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

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

The Weekly Dirt: A brief history of the iconic Deauville

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

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

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

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

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

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

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

Okan Tower: Foundation Pour Photos & Estimated Completion Date Released

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

South Florida Office Rents Continue Torrid Rise Even As Leasing Slows

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

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

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

South Florida office market plateaus in first quarter

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

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

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

Una Residences Tops Off At 47 Stories, Completion Early 2025

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

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

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

Developer Driftwood Capital Announces Timeframe For ‘Transformative’ Riverside Wharf

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

Palma Miami Beach Residences Announced for North Beach

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

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

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

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

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

Investcorp Acquires $200M South Florida and Denver Industrial Portfolio

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

Spaceport status OK’d for Homestead Air Reserve Base

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

Location Ventures’ former Coral Gables dev site faces foreclosure

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

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

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

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

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

Prime location drives Doral commercial realty boom

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

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

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

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

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

Miami needs $5 billion to fight flooding

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

New Miami mega-billboards put on 270-day hold

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

Taurus proposes 159-unit workforce housing project in Goulds

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

Miami Wilds developers countersue Miami-Dade over scuttled water park

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Proposed 750-Foot Brickell Tower Submitted To FAA

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

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

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

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

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

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

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

WeWork’s Bankruptcy Finally Hits Miami

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

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

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

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

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

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

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

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

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

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

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

New Renderings Of Viceroy Brickell As Sales Begin For 420 Condos

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

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

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

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

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

Photo: 2000 Biscayne Apartment Tower Nearing Completion

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

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

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

Viceroy reborn: Related launches sales of branded Brickell condo tower

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

Calta launches sales of Coral Gables townhome project

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

Chart: Miami-Dade Multifamily Listings Surge

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

Doral Central Park phases to open in summer

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

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

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

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

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

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

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

Regency Centers Sells Retail Asset Tamarac Town Square

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

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

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

Moderno, 75Invest plan Live Local tower in Fort Lauderdale

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

Northbridge pays $18M for Deerfield Beach industrial complex

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

Venture One Buys Boynton Logistics Center Industrial Park

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

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

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

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

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

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

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

Amazon To Double Same-Day Delivery Hubs Nationally

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

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

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

The Historic Tax Credit program, explained

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

Urban Core Multifamily No Longer Grossly Underperforming Suburban Counterparts Nationally

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

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

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

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

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

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

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

Carnival Lists 470K SF Miami Headquarters For Sale

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Photo: Completed Arch At Downtown Miami’s Signature Bridge

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

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

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

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

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

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

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

William Ticona targets Miami’s Edgewater for project pipeline

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

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

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

Store Capital pays $27M for Design District office building

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

First Aria Reserve Tower Tops Off At 62 Stories

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

Midtown Miami’s Tallest-Ever Tower Submitted To FAA

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

South Florida office market plateaus in first quarter

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

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

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

Miami Beach paints new pastel picture of city skyline

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

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

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

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

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

Trimont acquires Kayak Miami Beach hotel

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

Oolite Arts to base 12 artists in Coral Gables office tower

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

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

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

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

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

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

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

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

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

60-Story Summit At Brickell Submitted To FAA

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

First Renderings Released Of 55-Story Edge House Miami

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

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

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

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

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

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

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

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

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

Developer Files New Plans For 60-Story Tower In Edgewater

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

Photos: Construction Site Of Brickell’s Tallest Tower Ever

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

KYU founders plan new restaurant in Wynwood Norte

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

Is it doomsday for South Florida’s multifamily market?

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

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

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

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

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

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

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

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

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

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

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

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

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

The Fed on Commercial Real Estate Exposure and Bank Stock Returns

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

Getting In The Heads Of Industrial Tenants Nationally

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

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

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

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

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

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

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

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

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

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

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

Quantifying the Effect of Rent/NOI Growth on IRR

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

BH, Süzer buying W Hotel in Miami’s Brickell

BH Group and Süzer Group are under contract to buy the W Miami hotel in Brickell. Sources familiar with the seller confirmed the pending deal, but could not disclose the sale price. Al Rayyan Tourism Investment Company, or ARTIC, is selling the 50-story, 148-key hotel at 485 Brickell Avenue in Miami. Stefano Santoro with Disruptive Real Estate is representing the buyers…

Map: Miami Worldcenter’s pipeline of 8,400 resi units, 500 hotel keys. 800k sf commercial space

Developers are racing to Miami Worldcenter. The 27-acre master-planned development is partially completed, but much more is on tap. Seventeen towers are proposed, approved or under construction, promising to transform a 10-block stretch in the heart of Miami into a canyon of skyscrapers. In total, the projects would add 8,473 condos and apartments, 499 hotel keys and…

“Day of reckoning”: South Florida multifamily Investors feel sting of rising interest rates, insurance

Shidler Group wasn’t about to miss out on South Florida’s multifamily bonanza. In 2021, amid an influx of out-of-state residents creating unprecedented apartment demand and the biggest rent hikes nationwide, Shidler bought the 433-unit Sealofts at Boynton Village for $153 million. The complex of 20 white and sky blue buildings tucked in suburban Boynton Beach is over 90 percent…

67-Story Miami Worldcenter Tower JEM Private Residences Breaks Ground In Record Time

The developer of the 67-story JEM Private Residences tower at Miami Worldcenter held a groundbreaking ceremony this morning, putting the development on an ultra-fast timeline. The project moved from market entry to construction commencement in under 5 months, a record-breaking development timeframe for South Florida. The building will eventually top off…

Planned Edgewater Apartment Tower Gets FAA Approval for Permanent Height Of 444 Feet

The FAA has issued height approvals for an Edgewater apartment tower that will soon begin construction. The 42-story rental apartment tower is planned at 1775 Biscayne Boulevard. The FAA issued approval on April 1 for a permanent height of 444 feet above ground, of 448 feet above sea level. The agency also approved two tower cranes at a temporary height of 541 feet above ground…

North Bay Village’s Renaissance: New Developments Usher In An Era Of Dynamic Growth

North Bay Village, nestled between Miami and Miami Beach, is undergoing a significant transformation, evolving from a tranquil island community into a bustling hub of residential and commercial growth. This shift is underscored by the development of over 3,000 new residential units and 1 million square feet of commercial and retail space. Adding to the area’s appeal is…

IMC plans to start first phase of 1,000-unit apartment project with workforce housing in West Little River

IMC Equity plans a 244-unit apartment building with workforce housing, marking the first phase of the company’s 1,000-unit complex in West Little River that may use the Live Local Act. North Miami-based IMC wants to build a seven-story building with at least 31 workforce units and 213 market-rate units on 5 acres on the northeast corner of Northwest 79th Street and Northwest 30th Ave…

In Downtown Miami, 43-Story Apartment Tower by Namdar Now Rising

A downtown Miami apartment tower is now about five floors out of the ground, a new photo shows. The 43-story tower is being built by developer Namdar. It wall have 680 apartments upon completion. Namdar is also planning a second tower on the property, bring the total apartment count to 1,394 units. There won’t be much parking in the new buildings. Just 336 spaces are planned…

