels it has seized, including the InterContinental Miami hotel in downtown Miami. The agency has seized Beijing-based Anbang Insurance Group Co. and has taken ownership of more than a dozen U.S. hotels that Anbang acquired. In 2016, Anbang paid $6.5 billion to buy a portfolio of 16 high-end hotels from New York-based…

South Florida is the unofficial epicenter of condos bearing luxury brands

Real estate developers put luxury brands on their buildings in other metropolitan areas, but nowhere is the practice more fashionable than in South Florida, where five branded condominiums are expected to open by 2021. The large international segment of the condo market in South Florida is one reason why developers there are forming partnerships with luxury brands for automobiles and apparel.

Codina lands $54.3M of bank financing for Hialeah industrial development

Coral Gables-based Codina Partners landed $54.3 million of bank financing for its development of an industrial park on 72.2 acres in Hialeah. Codina Partners, led by developer Armando Codina, got a $23.1 million acquisition and development loan and a $33 million revolving line of credit to fund construction from Weston-based Florida Community Bank. The Coral Gables-based company assembled…

City council will consider proposed 401-home development in Miami Gardens

The Miami Gardens City Council will consider an application to build 401 homes just west of State Road 7. The city council will consider the application from Arlington, Virginia-based Graham Holdings Co. on Wednesday. Miami attorney Graham Penn is representing Graham Holdings in the application process. A subsidiary of Graham Holdings paid $5 million in 2014 for the proposed 37-acre development site…

Claire’s Stores plans Chapter 11 bankruptcy

Claire’s Stores Inc. is preparing a Chapter 11 bankruptcy filing as the retailer of costume jewelry and ear-piercing services looks beyond malls for high-traffic store locations. Filing a Chapter 11 bankruptcy would allow Claire’s to continue operating with protection from creditors while it tries to resolve its debt problems. Claire’s is struggling to repay $2 billion of debt that Apollo Global Management LLC…

Wynwood takes a page from the Netherlands with a street shared by cars, bikes, and pedestrians

A “woonerf” is in the works Miami commissioners approved a contract yesterday with a Brooklyn firm to design the “city’s first true shared street” in Wynwood, reports Andres Viglucci of the Miami Herald. It’s a design concept borrowed from the Dutch: a “woonerf” is a street that’s mainly for pedestrians but also fare game for cars and bikes, with planters and landscaping to slow down drivers and provide…

Miami’s urban core is growing at a faster rate than most major US cities: CoStar

Office and apartment development in Miami’s urban core is outpacing other such areas in 11 major U.S. markets, according to recent data compiled by CoStar Group. Miami’s urban core, which includes downtown, Brickell, Edgewater, Midtown Miami and Wynwood, accounted for 40 percent of new office construction in the city since 2010, which is higher than Boston, Chicago, Atlanta, Houston, Washington…

Miami commission awards nearly $1 million for Wynwood streetscape

Wynwood may be the Miami neighborhood with the most foot traffic, but it is considered far from pedestrian-friendly. Two recently approved city measures championed by Wynwood developers and property owners aim to fix that conundrum. The Miami City Commission this week approved a contract with Arquitectonica GEO to develop a streetscape and tree canopy master plan for Wynwood…

Norwegian Cruise Line will build a futuristic new terminal at PortMiami

See renderings of what’s being called the “pearl” of Miami In 2019, vacation-goers on Norwegian Cruise Line will depart Miami from a futuristic new terminal at PortMiami. That’s the plan for Norwegian Cruise Line Holdings Ltd., which just unveiled the design for its dedicated Norwegian Cruise Line terminal at the port. Miami-based firm Bermello Ajamil & Partners, Inc. dreamed up a LEED-Silver…

Hurricanes may buffer South Florida from Trump’s new tariffs, experts say

Hurricanes may have protected the South Florida construction industry from feeling the full force of President Trump’s new import taxes.
The president’s newly announced tariffs on imported steel and aluminum are not expected to have much impact on the local construction industry because in order to withstand hurricane-force winds, local developers say, structures are primarily built with concrete and…

Publix bags shopping center in Hialeah

Publix Super Markets just purchased a shopping center it anchors in Hialeah for $15.7 million. The Lakeland-based grocer paid about $245 per square foot for the 64,260-square-foot Paraiso Plaza shopping center at 3339 West 80th Street, according to property records. The seller is an affiliate of DDR Corp., a publicly traded retail-focused real estate investment trust. DDR paid $9.65 million for the 7.3-acre…

Trump’s steel and aluminum tariffs would hit Florida, 3 other states hardest: report

President Donald Trump is expected to sign his controversial steel and aluminum tariffs plan today, a move that could slam businesses in a handful of states the hardest, including California, New York and Florida. Experts say the tariffs could start a trade war, raise prices and lead to a drop in new construction. Businesses in 10 states would pay around two-thirds of the $9 billion that the right-leaning Tax…

Those student condos planned near FIU? They’re becoming rentals, instead

The developer of a planned student housing condo tower near Florida International University is switching gears and turning the project into rentals, instead. Unlike other developments that have been canceled or converted to rentals because of the weak condo market, University Bridge Residences had secured more than 200 buyers for the 492-unit, 20-story tower, according to Alicia Cervera Lamadrid…

Positive signs for CRE lending in 2018 amid strong market: report

The delinquency rate on CMBS loans came in nearly a full percentage point lower than a year ago, a positive indicator for lending in the year ahead, and bucking the gloomy predictions the industry has long been hearing. The rate in February was 4.51 percent, down from 5.31 percent in February 2017, according to CMBS analytics firm Trepp. That’s despite a wave of maturing CMBS loans packaged in…

‘Still Super Early’ in CRE Expansion?