Eight-Year, $908M Miami Highway Project – Golden Glades Interchange Rebuild – Begins Construction

The Florida Department of Transportation has commenced construction on a $908m highway interchange rebuild in Miami. The Golden Glades Interchange will get new flyover ramps, new on and off ramps, and new and widened lanes as part of the project. Construction will last for around eight years. The start of construction was accelerated by years thanks to Florida legislators…

Vice City Marina in Brickell hits market for $40M

A public marina in Brickell, near billionaire Ken Griffin’s planned Citadel headquarters development site, hit the market, with an asking price between $37 million and $40 million, The Real Deal has learned. Vice City Marina at 809 Brickell Key Drive in Miami, next to the Four Ambassadors condo complex, is a 26-slip public dock facility that can be expanded to 36 slips…

Miami International Airport & Miami Open Tennis Tournament Break New Records

Miami International Airport and the Miami Open tennis tournament announced that they have both broken new records for passengers and visitors. The 2024 Miami Open had attendance of 395,683, compared to 386,000 in 2023. It is currently the second most attended ATP Masters 1000 tournament, seeing far higher numbers since moving from Key Biscayne.

Berkadia Arranges $328M Construction Loan for Baccarat Residences Luxury Condo Tower in Brickell Area of Miami

Berkadia has arranged a $328 million construction loan for Baccarat Residences Miami, a 355-unit luxury condominium tower planned at the gateway of Brickell Avenue in Miami. Scott Wadler, Michael Basinski, Mitch Sinberg, Matt Robbins and Brad Williamson of Berkadia arranged the floating-rate loan through Bank OZK on behalf of the borrowers, Related Group and GTIS Partners.

Related Group And GTIS Partners Secure $328M Construction Loan From Bank OZK For 75-Story Baccarat Residences Miami

Related Group and GTIS Partners have secured a $328 million construction loan for the Baccarat Residences Miami, a 75-story luxury condominium tower at the gateway of Brickell Avenue. The financing, arranged by Berkadia South Florida, supports the development of the 848-foot-tall skyscraper, which is currently under construction at 99 Southeast 5th Street and is expected…

Related, partner score $328M construction loan for Baccarat Miami

Related Group and its partner scored $328 million in construction financing for their planned Baccarat Residences condo tower in Miami’s Brickell neighborhood. Coconut Grove-based Related, led by Jorge Pérez and his sons Jon Paul and Nick Pérez, and New York-based GTIS Partners secured the floating rate loan from Bank OZK, according to a press release.

Battle with developer may slow new Miami-Dade Courthouse

Money issues may strangle a planned October completion of the new county Civil and Probate Courthouse on Flagler Street downtown as Miami-Dade and the builder trade claims. Mediation Feb. 7 “resulted in an impasse,” said Kathy Labrada, chief efficiency and compliance officer for the Internal Services Department. The matter is slated for review in late April. Builder Plenary Justice…

City Approves Height Increases for MiMo

The Miami City Commission has voted unanimously to approve increased height limits in the MiMo Biscayne Boulevard Historic District under certain conditions. The final language adopted last month through the approved ordinance allows 20 feet of additional height for a project on a one-acre lot or larger, if that project includes a public benefit by a public agency “including but not…”

PortMiami expanding to double freight rail

PortMiami is clearing the tracks for a rail expansion to double railway freight capacity from the port by 2027. “The rail as you see it today, the FEC [Florida East Coast Railway] intermodal yard, was opened here in 2014,” said Hydi Webb, PortMiami director and CEO. “We have 9,000 feet of track, and … it goes from the port here, it connects to their rail yard in Hialeah, and then…

Bal Harbour to retake final vote on Live Local Act ordinances next week

Bal Harbour’s Village Council will retake its final vote next week on Live Local Act ordinances addressing unit size, “poor doors,” parking, construction noise and more tied to the proposed expansion of Bal Harbour Shops. Bal Harbour council members voted unanimously to pass the ordinances last week again on first reading. Part of that included the council readopting rules it voted…

First phase of Lincoln Road makeover funded

A project is underway on Miami Beach to improve Lincoln Road’s 100, 200 and 300 block and first-phase funds are lined up. “We started off with a plan for the 100 block, our first phase,” said Peter Kanavos, a partner of the Ritz Carlton Sagamore group. “We’re working subsequently on trying to do the same to revitalize the 200 and the 300 blocks.” The process is in phases…

Downtown Miami I-395 Signature Bridge taking shape

The soaring concrete arches extending high above a new I-395 expressway are already adding to the City of Miami’s ever-changing skyline. The vast highway improvement project downtown is moving steadily forward, reports the Florida Department of Transportation (FDOT), as the new I-395 Signature Bridge takes final form. The I-395/SR 836/I-95 Design-Build Project…

Crescent Heights proposes 280-unit condo tower in Miami’s A&E District

Crescent Heights proposes a 280-unit condo tower in Miami’s Arts & Entertainment District, near the firm’s planned redevelopment of a school board site. The Miami-based firm, led by Russell Galbut, wants to build the roughly 26-story building between Northeast First Court and Northeast First Avenue, north of Northeast 14th Street, according to an application Crescent Heights…

Tri-Rail working to bring one-seat service downtown

Efforts to create a one-seat Tri-Rail express train between West Palm Beach and downtown Miami continue, says Victor Garcia, South Florida Regional Transportation Authority public affairs director. Director David Dech has been reviewing potential Tri-Rail accommodations “with a one-seat express train ride between West Palm Beach and Miami Central,” Mr. Garcia…

Coral Gables expects million trolley rides, Doral up too

Trolley ridership is growing in cities like Coral Gables and Doral. In Coral Gables, the trolley operates daily except Sundays, and weekday ridership is more than 4,000 per day, which is above pre-pandemic levels, according to Kevin Kinney, the city’s parking and mobility services director. Coral Gables’ Saturday trolley service, which launched in October 2021, has performed better…

Woodhill pays $26M for Hialeah industrial assemblage

Woodhill Real Estate paid $26 million for a Hialeah industrial assemblage at the center of a not-so-neighborly dispute between the seller and a next-door developer. An affiliate of New York-based Woodhill acquired six warehouses spanning nearly 159,000 square feet at 215–325 West 75th Place and at 7550–7620 West 2nd Court, records and Vizzda show. Ameritas Life Insurance…

Sumaida + Khurana Announces Plans For Another Office Building In Miami Beach, A First In The Americas By Pritzker Prize-Winning Architect Eduardo Souta de Moura

Internationally recognized real estate development firm Sumaida + Khurana has announced that Pritzker Prize-winning architect Eduardo Souta de Moura will design its new Class A+ office building at the corner of Fifth Street and Alton Road. This is the first building in North and South America for Souta de Moura. Sumaida + Khurana is partnering with property owners Roslyn…

Pritzker Winning Architect Eduardo Souto de Moura Designs First Miami Building

Portugal’s Pritzker Prize-winning architect Eduardo Souto de Moura is designing a Class A office building at the entrance to South Beach. The development will replace multiple existing buildings on the corner of 5th Street and Alton Road, including a Burger King. This is the first building in North and South America for Souto de Moura. The new 5-story building features unique…