Panelists (left to right) Tony Arellano, Joe Furst, Avra Jain, Alex Karakhanian and Jonathan More discuss the Miami real estate market Thursday at an event held by the Commercial Industrial Association of South Florida. Photo Credit: CIASFSome commercial real estate observers in South Florida are convinced that the longtime mark…

A Color Coded Map of Miami-Dade 2017 Vacant Commercial Land Sales PSF in Miami-Dade ~ Interactive

Above is a color coded (by PSF price range) chart of vacant commercial land sales per square foot in 2017 for land located within Miami-Dade. Below this is another map with the same properties mapped, but with each icon containing links to detailed information about the properties. This data aset was prepared using data from Costar. It is not comprehensive as not all land sales are recorded in this data…

Development plans are in the works for historic downtown Macy’s building

Aetna Realty Group is planning a mixed-use project What’s going to happen to the landmark Macy’s building downtown once it closes. Miami Today spoke with David Braka, vice president of Aetna Realty, about the company’s plans to renovate the Flagler Street store. The plan could involve building two adjacent 50-story or 55-story towers on either side of the Macy’s building. The project would be…

47-story Una condo tower will rise on Brickell Waterfront

It’s the second Miami project from OKO Group Missoni Baia is still under construction, but OKO Group and developer Vlad Doronin are unveiling a new luxury condo project. OKO Group will partner with international real estate investment firm, Cain International, to develop the 47-story Una on the Brickell Waterfront. The soaring tower will be designed by Adrian Smith + Gordon Gill Architecture, the firm…

The Europeans are coming: Continental banks double down on CRE lending

European banks are doubling down on real estate lending, and a growing chunk of the money is flowing into the U.S. “We have capital and we have appetite,” Deutsche Bank’s head of commercial real estate Roman Kogan told the Wall Street Journal. As of September, German banks held $24 billion in U.S. commercial mortgages on their books, according to Trepp, up from $14 billion a year earlier.

Warnings push Miami to monetize its land holdings

Commissioner Joe Carollo is warning of dire days if the City of Miami doesn’t find fresh and fruitful revenue streams soon. He stressed the prophecy during talk of a potential deal to offer city land to David Beckham’s group for a soccer stadium and much more in exchange for a sizable financial return. Mr. Carollo says the city has serious financial obligations, from the need for affordable housing to shoring up…

Beckham partners eye Melreese golf course for MLS stadium site

David Beckham and his partners are considering a new property for their multimillion-dollar Major League Soccer Stadium. Miami City Manager Emilio González met with Beckham partner Jorge Mas on Monday to discuss building the stadium on the city-owned Melreese golf course near Miami International Airport, according to the Miami Herald. The Mas brothers, who joined the stadium venture last year…

Macy’s on Flagler Street to get 50-story towers on either side

Plans to possibly renovate the historic Macy’s on Flagler Street downtown are in early developmental phases with the addition of two adjacent 50- to 55-story buildings that are to be built from the ground up as well. This Macy’s, long considered one of downtown Miami’s landmarks, is to close this year as part of the corporation’s nationwide cutback plan. Aetna Realty Group bought the building in 2013’…

Rent prices have been somewhat stable in Miami in 2018, study says

Miami still ranks 11th nationwide in terms of the most expensive rental markets  This might be a bit of a relief to renters in Miami: Apartment search site ABODO recently released its March 2018 National Apartment Report featuring new data and pricing for Miami, and Miami rents are have only increased slightly since last month. ”In terms of rent increase or decrease from February to March, Miami saw…

Miami based Summit Property Group sells Lauderhill rental complex

Miami-based Summit Property Group just sold a 352-unit apartment complex in Lauderhill for $28.5 million. Federal Capital Partners is the buyer of Summit Palms at 4491 Northwest 19 Street according to a press release. The deal breaks down to about $81,000 per unit. Records show an affiliate of Summit Property Group paid $7.8 million for the rental community in 2012. Since then it has invested more…

Video: Grandbridge Real Estate Capital SVP Tom Walsh on the Outlook for Rates for Real Estate Financing

Tom Walsh, SVP at Grandbridge Real Estate Capital, joins Michael Bull on America’s Commercial Real Estate Show to discuss interest rate trends and what they’re observing in the financing of commercial real estate. They discuss, among other topics, overall market trends, mortgages, rate increases, rate standards, rate compression, inflation, bank underwriting, general financial pressures in the marketplace…

Video: Tim Bodner and Byron Carlock of PwC Discuss Tax Act Impact on Multifamily Properties

Leaders Tim Bodner and Byron Carlock of global accounting and professional service company PwC appears on The Commercial Real Estate Show with its host Michael to discuss what they view as the impact of the Tax Cuts and Jobs Act on the multifamily commercial property sector. Amng the topics they discuss include reduced tax deductions, property tax deductions, residential property trends…

Video: Senior Economist at Moody’s Analytics Adam Kamins Discusses Sectors and Regions Benefited by the Tax Act

Adam Kamins, Senior Economist with Moody’s Analytics, a firm that helps capital markets and credit risk management professionals worldwide respond to an evolving marketplace, joins America’s Commercial Real Estate Show to talk about the commercial real estate sectors and regions within the USA affected by The Tax Cuts and Jobs Act. Also discussed are the topics of tax rates and changes in tax…

What happens when a lease doesn’t say how to calculate rent after renewal?