Sumaida + Khurana proposes five-story office building in South Beach

Less than a year after starting construction of the Fifth Miami Beach office project, Sumaida + Khurana is proposing a second office building in the city. New York-based Sumaida + Khurana, led by Amit Khurana and Saif Sumaida, wants to develop the 101,400-square-foot building with a ground-floor restaurant on a 0.8-acre lot at 1100 Fifth Street, near the MacArthur Causeway…

Kroger To Close Opa-Locka Distribution Center, End Deliveries In The Region

Kroger is pulling out of South Florida a little over a year after it launched a delivery service in the region.America’s largest grocery chain is closing a 60K SF distribution center in Opa-Locka at 14350 NW 56th Court , along with locations in Austin and San Antonio, and will stop its Boost delivery service across South Florida and Central Texas on May 25. The company said in a statement…

Details, renderings revealed of planned Four Seasons in Coconut Grove

Developers Ugo Colombo and Nadim Ashi are moving forward on their planned Four Seasons-branded luxury condo project in Miami’s Coconut Grove. Sales are already underway, with buyers skipping reservations and signing contracts for units at the planned 20-story, roughly 70-unit building, a source said. Colombo’s CMC Group is partnering with Ashi’s Fort Partners…

Nef hit with lawsuit over stalled Sweetwater mixed-use project

Workforce Housing Partners is suing global real estate firm Nef in an attempt to completely take over a $110 million planned mixed-use project near Florida International University’s campus in Sweetwater. An affiliate of Workforce Housing, a Miami-based company led by Jason Talbot, is suing Amsterdam-based Nef for allegedly breaching an operating agreement to build Cité – FIU…

Photo: Foundation Pour At 70-Story Okan Tower

A massive foundation pour was completed over the weekend at the Okan Tower construction site. The foundation pour began on Friday night and ran continuously through Saturday night. The original plan called for 1,200 concrete trucks to be brought in for the pour. Okan Tower is planned to rise 70 stories, or 902 feet when it reaches completion, which is planned in 2027.

One Park Tower in North Miami by Turnberry Secures $172M Construction Loan Facilitated By Berkadia

Berkadia announced it arranged for $172 million in construction financing for ONE Park Tower by Turnberry, a 33-story, 292-unit condominium tower located at 2411 Laguna Circle in the 184-acre master-planned community of SoLé Mia in North Miami, Florida. Designed by the award-winning architecture firm Arquitectonica, with interiors by the globally acclaimed…

Construction Starts on Origin Residences by Artefacto at 9760 West Bay Harbor Drive in Bay Harbor Islands

Contractors have officially broken ground on Origin Residences by Artefacto, a luxury housing development in the Bay Harbor Islands. The structure will measure seven stories and offer 27 units, with the largest measuring 2,330 square feet and the smallest starting at $1.9 million, according to the venture’s website. They range from two-bedroom to four-bedroom floorplans.

Florida Law Speeds Demolition of Iconic Buildings in Miami Beach

A new law in Florida limits the ability of municipalities to prevent the demolition of aging coastal buildings, including architectural icons that have been granted local historical status. The Resiliency and Safe Structures Act, recently signed into law by Gov. Ron DeSantis, strips local municipalities of their authority to ban, restrict or prevent the demolition of non-conforming…

Berkadia Arranges $172M Construction Financing for Residential Tower in North Miami

Berkadia has arranged a $172 million loan to finance the construction of ONE Park Tower by Turnberry, a residential tower located at 2411 Laguna Circle in North Miami. Scott Wadler, Alec Fox, Mitch Sinberg, Brad Williamson and Matt Robbins of Berkadia secured the financing through Bank OZK on behalf of the developer, Turnberry. Upon completion, the community will…

CREI Holdings Secures $67M Loan for Affordable Housing Development in Sweetwater

CREI Holdings has secured a $67 million construction loan for the development of Li’l Abner III, an affordable and workforce housing community in Sweetwater, roughly 15 miles outside of Miami. Centennial Bank provided the financing. Upon completion, which is scheduled for the second quarter of 2026, the property will feature an eight-story building with 328…

Okan Tower Prepares for Massive 1,200 Truck Concrete Foundation Pour In Downtown Miami

A team of 300 workers, operating in three shifts and utilizing 1,200 concrete trucks, is set to pour the foundation for Okan Tower, a forthcoming 70-story highrise development at 555 North Miami Avenue developed by Okan Group. Positioned to be a new landmark in Downtown Miami’s skyline, the tower is expected to reach 902 feet, making it one of the city’s tallest buildings…

Massive Foundation Pour Planned This Weekend For Okan Tower, One Of Miami’s Tallest Towers

A massive foundation pour is planned this weekend for Okan Tower, which is set to become one of the tallest buildings in Miami. “This marks a significant milestone for the Okan Tower team, and we are filled with pride and excitement as our vision for Miami’s skyline transforms into a reality,” said Bekir Okan, Chairman of developer Okan Group. “Okan Tower represents…”

Lynd buying Miami Worldcenter dev site for $35M, plans 551-unit condo tower

Lynd Group is buying a Miami Worldcenter development site for roughly $35 million, with plans to build a 551-unit condo tower. The San Antonio, Texas-based firm has the half-acre assemblage on the northeast corner of North Miami Avenue and Northeast Ninth Street under contract, according to sources at Lynd. The land is immediately south of another half-acre site that Lynd…

First Look Inside Brickell’s 90-Story Supertall Dolce&Gabbana Condo Hotel

Dolce&Gabbana and developer JDS unveiled new details and renderings yesterday of a 90-story supertall condo hotel they are planning at 888 Brickell. The 1,049-foot building will be the tallest in Miami, the developer said. It will feature ivory travertine and matt black steel beams, along with a gold beaded ‘necklace’ towards street level, with Studio Sofield the architect. Inside the…

Bowlero Opens 30,000 SF Lucky Strike Bowling Alley at Miami Worldcenter

Bowlero Corp. has opened Lucky Strike Miami, a 30,000-square-foot entertainment venue within the $6 billion Miami Worldcenter development. The venue is the second new build for Bowlero using the Lucky Strike brand since it was acquired in September. Lucky Strike Miami features 28 bowling lanes, an arcade, craft cocktail bar, food service and a VIP room with six…

WSJ: How LVMH Helped Turn an Abandoned Miami Warehouse District Into a Luxury Hot Spot

When Miami developer Craig Robins welcomed LVMH Chief Executive Bernard Arnault to his office in the city’s Design District, there was little about the gritty neighborhood to suggest it would ever become a mecca for luxury goods. The dozen blocks consisted of squat, single-story concrete warehouses, furniture showrooms, and empty lots. But the two men shared a vision that the area…

Coral Gables’ Miracle Mile Makes Timeout’s List of 30 coolest streets in the world

Our pick for one of the world’s coolest neighbourhoods in 2023, Coral Gables’ downtown is anchored by Miracle Mile, a palm and oak tree-lined street where you’ll find plenty of independent shops and some of Miami’s best restaurants (including several that recently earned nods from the Michelin Guide). Like the rest of its historic neighbourhood, Miracle Mile and its…

New Fort Lauderdale Police Headquarters Undergoes Construction at 1300 W. Broward Boulevard in Fort Lauderdale

Fort Lauderdale’s getting a $140 million police headquarters. Construction started on the 192,263-square-foot venture in summer 2023. The three-story building will replace the former police headquarters, which was less than half of the size of the new facility. According to the City of Fort Lauderdale, the energy-efficient complex will feature training rooms, an evidence warehouse…

Lurra pays $59M for downtown Fort Lauderdale apartment building

Lurra Capital bought the Queue Apartments in downtown Fort Lauderdale for $59 million, marking the Swiss firm’s continued bet on South Florida’s multifamily market, The Real Deal has learned. Zurich-based Lurra, through its Real Lurra real estate arm, bought the seven-story, 192-unit building at 817 Southeast Second Avenue, according to a Lurra news release. The deal…

New York-Based Time Equities Proposes More Than 900 Apartments at Boynton Beach Town Square

New York-based Time Equities hopes to get approval for more than 900 apartments at Boynton Beach Town Square. The proposal concerns north and south parcels. Here’s what we know. The north parcel, measuring 3.7 acres, could offer an eight-story building with 433 residences, ranging from studios to three-bedroom units. Communal amenities would include a swimming…

Baptist Health sells Boynton Beach medical office campus for $38M

Bethesda Hospital, a subsidiary of Baptist Health South Florida, sold a former medical office campus in Boynton Beach for $37.7 million. A joint venture between Orlando-based Foundry Commercial and Greenwich, Connecticut-based Wheelock Street Capital acquired the vacant 30.7-acre site at 3800 South Congress Avenue, records show. The deal breaks down…

Historic ‘Gulfstream Hotel’ Set for Expansion and Renovation at 1 Lake Avenue in Lake Worth Beach

The Gulfstream Hotel’s renovation and expansion are just one step closer to reality, with construction having already started on the first phase. Our sources indicate that the historic hotel, erected in 1925, was mostly “gutted” for the past few years. Yet, the renovation hopes to transform the multi-level building into a “hipstoric” destination. Developers hope to maintain the historic elements…

Optimism Prevails In Industrial Capital Markets This Year

fix link https://miamiairportwarehouses.com/optimism-prevails-in-industrial-capital-markets-this-year/?preview=true There is a new sense of optimism in the industrial capital markets this year compared to 2023 with Colliers analysts finding investor sentiment has boosted significantly. The firm’s Ryan Vaught, Southeast, said there’s been a healthy uptick in capital evaluating…

Video: Modiv Industrial CEO Aaron Halfacre Discusses Investing in Industrial and Manufacturing Real Estate

The Conversation: Understanding America’s Industrial Real Estate Landscape In a recent episode of “America’s Commercial Real Estate Show,” the show host delved into the complex and evolving world of industrial real estate with his guest, Aaron Halfacre, CEO and President of Modiv Industrial. Modiv Industrial is a Real Estate Investment Trust (REIT) that owns and…

RealPage Details Complexity of Fighting Fake Identities & Documents in Multifamily’s Largest National Fraud Survey to Date

RealPage, a leading global provider of software and data analytics to the real estate industry, today released the findings from its proprietary fraud study, the largest national fraud survey of the multifamily industry conducted to date. With more than 400 property management professionals responding across five major U.S. markets, the study uncovers the drivers behind…

Multifamily Leaders Up In Arms As FCC Mulls Banning Bulk Broadband Billing

A potential ban on bulk WiFi billing for apartments and their tenants has sparked fierce pushback among industry organizations, while tenant advocates and the Federal Communications Commission argue such a ban would allow tenants more choice. The FCC is considering a proposal that would restrict residential landlords and condo boards from providing broadband…

How real estate investors can prepare for an economic rebound

An economic rebound may not be on the immediate horizon, but multifamily investors can still make preparations for the future. Multifamily investors should look at economic indicators, such as housing markets, interest rates, and political and geopolitical dynamics—including the upcoming U.S. election—to get a clearer picture of the economy. Performing market research…

Florida Gov. DeSantis signs anti-squatters bill into law

Gov. Ron DeSantis signed a bill that he promises will “put an end to the squatter scam” in Florida. DeSantis signed House Bill 621, which allows a property owner to ask law enforcement to remove squatters from properties and creates penalties for those who violate the law. The law would not apply to former or current tenants involved in a legal dispute with the landlord.

Aimco’s waterfront Brickell office and apartment towers hit the market for $650M: source

Brickell hit the market for roughly $650 million, marketed as a possible redevelopment opportunity, The Real Deal has learned. The Denver-based real estate investment trust wants to sell the 32-story Brickell Bay Office Tower at 1001 Brickell Bay Drive and the 31-story, 357-unit Yacht Club Apartments at 1111 Brickell Bay Drive, according to a news release from the listing brokers…

28-Lane Lucky Strike Opens At Miami Worldcenter As Project’s Next Phase Being Planned

Bowlero’s Lucky Strike opened this week at Miami Worldcenter, while the next phase of the development is being planned. Lucky Strike Miami is located at Worldcenter’s Jewel Box and features 28 lanes, including a VIP room with six private bowling lanes. The 30,000 sq. ft. facility also features an arcade, a craft cocktail bar, and culinary offerings. Bowlero first announced the…

Lucky Strike Returns to Miami After a Decade

After closing a decade ago in Miami Beach, Lucky Strike has returned with bowling, arcade games, and, of course, a food and cocktail menu that screams Miami — this time, in downtown Miami. Over a decade ago, the bowling venue was a popular venue just off of Lincoln Road in South Beach, but it closed down in December of 2014. Years later, in September of 2023, Bowlero…

R&B Realty’s Gateway at Wynwood hit with foreclosure lawsuit

The owner of a fairly new Wynwood office building is facing foreclosure over an alleged $101 million mortgage debt. Wilmington Trust NA, as trustee for Boise-based A10 Capital, sued an affiliate of New York-based R&B Realty for allegedly defaulting on two loans by failing to make monthly… The mortgages are secured by Gateway at Wynwood at 2916 North Miami Avenue in Miami.

$113M Foreclosure Suit Filed At New York Developer’s Wynwood Office

The developer of a recently completed Wynwood office building is at risk of losing control of the property after falling behind on mortgage payments, according to a foreclosure suit filed this week. New York-based R&B Realty Group was sued Tuesday, with its lender claiming it hadn’t made a payment since November on two mortgages totaling $113M tied to The Gateway at Wynwood.