Leases often contain options to renew the lease between the landlord and tenant provided that specific conditions are met.  Options to renew can be worded in a variety of ways, but what may seem to be small semantic differences can have a dramatic difference in the meaning a court places on a particular clause. Where a lease says that the tenant shall have an option to renew for a specific period of…

Video: Economy and Business Trajectory is Discussed by Anthony Graziano, Chairman of Integra Realty Resources

Integra Realty Resources’s Viewpoint 2018 report is discussed by its Chairman, Anthony Graziano. Among the topics discussed are the Tax Cuts and Jobs Act, interest rates, cap rates, investments, challenges, and opportunities for the economy, market and one’s business.  Integra Realty Resources, based in Miami, is considered an industry leader as the largest independent commercial real estate…

Video: Ryan Burke of Green Street Advisors Remains Positive on Self-Storage

In this video interview Ryan Burke, Senior Analyst of real estate data and analytics firm Green Street Advisors, makes the argument that the long-term outlook for the self-storage commercial property sector is rather good despite some near-term pressures. He still sees more room for the overall self-storage utilization rate to increase, even though mobility is at a cyclical low in the United States.

Video: Integra Realty Resources Chairman Anthony Graziano on Hotel Occupancy and Rents

Anthony Graziano, Chairman at Miami based Integra Realty Resources, considered an industry leader as the largest independent commercial real estate valuation, counseling, and advisory services firm in the United States and the Caribbean, appears on America’s Commercial Real Estate Show to discuss aspects of his firm’s report, Viewpoint 2018. Topics covered include expected hotel occupancy…

Michael Liu: Miami-Dade Housing director seeks incentives for others to build

Miami-Dade’s Public Housing and Community Development Director Michael Liu says he isn’t short of creative ideas to increase the number of public housing units in the county and make living in Miami more affordable for everyone. In the past, the county’s narrow focus inhibited it from thinking comprehensively about affordable housing solutions, Mr. Liu says. Now, the county is looking at…

Personal Rapid Transit moves into study for Baylink route

Amid commissioners’ complaints that the SMART plan for the county’s transit expansion has a moving deadline and no momentum, Miami-Dade may soon find relief in one of the six planned corridors. Commission Chairman Esteban Bovo Jr. gave the informal OK for the county to include Personal Rapid Transit [PRT] in its study of Baylink, the corridor crossing Biscayne Bay to connect Miami Beach to…

This Miami golf course could be the MLS soccer stadium’s new home

It may be an alternative to the Overtown site Miami City Manager Emilio González floated another option for Miami’s MLS soccer stadium rather than Overtown, the Miami Herald reports. David Beckham’s partner Jorge Mas met with González about the city-owned Melreese golf course, which could have more room for Mas’s ambition plans involving retail, a soccer academy, and more. Mayor Francis Suarez…

Alex Karakhanian buys another building in the Design District

Investor Alex Karakhanian just picked up another building in the Miami Design District. Karakhanian’s LNDMRK Development paid $5.5 million for the building and lot at 3622 and 3628 Northeast Second Avenue in Miami. Dwntwn Realty Advisors’ Devlin Marinoff, Tony Arellano and Jordan Gimelstein brokered the deal. The property includes a roughly 4,800-square-foot building on 5,750 square feet of…

Developer gets green light for $100 million Drivers Club Miami project

South American developer Carlos de Narváez is moving forward with his $100 million luxury auto club project, Drivers Club Miami. Miami-Dade County commissioners unanimously approved the developer’s proposal to turn county-owned land just west of Miami Gardens into a “country club for cars,” according to a press release. The approval paves the way for Narváez’ 13 Pista LLC to build a massive car…

Comras nabs $35M construction loan for Miami Beach retail project

A company led by Michael Comras closed on $35 million of construction financing for BLVD at Lenox, a Target-anchored retail project in Miami Beach. City National Bank is providing the loan to Mac 1045 5th Street LLC, led by Comras. The five-story building will have about 67,000 square feet of retail space and 224 parking spaces. The developer broke ground in January. CBRE’s Jonathan Rice and Jeff…

Vlad Doronin’s OKO Group launches new condo project in Brickell

Slowdown? What slowdown? Russian billionaire Vlad Doronin is launching a new project in Brickell. Doronin’s OKO Group and investment firm Cain International released plans for Una, a 47-story, 135-unit luxury waterfront condo building for the site at 175 Southeast 25th Road. Fortune Development Sales, which is handling OKO’s Missoni Baia tower in Edgewater, was hired as the exclusive sales and…

Self-storage developer scores $83M loan for SoFla portfolio

Self-storage developer Miami City Self-Storage just scored $83.3 million in financing for a portfolio of self-storage facilities spread throughout South Florida. New York-based real estate investment trust, Jernigan Capital Inc. is the lender, according to a release.
The portfolio consists of three self-storage facilities in Brickell, Coconut Grove and the Airport West-Doral submarket. The portfolio also…

Nestle Waters Signs Full Bldg Industrial Lease in Medley

Nestle Waters North America has signed a lease for 257,074 square feet of industrial space at the 4-Star Airport North Logistics Park in northwestern Miami-Dade County. The bottled-water company will take a full building at 8501 NW 80th Street in Medley, FL and expects to move in by the summer, according to Gian Rodriguez, a director with Cushman & Wakefield. Rodriguez, along with Cushman’s Wayne…

Prime Redevelopment Parcel in Miami Hitting the Market

Point View Brickell is for sale and approved for 12 stories and 400,000 square feet of development. Credit: Avison Young. Bay Shore Cooperative, Inc. is selling a prime redevelopment site in downtown Miami already zoned for 12 stories of commercial development totaling up to 400,000 square feet, CoStar News has learned. Point View Brickell is a 1.83-acre parcel at 1430 Brickell Bay Drive.

Company-owned Publix stores now exceed 30% of the total

Publix Super Markets now owns nearly a third of its grocery stores and plans to invest more than $1 billion this year in its property portfolio. The Lakeland-based grocer owned 31.8 percent of its stores last year, up from 29.1 percent in 2016, according to the company’s 2017 annual report. Publix has increased the percentage of company-owned stores it operates for 11 consecutive years, starting in 2007…

Michael Swerdlow wins bid to negotiate Overtown development deal with Miami

City officials in Miami will negotiate the terms of a $130.5 million mixed-use development in Miami’s Overtown area that a group led by developer Michael Swerdlow would build. A company affiliated with Swerdlow Group submitted the winning bid to develop a 3.4-acre site at 249 Northwest 6th Street owned by the board of the Southeast Overtown Park West Community Redevelopment Agency (CRA).

See inside the very sunny Paraiso District’s Beach Club

Take a dip in this plunge pool Check out the beachy hangout that awaits residents at Paraiso District: this is Paraiso District Beach Club, a shared amenity for the four-towered megaproject. Guests will travel upstairs, past the ground floor which houses Amara at Paraiso, the new restaurant from James Beard award-winning Michael Schwartz. The second floor of the Beach Club will be private for Paraiso District…

Trump’s big hike on steel, aluminum tariffs could raise building costs

President Trump’s decision to sharply raise tariffs on imported steel and aluminum will likely raise homebuilding costs even further, a cost that would get passed on to consumers. “Tariffs hurt consumers and harm housing affordability,” said Randy Noel, chairman of the National Association of Home Builders, in a statement following Trump’s decision on Thursday, according to the World Property…

Blue Road buys Miami Beach rentals, plans boutique hotel

Blue Road just picked up another apartment complex in Miami Beach with plans to convert it into a boutique hotel. Blue Road, led by Jorge Savloff and Marcelo Tenenbaum, paid $14.27 million for Park Terrace, a 32-unit apartment building at 355 19th Street. Investor Rod Eisenberg sold the 22,000-square-foot building. Eisenberg also sold Blue Road the Sadigo Court Hotel for $13 million in 2016.

Brickell co-op hits the market

A 13-story co-op building in Miami’s Brickell neighborhood has hit the market unpriced, and has already drawn an offer from Alta Developers’ Henry Pino. According to the South Florida Business Journal, Pino has offered to pay $65 million for the 66,000-square-foot site at 1430 Brickell Bay Drive. But the offer is contingent on the city rezoning the property to increase the height limit to 48 stories…

Wildfires and a trade dispute with Canada creating US lumber shortage

A perfect storm of politics, logistics, and natural disasters has created a shortage of lumber that’s become a bona fide “crisis,” for suppliers, industry experts say. Suppliers are having a hard time getting material to builders, and wood that does make it to construction sites comes at a premium, according to a report in the Wall Street Journal. That is making home building more expensive, and could…

Amazon Courtship Continues – Behind Closed Doors

Economic development leaders Michael Finney, Kelly Smallridge and Bob Swindell (pictured, left to right) addressed Amazon and other issues during an NAIOP forum Thursday in Fort Lauderdale. Credit: NAIOP South Florida. Economic development officials in South Florida keep getting asked about Amazon, and they keep having to politely plead the Fifth. An NAIOP forum on Thursday in Fort Lauderdale…

Suit demonstrates costliness of construction disputes

Miami and South Florida have seen tremendous development of infrastructure over the past several years. From rail corridors and airport projects, to improved freeway and tollway systems, the region is expanding at a breakneck pace. Unfortunately, the pressures of major construction projects can lead to disputes between developers and contractors or subcontractors. And disputes may result in…

Here’s what David Beckham partner Jorge Mas wants in the MLS stadium site

Will it all fit in Overtown? Are the ambitions of the MLS Miami partners too big to fit in the proposed Overtown soccer stadium site? The Miami Herald interviewed David Beckham partner Jorge Mas, who confirmed he has met with developers about other stadium sites. Mas wants to create a “tech hub” near the stadium, a youth soccer academy, and entertainment that extends beyond the stadium itself.