New Construction Hotel Proposed In South Beach With 238 Rooms

An application has been filed with Miami Beach planners for a new hotel on Washington Avenue. Renderings show the hotel will be named The Cloud One. The chain has locations in New York, Hamburg and Nuremberg. The new South Beach hotel will rise 7 stories and have 238 hotel keys, with a rooftoop pool deck and lounge with outdoor seating, along with a ground floor…

Miami-Dade Breaks Ground On Dadeland South Intermodal Station

Miami-Dade County held a groundbreaking ceremony yesterday for the Dadeland South Intermodal Station. The Station is the southernmost end of the existing Metrorail system and is the northern terminal station of the South Dade TransitWay. The $66m project includes enhancements at the 40-year-old Dadeland South Metrorail station, as well as new connectivity to the…

South Florida MF Rents Rise Dramatically Since COVID, While Bay Area Stagnates

In the four years since the global pandemic began and caused massive swings in the U.S. apartment industry, average effective rents have climbed approximately one quarter nationwide. Two regions of the country, however, demonstrate the two extremes of that rent change. In South Florida, which is comprised of three markets including Miami, Fort Lauderdale…

South Florida and Bay Area Truly a Tale of Two Apartment Markets

Population growth and employment gains have combined to create the greatest disparity in rent growth percentage between key apartment markets since the pandemic, according to RealPage Analytics. While in South Florida apartment growth is climbing – performing better than in any area in the country – the opposite is the case for the Bay Area in Northern…

CREI Holdings Secures $67 Million In Construction Financing For ‘ Li’l Abner III’ Affordable Housing Project In Sweetwater

CREI Holdings has secured a $67 million construction loan from Centennial Bank to build an affordable workforce housing mid-rise building at 455 Northwest 114th Avenue in the City of Sweetwater, Miami-Dade County. Construction of Li’l Abner III is set to begin in the second quarter of 2024 and be completed in the second quarter of 2026. Prospective tenants can now register…

CREI lands $67M construction loan for Sweetwater apartment building

CREI Holdings nabbed $67 million in construction financing to build an $83 million multifamily project with 326 apartments in Sweetwater. Conway, Arkansas-based Centennial Bank provided the construction loan to Sweetwater-based CREI, a press release states. The developer is planning to break ground next quarter on Li’l Abner III, an eight-story building with the one…

Developer Files Pre-Application for 856-Unit Complex at the Earlington Heights Metrorail Station

A developer has filed a pre-application for a workforce housing complex at the Earlington Heights Metrorail Station in Miami-Dade County. The unnamed project would require close to 945,000 square feet of new construction, comprising two 15-story buildings, connected by an amenity deck. Together, they would feature 856 residences, and they would measure 441 sf…

Judge Nixes Approval Of Miami-Dade UDB Expansion For Industrial Megaproject

The decision marks the latest chapter in the controversial proposal for the 5.9 million-square-foot South Dade Logistics and Technology District on the southeast corner of the Florida Turnpike and Southwest 122nd Avenue in an unincorporated area of southeast Miami-Dade. The post Judge Nixes Approval Of Miami-Dade UDB Expansion For Industrial Megaproject appeared…

Design review board approves Art Falcone’s condo-hotel at Miami Worldcenter

Art Falcone’s planned Miami Worldcenter condo-hotel and two other mixed-use projects got the green light from the city’s architecture panel. In addition to Falcone Group’s 53-story tower, the Miami Urban Design Review Board approved Dulce Vida, a planned eight-story apartment building in Allapattah to be developed by Coral Rock Development, and a planned 35-story high-rise…

Top Off Ceremony Held For 39-Story Downtown Miami Tower

A top off ceremony was held earlier this month for a 39-story downtown Miami that is being built without a parking garage, according to contractor Craft Construction. A total of 343 condos are being built, which will be permitted for rental on a short term basis through platforms such as Airbnb. All of the condos are sold out. Foundation work began in July 2022, with the first tower…

Construction Underway On $136M Parking Garage At MIA

A new parking garage is now under construction at Miami International Airport. The new Park 6 garage is being built adjacent to the existing Flamingo Garage, and will have 2,240 spaces. Miami-Dade County says it is spending $136 million on the project. That equates to a cost of around $61,000 per space. Both passenger and employees will use the new 7-story garage, the county…

HTG, AM Affordable Housing Open $44M Tucker Tower Senior Apartments in Miami

Housing Trust Group (HTG), a leading multifamily developer, and AM Affordable Housing, a nonprofit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning, have opened Tucker Tower. The $44 million affordable housing community for seniors age 62 and older is located in the Perrine neighborhood of southern Miami. Tucker Tower, the eighth joint venture…

Japanese drugmaker Noven gets county aid to expand in Miami-Dade

Miami’s pharmaceutical world is gearing up for an expansion of Japanese-owned Noven Pharmaceuticals Inc. as county commissioners last week approved a $709,420 incentive to grow Noven’s South Dade operations. The company plans to add 24,500 square feet to its current operations in 118,600 square feet at 11960 SW 144th St. and increase employment by 10 persons to…

Plans for Avenues elite private school in Miami “indefinitely suspended”

Avenues The World School “indefinitely suspended” its planned development of a $180 million private school campus in Miami, more than five years after acquiring the site. A lack of demand for an elite private school like Avenues wasn’t the issue. Top private schools across South Florida have reported long wait lists for enrollment, with private school acceptance becoming…

Elite Private School Backs Out Of $180M Miami Campus

Wealthy new Miamians who are desperate to place their children in private schools have one less option to hold out hope for. Avenues: The World School has canceled its plans to build a campus in the city’s Little Haiti neighborhood that could have accommodated 2,500 students, the private school confirmed to Bisnow. Avenues had a deal in place to build a $180M, 717K SF facility…

Ronald Wasson: Aventura city manager seeks to develop parks, open spaces

For the past six years, Ronald Joseph Wasson has been running the City of Aventura as the city manager – putting the residents’ quality of life first. Mr. Wasson says he plans to continue to provide beautiful landscaping, open spaces and parks along with negotiations for a new school development and maintaining the most qualified city staff.  With over 35 years of executive-level management…

Housing Trust Group, AM Affordable Housing Celebrate Grand Opening Of ‘Tucker Tower’ in Perrine, Miami-Dade County

Housing Trust Group (HTG), a leading multifamily developer, and AM Affordable Housing, a nonprofit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning, are excited to announce the completion of Tucker Tower, a new $44 million, 120-unit affordable housing community for seniors aged 62 and older at 9910 Hibiscus Street in the Perrine neighborhood…

Turnberry scores $172M construction loan for SoLé Mia condo tower in North Miami

Turnberry secured a $172 million construction loan for One Park Tower at SoLé Mia, a planned luxury condo tower. Bank OZK, one of the largest construction lenders for South Florida projects, is providing the financing for the planned 33-story, 292-unit building at 2411 Laguna Circle in North Miami. A Berkadia team led by Scott Wadler and Alec Fox arranged the loan, which closed…

Photo: Equipment At Miami Freedom Park Stadium Construction Site

Equipment can be seen at the Miami Freedom Park construction site, where a 25,000 seat stadium is planned for Inter Miami. Multiple construction permits are now in process for the site, including phased foundation and vertical permits. According to Miami New Times, Miami-Dade commissioners voted in December to ask for $5 million of state taxpayer funding to clean up…

Short-Term-Rental-Friendly 172-Unit Domus Brickell Park Breaks Ground

A short-term-rental-friendly condo project has broken ground in Brickell and obtained construction financing. Domus Brickell Park is planned to include 172 condo units in a 12-story building. North Development, a joint-venture between Ricardo Dunin’s Oak Capital and Peru-based Edifica, led by Juan Carlos Tassara, held a groundbreaking ceremony at the construction site…

North Development Secures $70 Million Construction Loan, Breaks Ground On Domus Brickell Park

North Development has begun construction on Domus Brickell Park, a new addition to Miami’s Brickell Financial District known for facilitating short-term rentals. The project, a collaborative venture between Oak Capital’s Ricardo Dunin and Peru’s Edifica led by Juan Carlos Tassara, secured a $70 million construction loan from Forman Capital and Core Capital. Designed…

Ricardo Dunin, Peruvian partner score $70M loan for Domus Brickell

Developers Ricardo Dunin and Juan Carlos Tassara secured a $70 million construction loan for Domus Brickell Park, a short-term rental friendly condo development in the works. Forman Capital and Core Capital provided the financing to North Development, a joint venture between Dunin’s Oak Capital and Tassara’s Edifica, for the planned 12-story, 172-unit Brickell-area building…

Beitel lists Edgewater dev site for $75M, but is it really for sale?