Will Amazon HQ2 bid help South Florida market itself as a region?

Inter-county cooperation got South Florida on Amazon’s short list of possible sites for a second headquarters — and may signal more collective marketing of Miami-Dade, Broward and Palm Beach County. “Individually, we’re okay. Collectively, we actually are impressive,” said Mike Finney, president and CEO of the Beacon Council, Miami-Dade County’s economic development agency, who spoke at an…

Mobile home park in Hialeah sells for $10M

A nearly 10-acre mobile home park in Hialeah just traded hands for $12 million. The Sunny Gardens Mobile Home Park at 2901 West 16th Avenue, was sold by a Miramar-based company, led by Michael Kemp, for about $30 per square foot, property records show. The five-parcel sale included properties at 1571 West 29 Street and 3099 West 16 Avenue. The buyers are two Delaware LLCs, both led by…

Icon Brickell condo associations file suit against John Moriarty over alleged defects

The construction defect saga at Icon Brickell is far from over. On Feb. 16, the master association and the two condominium associations for the two-tower luxury residential building sued general contractor John Moriarty & Associates of Florida and 20 subcontractors in Miami-Dade Circuit Court. The complaint alleges that Moriarty and 20 subcontractors were negligent and violated Florida’s deceptive…

SLS LUX Brickell is now fully sold-out

Closings are slated to begin soon for the 450-unit luxury tower SLS LUX is 100% sold out: the 450-unit luxury tower in Brickell recently sold its final penthouse unit and closing are slated to begin in the coming weeks, according to a release from The Related Group. The development’s hotel and culinary components (like Katsuya by sbe from sushi chef Katsuya Uechi) will open after that.

Neighbors are vowing to fight David Beckham’s proposed MLS stadium in Overtown

The Beckham group doesn’t own its chosen stadium site yet.  How hard is it going to be for David Beckham and his MLS Miami franchise team to bring a 25,000-seat soccer stadium to their proposed site in Overtown? A fascinating Miami Herald article lays out all the obstacles in the soccer star’s path, and that includes city residents and activists digging in against the plan. Here’s what one organizer…

Bill allowing state to oversee vacation rental regulations put on hold

Local regulations regarding short-term rentals are likely to stay in place, as this year’s Florida legislative session comes to an end next week. New rules that would allow the state to take over vacation rental regulations and eliminate local government authority have stalled during the session, according to the Florida Times-Union. Earlier in the month, a bill governing vacation rentals passed the state…

Miami-Dade is swimming in condos, with 4 years of luxury supply: report

Miami-Dade County has four years of luxury condo inventory – not including the glut of preconstruction condos being marketed for sale.
Nearly 2,800 units are on the market asking at least $1 million, according to a new report from Condo Vultures Realty. In 2017, 681 luxury units sold in the county, meaning an absorption rate of about 57 units a month. Six months of supply generally makes for a balanced…

Angelo, Gordon & Co. and partner plan self-storage facility in Homestead

A joint venture between the New York-based investment manager Angelo, Gordon & Co. and Andover Properties is planning to develop a 110,000-square-foot self-storage facility in Homestead, and is expecting to score nearly $6 million in construction financing, The Real Deal has learned. Brian Cohen, president of Andover, which does business as Storage King USA, said the partners expect to close on the…

Here are the roadblocks that are facing David Beckham’s MLS stadium

Bruce Matheson’s fight against David Beckham’s Major League Soccer stadium will go on, new court records show. Attorneys for Matheson, a wealthy activist and landowner, are alleging that Miami-Dade County gave Beckham and his partners “a secret discount from the taxpayers” when it gave them a no-bid, $9 million deal for 3 acres of county-owned land. Matheson is suing the county to block…

Miami commission approves Avra Jain’s restoration project in Overtown

Five garden-style apartment buildings in Overtown are in for a major restoration led by developer Avra Jain. The Miami City Commission unanimously approved a proposal submitted by the Omni Community Redevelopment Agency, which included a request by Jain’s Vagabond Group to buy and rehabilitate the rental buildings at 1541 and 1535 Northwest First Place and 1540 Northwest First Court.

Arch Companies, partner complete Edgewater assemblage for mixed-use apartment project

Arch Companies and its partner, Canadian investor William Wiener, just completed assembling land for a mixed-use project to include apartments in Edgewater. Wiener’s 35 Oak US 4 Inc. paid $9.7 million for the Sion International Center Church buildings at 2511 and 2521 Biscayne Boulevard from the Sion Church of the Assemblies God, according to property records. The land totals 22,400 square feet…

Florida Again Ranks in Top 5 for Commercial Real Estate Development, Study Finds

Florida remains among the top five states for commercial real estate development, according to a report Wednesday from NAIOP. The Sunshine State’s commercial real estate industry created and supported 155,926 jobs last year and also contributed $19.32 billion to the Gross Domestic Product, the study found. Florida maintained its No. 5 ranking from 2016. Texas ranked No. 1 in the latest study, with…

Evaluating Options for Amazon’s HQ2 Using Stack Overflow Data

Amazon is a technology behemoth, employing half a million people globally and hiring nearly 130,000 people in 2017. Amazon has been headquartered in Seattle since its early days in the 1990s, but in September 2017, the company announced a search for a secondary headquarters elsewhere in North America. Over 200 cities entered bids to be considered, and last month, Amazon announced a list of 20…

One-On-One With Nitin Motwani, Developer Of Miami Worldcenter, the Second-Biggest Mixed-Use Project In The U.S.

Today, Nitin Motwani is developing one of the biggest real estate projects in America, the $2B Miami Worldcenter. But he has also seen the flip side of the business, growing up with motel-owner parents in Fort Lauderdale when it was a scrappy, declining strip of beach and wet T-shirt contests were the biggest draw. Courtesy of Miami Worldcenter Rendering shows what the 27-acre Miami Worldcenter will…

General Growth Properties raises its ownership stake in Miami Design District

General Growth Properties increased its ownership stake in the Miami Design District, according to a filing with the U.S. Securities and Exchange Commission. GGP bought out its joint venture partner, Ashkenazy Acquisition Corp., bringing its total ownership to 22.3 percent. In June, the Chicago real estate investment trust received 7.3 percent of Ashkenazy’s interests in the Design District in full…

Adler launches $150 million real estate fund

Adler Real Estate Partners recently launched a $150 million commercial real estate fund, its largest fund to date. Adler Real Estate Fund IV will target light industrial real estate and office properties in U.S. markets with strong growth, according to data from Preqin, an alternative asset industry database. It’s seeking a 13 percent to 14 percent internal rate of return. Matthew Adler, founder and managing partner…

Toronto investor adds to Edgewater assemblage with $10 million deal

A company led by Canadian investor William Wiener paid $9.7 million for a piece of an Edgewater assemblage. 35 Oak US 4 Inc. bought the Sion International Center Church buildings at 2511 and 2521 Biscayne Boulevard from the Sion Church of the Assemblies God, according to property records. The land totals 22,400 square feet and the buildings 5,955 square feet. Its T6-36a O zoning allows for at…

Miami board approves new plan for Coconut Grove Playhouse

The fresh redesign of the Coconut Grove Playhouse renovation project got a seal of approval from Miami’s Urban Development Review Board. Six board members voted unanimously on Wednesday to approve a new detailed site plan that includes a fully restored auditorium building. In December, the Miami City Commission derailed a $20 million proposal by the Miami-Dade County Department of Cultural…

Video: Green Street Managing Director Dave Bragg Sees Limits to Demographic-Driven Demand Forecasting

According to Managing Director Dave Bragg, when demographic trends are easy to spot, supply frequently will react accordingly. Green Street instead focuses on negative demographic trends, which can hinder prospects for growth in the future. In this brief video, Dave also talks about Green Street’s research on the regulation of land use as an important constraint on new supply, a topic seemingly of…

Video: Tim Bodner and Byron Carlock of PwC Discuss Tax Act Impact on Office Properties

Leaders Tim Bodner and Byron Carlock of global accounting and professional service company PwC appears on The Commercial Real Estate Show with its host Michael to discuss what they view as the impact of The Tax Cuts and Jobs Act on the office property sector. Among the topics they discuss are 1031 Exchanges, tax saving investment opportunities, technology demands, office space trends, office…

Miami-Dade now plans Personal Rapid Transit for Beach link

After 15 years of Baylink talks, the rapid-transit corridor linking Miami Beach to downtown has been resurrected, but it doesn’t look anything like old plans. Rather than plant heavy, expensive rails, Miami-Dade commissioners say Personal Rapid Transit [PRT] vehicles of four to six people can solve Beach traffic and also draw more tourists. “The future of transit isn’t mass transit,” said Mayor Carlos…

Wynwood developer targets entire city block

Miami’s preliminary OK to change zoning and land use in the heart of Wynwood may clear the way to redevelop an entire block, adding multi-family residences and shops. A final decision may come this month. Westdale Wynwood LLC plans the major mixed-use project between Northwest 30th and 31st streets and Second and Third avenues. The plan is to construct about 171 residences, said attorney…

Miami Beach Convention Center revamp nearing its end

After being under construction for 26 months, the Miami Beach Convention Center is to be completely re-opened in six months, with a partial opening in mid-March. The construction in total cost $620 million and was part of a restoration and expansion project for the entire facility. The new convention center will be 1.4 million square feet and will include a new 60,000-square-foot grand ballroom…

Powerboat racing returns to Miami Marine Stadium basin

Some supporters of restoring and reopening Miami Marina Stadium speak of the glory days when the waterfront stadium hosted speed boat races in the Virginia Key basin, and some have longed for a return of that event. Powerboat P1 USA LLC plans to do just that. The organization intends to open its 2018 P1 USA Championship racing season in the historic basin for two days in April. Plans for the Miami…