An out-of-town developer boasts he’s still committed to building a mega-project in Miami. So why would Ben Beitel go through the trouble of hiring a commercial brokerage to market his entire blocklong site? In a recent phone interview, Beitel insisted his eponymous Brooklyn-based firm is not really interested in selling the nearly 3-acre development site in Edgewater.

Aria Development Group, Largo, and Place Projects Announce Groundbreaking Of 2200 Brickell

Aria Development Group, Largo, and Place Projects have announced the official groundbreaking of 2200 Brickell, a luxury 5-story residential development at 2200 Brickell Avenue in the heart of Miami’s Brickell neighborhood. Designed by Revuelta Architecture International, with interiors by the award-winning team at ODA New York, this building will offer 105…

Craig Robins and partners add retail building to Miami Design District portfolio

Craig Robins and his partners have a new addition to their Miami Design District portfolio, picking up a retail building for $18 million. An affiliate of Miami Design District Associates acquired a 5,668-square-foot store at 80 Northeast 40th Street, records and Vizzda show. Miami Design Center Associates is a partnership between Robins’ Miami-based Dacra, L Catterton Real Estate…

2200 Brickell Development With 105 Luxury Condos Breaks Ground

The developers of 2200 Brickell held a groundbreaking ceremony this morning. The 5-story development includes 105 luxury condos priced from $1.2 million. Aria Development Group, Largo, and Place Projects are the developers. Revuelta is the architect, with interiors by ODA New York. Completion is planned for 2026.

New Tower At Miami Worldcenter’s Block C Approved

Miami’s Urban Development Review Board voted yesterday to recommend approval of a new tower at Miami Worldcenter’s Block C. The board praised the clean and elegant design of the tower, according to architect Nichols. The new tower is planned to rise 53 stories, or 632 feet above sea level at the roof, and include: 280 hotel keys 351 multifamily units with multiple amenity levels bar…

Miller Construction Delivers 143,571 SF Industrial Facility in Medley

Miller Construction Co. has delivered a 143,571-square-foot warehouse located at 7290 N.W. 77th Court in Medley, a town in Miami-Dade County. Woods Grove Capital is the developer of the Class A industrial facility, which features 36-foot clear heights, 42 columns with 54-foot spacing, 37 dock doors and two drive-in ramps. The project team includes IBI Group’s RLC Architects, Puga…

South Florida Retail Real Estate Summary: Leases, Sales & Construction Projects

Here’s our quarterly summary South Florida commercial real estate focusing on Miami retail real estate. The report includes statistical highlights (cap rates, vacancy rates, absorption, etc), the latest retail transactions, signed leases, retail trends, and current market activity. The retail real estate report is updated by our CRE experts who focus on the retail real estate sector. The analysis…

It May Be the End of an Era for Duffy’s Tavern in Miami

Just on the edge of Coral Gables lies Duffy’s Tavern, a quirky, cash-only Irish sports bar that has served beer, loaded sandwiches, soups and chili, fish dip, and burgers to a sports-loving crowd for almost 70 years. It’s been the place to go to when you want to cheer a local team on, especially the Hurricanes or the Dolphins because every inch of wall space is lined with a sports banner…

Lease roundup: Mac & cheese restaurant moving HQ in Boca Raton, Raccoon Coffee opening in Miami

Raccoon Coffee leased 1,800 square feet at 23 Northeast 17th Terrace in Miami, marking the first retail tenant at the development, according to the landlords’ news release. Wynwood Haus is in the Arts & Entertainment District, which is south of Wynwood. Raccoon Coffee will operate a full-service food truck in front of its space until the interior buildout of its new space is finished…

Why there’s confidence South Florida is (mostly) immune to a commercial real estate correction

Whatever the national real estate market experiences, South Florida’s market overdoes it. That’s the usual playbook. But commercial real estate experts here and elsewhere think the region’s commercial real estate market should be largely immune to the difficulty other areas are experiencing. And there are plenty of worries about commercial real estate and the risks it may pose to the…

BTI Partners Tops Off Construction On ‘The Bread Building’ At 1740 S. Young Circle In Downtown Hollywood

Fort Lauderdale-based BTI Partners has reached a significant milestone with the topping-off of The Bread Building, a 25-story apartment tower at 1740 South Young Circle in downtown Hollywood. The redevelopment of the former Hollywood Bread Building site will bring 362 luxury apartments and 16,000 square feet of retail space to the city’s vibrant heart. Modis Architects…

Kushner buying dev sites near Hard Rock Hotel & Casino in Hollywood

Kushner Companies is under contract to buy a land assemblage in Hollywood near the Seminole Hard Rock Hotel & Casino, The Real Deal has learned. New York-based Kushner, led by Charles Kushner, his daughter Nicole Kushner Meyer and Laurent Morali, is buying the two adjacent plots at 4220 and 4231 North 58th Avenue, according to sources. The sites are just south of Stirling…

37-Story ‘Icon Beach’ To Offer 350 Condos At 3724 South Ocean Drive in Hollywood

Sales have launched for a 37-story condo in Hollywood, Florida––despite not breaking ground yet. Icon Beach is set to offer 350 condos, ranging from one-bedroom to three-bedroom floorplans. The Real Deal reports that homes would span 950 to 2,600 square feet, with ownership starting at $825,000. In addition to the residences, Icon Beach would offer 30,000 square feet…

Construction Starts on ‘The Tropic’ at 1744 N. Federal Highway in Hollywood

Construction has started on The Tropic, a 224-unit development in Hollywood, Florida. The 18-story workforce housing project will comprise one-bedroom to three-bedroom homes, with half intended for those making at or above 100 percent of the area median income (AMI). At the time of publication, Broward County Affordable Housing noted that the AMI for 2022 in Broward…

Stiles, PGIM’s new apartment building in Plantation hits market for $150M

Stiles and PGIM Real Estate’s 315-unit Ellsworth apartment building in Plantation hit the market for roughly $150 million, The Real Deal has learned. Fort Lauderdale-based Stiles and Newark, New Jersey-based PGIM want to sell the property, which is 93 percent leased, according to a source, who also confirmed the asking price. Ellsworth offers one-bedroom to three-bedroom units…