300-seat Coconut Grove Playhouse clears city hurdle

The plan to restore the long-shuttered Coconut Grove Playhouse has been approved by Miami’s Urban Development Review Board. Miami-Dade County plans to restore the front of the historic theater, build a new 300-seat theater and ancillary uses on the footprint of the large and dilapidated auditorium, and be a partner in a plan for a public parking garage with residential units and retail…

Call marine stadium time out until city develops a firm plan

Why do governments build projects before they know how to fund construction or how to maintain and operate them? And shouldn’t real estate assets help fund other public needs? The latest example, which we detailed two weeks ago, is Miami’s push to renovate and reopen Miami Marine Stadium on Virginia Key. Despite a $9.2 million construction shortfall and no plan at all for how to actually use the stadium…

Lease guaranty’s demand requirement trips up landlord

All too often commercial parties sign contracts without paying much attention to the “boilerplate” provisions.  And all too often that causes a problem for one of the parties.  Such was the case for an Orlando landlord that didn’t pay enough attention to the demand requirement in a lease guaranty.  The result in Nabbie v. Orlando Outlet Owner, LLC, a new decision from Florida’s Fifth District Court…

Private investor picks up Hialeah apartment building for $10M

Private investor and property owner John Sismanoglou is busy yet again scooping up multifamily complexes in Miami-Dade County. Property records show Amelia Towers Residences LLC, led by Sismanoglou, paid $10 million for a 67-unit apartment complex at 6680 West Second Court in Hialeah. The private investor owns a number of properties throughout Miami-Dade and New York City.

Bloomberg, Turner Construction offices raided as officials investigate $100 million fraud

State officials raided the offices of Bloomberg L.P. and Turner Construction as part of a larger investigation into a suspected $100 million worth of construction fraud. Bloomberg may have overpaid Turner $1 million for interior work at Bloomberg’s office, including its headquarters at 731 Lexington, the New York Times reported. Investigators believe subcontractors, including Queens-based Jonathan…

Retail Leasing Starts at Uptown Biscayne in North Miami Beach

Developer CK Prive Group is planning Uptown Biscayne, a mixed-use development along Biscayne Blvd. in North Miami Beach. Rendering courtesy of Arquitectonica. A grocer, home furnishings stores, restaurants, a fitness center and maybe a salon and massage studio are the kinds of tenants Michael Comras of the Comras Cos. is looking for to fill the new Uptown Biscayne development in North Miami Beach, FL.

Video: See the New Bricklaying Robot In Action

In this video SAM, short for Semi-Automated Mason, the bricklaying robotic assistant of the future, struts its stuff. Developed by Construction Robotics, a small business funded by the National Science Foundation Small Business Innovation Research program, SAM works alongside masons to install bricks, making the humans’ jobs less backbreaking. The technology is designed to increase…

Miami homicide unit investigating real estate exec Andrea Greenberg’s opioid overdose

Miami Police homicide detectives have opened an investigation into the death of real estate marketing executive Andrea Greenberg, who died in October from an opioid overdose, The Real Deal has learned. The official cause of death was “acute combined drug toxicity,” involving three kinds of the potent synthetic opioid fentanyl, according to a copy of the Miami-Dade Medical Examiner’s report.

Privé developers win another victory in ongoing litigation with neighbors

The developers at Privé at Island Estates racked up another court win in the long-running legal battle with neighboring homeowners. Miami Federal Judge Robert Scola Jr. granted summary judgment in favor of project builders Gary Cohen, Daniel Lebensohn, BH3 and five related companies last week, related to allegations of wrongful prosecution and defamation. Dara and David Clarke, a pair of…

Miami is leading the pack in co-working space, according to a new study

Miami beat out NY and LA in this key measurement It’s not just your imagination: co-working spaces really are everywhere in Miami. The Miami Herald reports that data and research group Yardi Matrix crunched the numbers in 20 major markets on co-working leases and found that Miami is leading the pack in one key aspect. As a percentage of total stock, Miami has the most coworking space at 2.7%…

Which US big city is king of co-working?

News flash: Co-working spaces are popular in major U.S. metro areas. There’s nearly 27 million square feet of coworking spaces around the country and unsurprisingly, much of it is concentrated in major metro areas, according to a report by Yardi. Manhattan is by far the coworking capital, at least in terms of sheer square footage. More than a quarter of all co-working space, or 7.65 million square feet…

Magellan scores $90M refi for Midtown Five

Magellan Development Group just scored a $90 million loan to pay off construction financing for Midtown Five. Property records show the developer is refinancing the 400-unit luxury apartment tower at 125 Northeast 32nd Street with a loan from TD Bank. Magellan is using the financing to pay off an $80 million construction mortgage secured in 2014, also from TD Bank. The Chicago-based firm broke…

Bottega Veneta heads to the Design District

Bottega Veneta signed a lease in the Miami Design District. The Italian luxury goods and high fashion brand house will be opening in the fall in a 4,000-square-foot space between Gucci and Rick Owens on Northeast 41st Street, said Craig Robins, president and CEO of Dacra. Bottega Veneta’s other South Florida locations are at Bal Harbour Shops and on Worth Avenue in Palm Beach. Robins said retail rents…