Hines, Urban Street Development Celebrate Groundbreaking Of FAT Village In Flagler Village, Fort Lauderdale

The FAT Village master plan, a collaborative effort between Hines and Urban Street Development, has broken ground, setting the stage for vertical growth within the 5.6-acre site in Fort Lauderdale. This expansive urban redevelopment aims to transform the FAT Village district with an influx of new housing, retail options, dining venues, Class AA office spaces, and entertainment…

Developer Proposes 189-Unit Complex for 700 N.W. First Avenue, Fort Lauderdale, Florida

Blue River Realty hopes to get approval for a multi-family housing development in Fort Lauderdale. The unnamed venture would measure 12 stories, requiring 280,972 square feet of new construction. Upon completion, it would offer 189 apartments—offering studios and two-bedroom units. Per the South Florida Business Journal, they would span about 490 square feet to 1,355 square feet…

FAT Village Breaks Ground in Fort Lauderdale, to Have 850 Residential Units

Fort Lauderdale’s FAT Village has broken ground after developers secured $220m in construction financing. The development site spans 5.6 acres over two city blocks, and will include: 850 residential units 200,000 square feet of Class AA office space 80,000+ square feet of food, shopping, entertainment, art studios, and galleries 1,200 parking spaces Completion is planned in 2026.

Trinsic plans 340-unit apartment building in Fort Lauderdale’s Cypress Creek area

Trinsic Residential Group plans to build a 340-unit apartment building with an affordable housing component on a parking lot next to a Westin hotel in the Cypress Creek area of Fort Lauderdale. Trinsic hopes to break ground on the 12-story apartment building by the end of this year and will operate the building under its Aura brand, said Chad Bradshaw, Trinsic’s managing director…

DigitalBridge Signs 79 KSF Delray Beach HQ Lease

Sundy Village will consist of 180,000 square feet of office space and 30,000 square feet of retail. Image courtesy of Pebb Capital Sundy Village will consist of 180,000 square feet of office space and 30,000 square feet of retail. Image courtesy of Pebb Capital Sundy Village will consist of 180,000 square feet of office space and 30,000 square feet of retail. Image courtesy of Pebb Capital…

Related Group & BH Group Unveil The Ritz-Carlton Residences, West Palm Beach

Miami-based real estate developers Related Group (Related) and BH Group have unveiled The Ritz-Carlton Residences, West Palm Beach (The Residences) at 1717 North Flagler Drive. Envisioned by an award-winning team that includes design luminaries Arquitectonica and Rockwell Group, The Residences reflect the highest expression of the brand in a boutique setting – offering…

Tiger Woods-Backed Golf League Rolls Out New Stadium Plans Following Collapse At First Arena

After heavy storms led to the partial collapse of its under-construction arena, a virtual golf league backed by Tiger Woods and Rory McIlroy is taking a mulligan with a more resilient design. The league, called TGL presented by SoFi, revealed design renderings and plans for a new stadium in Palm Beach Gardens, Florida, on the Palm Beach State College campus. The league is expected…

Lotis scores $44M construction loan for Wellington mixed-use project

Lotis Group scored a $44 million construction loan for the first phase of its massive planned Wellington mixed-use project. Lotis, led by John Markey, Adam Freedman and James Gielda, plans The Square & Residences at Lotis Wellington, as the first phase is named, with 372 apartments in garden-style complexes; 60,000 square feet of medical offices and 61,400 square feet…

Trump Plans Office Building at his Jupiter Golf Course as $454M Judgement Looms

With New York’s attorney general preparing to potentially seize Donald Trump’s properties, the former president is planning to build a new office at his golf course in Jupiter, Florida. Plans call for a three-story office building on a parking lot at Trump National, the golf club north of Palm Beach that the former president has owned since 2012. The 45K SF building could cost up to $15M..

Industrial Market Will Resume Expansion In 2025, Experts Say

NAIOP pinpoints 2025 as when the industrial market will start to expand. It estimates that quarterly net absorption of industrial space will average 14 million square feet per quarter over the next two years, or 62.8 and 49.1 million square feet in 2024 and 2025, respectively. This forecast represents a relative “cooling” trend following what had been a protracted period of above-average…

Video: Seyfarth Partner Ron Gart Presents 2024 Real Estate Sentiment Survey

The Discussion: Navigating Commercial Real Estate Trends; Insights from the 2024 Market Sentiment Survey In the ever-evolving landscape of commercial real estate, staying ahead of market trends is paramount for professionals across the industry. To shed light on the current sentiments and expectations within the sector, the 2024 Real Estate Market Sentiment Survey…

How technology can help optimize multifamily operations

“Embracing technology unlocks efficiency and sustainability across all industries, particularly in the multifamily space,” said Witness Yi, Central Region Treasury Services Manager for Commercial Term Lending. “In today’s world of growing competition, operational bottlenecks and rising costs, leveraging technology not only keeps our clients’ costs in check but differentiates…”

DeSantis signs law easing demolitions of aging coastal buildings, creating “massive redevelopment implications”

Florida Gov. Ron DeSantis signed into law a controversial bill that will make it easier to demolish aging coastal properties, another major win for developers from the Florida Legislature. Senate Bill 1526 strips local municipalities of their authority to ban, restrict or prevent the demolition of “nonconforming” and unsafe structures. The exceptions are for buildings individually placed…

“Even more difficult.” Here’s how South Florida’s condo buyout landscape will shift following landmark ruling

The developer of the planned Edition Residences in Miami’s Edgewater is on unforeseen footing after a recent ruling that could cost it millions of dollars, and alter the landscape of future condo buyouts and terminations statewide. Two Roads, a Miami and West Palm Beach-based development firm led by Reid Boren and Taylor Collins, completed a bulk $150 million purchase…

WeDevelop: Here are Adam Neumann’s plans at Miami Worldcenter

Flow, the apartment startup founded by billionaire Adam Neumann and backed by venture capital firm Andreessen Horowitz, has three projects in various stages of development at Miami Worldcenter. The buildings are valued at about $450 million, according to a source. Neumann’s purchases at Miami Worldcenter date back to at least 2021, but additional details about his projects…

Adam Neumann’s Flow Expands Miami Holdings Despite Brand’s Delayed Launch

Adam Neumann’s startup Flow is investing heavily in projects at Miami Worldcenter as it expands its South Florida holdings. The real estate firm started by WeWork’s co-founder is building a 41-story second phase of the Caoba apartments, a 44-story tower it purchased in 2021. Flow also has plans for office and retail space across the street, according to a municipal bond offering…

Fisher Brothers And Suffolk Construction Top Off ‘Wynhouse Miami’ At 2200 NW 1st Avenue In Wynwood

Fisher Brothers has topped off construction on Wynhouse Miami, an 8-story mixed-use development located at 2200 Northwest 1st Avenue in the heart of Miami’s Wynwood neighborhood. This construction milestone, achieved by national contractor Suffolk Construction, brings the project closer to opening its doors in Q1 2025. Designed by Nichols Architects…