China said to be taking offers for a handful of Anbang’s former US hotels

After Chinese authorities seized the insurance giant’s assets on Friday, reports have stated all will remain the same — for the time being at least, but apparently offers are being received. The Wall Street Journal reported that authorities were “listening” to various offers on a handful for U.S. hotels that made up Anbang Insurance Group’s hospitality portfolio. Here’s a look at what…

Missoni Baia in Edgewater will add more units

The in-construction condo tower will get taller Missoni Baia, a high-end condo project currently under construction in Edgewater, will be even taller than anticipated. The Real Deal reports that Miami’s Urban Development Review Board approved design changes for Missoni Baia, a project from developer Vlad Doronin and OKO Group. The tower will go from 146 units to 249 units, and parking spaces will…

Miami board green lights changes to Missoni Baia, Flagami apartments

Vlad Doronin’s Missoni Baia luxury condo tower is getting a few tweaks. Miami’s Urban Development Review Board unanimously approved design changes for the 56-story tower planned for 700 Northeast 26th Terrace last week. Doronin’s company, an affiliate of OKO Group, is increasing the number of units from 146 to 249, as well as the number of parking spaces by 76 to 399. The building’s floor…

Could a brick-laying robot disrupt the construction industry?

From TRD NYC: Known officially as the Semi-Autonomous Mason Sam100, or just Sam, the robot is already at work on construction sites across the U.S. Sam can lay a brick every 8.5 seconds, according to The Financial Times. At that rate, Sam can lay 3,000 bricks in an eight hour shift whereas a human worker can lay an average of between 300 and 600. “I can call up all the data on my phone,” architect…

Legislation negating local regulation of vacation rentals advances

A committee in the Florida House of Representatives narrowly approved a bill that would negate local ordinances to regulate vacation rental properties. House Bill 773 would negate vacation-rental ordinances that Florida cities and counties have enacted since June 1, 2011. The House Government Accountability Committee approved the bill in a 13-11 vote. The chairman of the House Government…

The Weekly Dish: Bocce Bar’s space to become Skorpios restaurant & more

Skorpios, a Mediterranean-style eatery, is set to open in the former Bocce Bar space at the Shops at Midtown Miami. Partners Eric Milon, Stephane Dupoux and Sami Kohen are opening Skorpios at 2352 Northeast First Avenue on Friday. The restaurant spans 4,900 square feet of indoor and outdoor space. Executive chef Erhan Ozkaya previously led the kitchen at Mandolin in the Buena Vista neighborhood.

South Florida construction starts spike in January: report

Developers hit the ground running at the start of the new year.Construction spending in South Florida increased 68 percent year-over-year last month to $1 billion, up from $597 million in January 2017, according to a new report from Dodge Data & Analytics. Though residential construction took a hit last year, the opposite can be said for the beginning of 2018. New residential starts in the region…

Apartment high-rise Midtown 29 is now open

Offering studios to three-bedroom units Midtown 29, a luxury apartment high-rise in Midtown Miami, is now open at 180 NE 29th Street. The 20-story, 309-unit tower tower includes 12,000 square feet of retail space on the ground floor. The apartment building is a joint venture between MORGAN and Mesirow Financial, with construction financing provided by Wells Fargo and project design by Stantec.

Two South Florida apartment complexes hit the market

Two South Florida apartment complexes just hit the market unpriced – but are expected to nab between $95 million to $100 million, the broker marketing the property told The Real Deal. The 444-unit portfolio includes Sundance Village, a 304-unit complex at 11325 Northwest 7th Street near Doral; and the Gardens at Nova, a 140-unit property at 6857 College Court in Davie.

Miami board approves new plans for former Boulevard 57 site

A partnership between 13th Floor Investments and Tricera Capital got the green light from a city of Miami board to build on a prime 2.2-acre site that borders the MiMo Historic District and Miami’s Morningside neighborhood. Paseo Miami, a mixed-use apartment building, is planned for 5700 Biscayne Boulevard, the site of a cancelled condo project by Unitas Development Group. The 448,000-square-foot…

Privé in Aventura takes out $50M loan on remaining condo inventory

The developers of Privé at Island Estates closed on $50 million in financing for unsold inventory at the luxury condo project in Aventura.
Property records show New York-based Maxim Capital provided the loan to Prive Developers LLC. The financing is for 41 units at Privé, a 150-unit development at 5000 Island Boulevard. That means the developers, BH3’s Charlie Phelan, Greg Freedman and…

Value-Add Rentals for Sale in Miami, Davie

The Gardens at Nova (left) in Davie, FL and Sundance Village apartments in Miami are listed for sale with Colliers International. Two garden-style apartment properties totaling 444 units have hit the market for the first time, offering value-add opportunities for potential buyers. Sundance Village at 11325 NW Seventh Street in Miami, and the Gardens at Nova at 6857 College Ct. in Davie, FL are both more…

What is a breach of fiduciary duty in Florida?

A fiduciary duty is an obligation that arises when one has a legal duty to act in the best interests of another. For example, a business partner has a fiduciary duty to their other partners. When a party fails to uphold their obligations, it could be a breach of their fiduciary duty. In a corporate or other commercial setting, a breach of fiduciary can result in contentious business litigation. Fiduciary…