Falcone proposes 53-story condo-hotel at Miami Worldcenter

Falcone Group wants to build a 53-story condo-hotel at Miami Worldcenter, marking the latest planned addition to the 27-acre mixed-use complex. The Boca Raton-based firm, led by Art Falcone, proposes a tower with 280 hotel keys, 351 condos, 3,500 square feet of retail and an 8,000-square-foot restaurant on a 0.7-acre site at 155 Northeast 10th Street in Miami, according to a proposal…

Appeals court ruling upending an Edgewater condo termination could put buyouts statewide in limbo

An appeals court ruling this week upending a condo termination in Miami is causing shockwaves among developers, as it will likely put buyouts in legal limbo. The court’s opinion regarding Biscayne 21 in Miami’s Edgewater marks a major win for the condo owners who fought to block the termination of their association. Furthermore, it has huge implications for developers…

‘We Call It Herding Cats’: Sellers Are Slowing The Expected Wave Of Condo Buyouts

Unit owners at the Four Winds condos in Surfside were busy evaluating bids from contractors for repairs to secure the building’s 50-year occupancy recertification in early 2023 when two developers appeared with unsolicited offers to buy the property. Naftali Group sent a letter last January saying it would pay $115M for the 12-story, 144-unit building, a price it said was a 56% premium…

Design Refinements Submitted For 800-Room Grand Hyatt Miami Beach

Developers planning the Grand Hyatt Convention Center hotel in Miami Beach have submitted design refinements to a city board for review. The Miami Beach Design Review Board had requested the changes at a previous meeting, and also requested that the updated designs be submitted for review once they had been made. The developer is additionally requesting the board,,,

Transit-Oriented Luxury Condo Planned Next To Wynwood’s Upcoming Train station

Developer Rilea Group has announced plans to build The Rider at Wynwood, a transit-oriented development. The luxury condominium will have a rock-n-roll theme, and will be built next to Wynwood’s upcoming train station along the Brightline tracks. “The upcoming Brightline station, situated just 85 yards from The Rider at Wynwood site, symbolizes the exciting future ahead…

Miller Construction Completes Medley Industrial Project

Miller Construction Company, a statewide, privately-held construction firm, has delivered the 143,571-square-foot industrial project for Woods Grove Capital in Medley. The Class A warehouse in Medley, Florida, is situated at 7290 NW 77th Court near major highways with easy access to Miami International Airport and Port of Miami, the region’s busiest import-export centers.

PMG Announces 34-Story ‘One Twenty Brickell Residences’ At 120 SW 8th Street In Brickell District

Property Markets Group (PMG) has announced One Twenty Brickell Residences, a 34-story residential tower set to rise in the heart of Brickell, designed by internationally renowned architecture firm Sieger Suarez Architects, with interiors by Cotofana Designs. Located at 120 Southwest 8th Street, One Twenty Brickell Residences will consist of 240 fully finished and furnished residences…

‘301-341 Madeira’ Planned for 301 to 335 Madeira Avenue in Coral Gables

Urban 301 Madeira LLC, an Aventura-based firm, recently secured a $59 million loan for a residential project. Dubbed “301-341 Madeira” by Coral Gables city records, the complex would measure nine stories above grade and offer 145 apartments. The Commercial Observer reports that of those 145 apartments, nine would be ground-floor, live/work units. The 100-foot-tall building,,,

900-Foot Cranes Submitted To FAA For Baccarat Construction Site on Brickell

Plans for two new construction cranes have been submitted to the Federal Aviation Administration for the Baccarat Residences site in Brickell. The filing was made on March 15. One of the cranes is planned to reach a top height of 887 feet above ground and 889 feet above sea level, the filing states. The second crane is planned to reach a top height of 906 feet above ground and 908…

Signage & Crane Installed At 67-Story Mercedes-Benz Tower Construction Site

Signage and a crane have been installed at the Brickell site where a 67-story Mercedes-Benz branded tower is under construction. Construction on the tower has actually been underway for some time, but the Mercedes-Benz branding and technical silver color scheme was only unveiled last month. A total of 791 Mercedes-Benz residences are planned. In addition to the residences…

PMG Announces 34-Story One Twenty Brickell Residences

Developer PMG has announced plans for a 34-story tower called One Twenty Brickell Residences near Brickell City Centre. The project will include 240 condos, delivered fully finished and furnished. Over 60,000 square feet of residential amenities are planned, including a Wellness & Fitness center, pickleball court, kid’s club and gym, sky bar and lounge, and a cafe and juice bar.

Subsidies push stalls for long-awaited American Dream Mall

A legislative bid to potentially offer Miami-Dade County subsidies to get a long-stalled, multi-billion mega-project, the American Dream Mall, under way in Northwest Miami-Dade was swiftly sidetracked by a county committee last week. The legislation aims to remove the county’s self-imposed prohibition on subsidies for design or construction of the project, whose movement has…

Coral Gables Office Park Trades For $76M, A 25% Discount From Last Sale

A Coral Gables office park traded for a nearly 25% discount despite the market’s recent rise as a popular destination for businesses looking for space outside Miami’s urban core. Colonnade Properties paid $76M for the five-building Douglas Entrance office park in the northeast corner of Coral Gables, deed records compiled by property intelligence platform Vizzda confirm.The 475K SF…

Miami-Dade wins vast former Job Corps property near Homestead

Miami-Dade County is in the process of acquiring a former 42-acre Job Corps site near Homestead after winning a federal bid for the land. As Miami Today reported in September, after the US declared it surplus, the county expressed interest in the land to use for an emergency management response center or a park. “There was a surplus process run by the federal government…

Miami hits federal funding jackpot for Underdeck with $60M transportation grant

After the city commission passed a resolution in January urging local, state and federal entities to make funding available to support the Underdeck, Miami has been awarded a $60 million transportation grant for the project. The March 14 commission meeting started with Chairwoman Christine King and Mayor Francis Suarez announcing the massive influx of federal funding for…

Despite opposition, Miami-Dade greenlights an agritourism district in rural Redland

After two failed efforts, Miami-Dade commissioners created a new tourism district that expands amusement operations in the county’s rural Redland farming area despite opposition from residents and agriculture officials. The proposal, passed 10-2 without taking public comment on Tuesday, will allow more buildings and parking — which residents fear will dramatically change…

Michael Lewis: Everybody wants to live in Florida – anywhere but Miami

If we believe our own publicity, Miami-Dade is booming as people from across the nation rush to live here and our population soars. Fortunately or unfortunately, depending on your views, it just ain’t so. The fact is, the county’s population is nearly 15,000 people smaller – yes, smaller – than it was just after the start of the pandemic four years ago. That’s what US census numbers…

Onyx Housing Group Closes On Land For 159-Unit Multifamily ‘Regatta Point’ In Homestead

Today Onyx Housing Group, a multifaceted real estate development firm based in South Florida, announced the closing of six land parcels at 16300 Southwest 296th Street in Homestead, Florida. The 150,201 square foot, 3.45 acre-lot was asking $4.95 million and will be the future home of Regatta Point, a $46.5 million-dollar multi-family project. Current Real Estate Advisors…

Mixed-Use ‘Giller Tower’ Proposed for 976 W. 41st Street on Miami Beach

The Miami Beach Planning Board is scheduled to hear a proposal for a mixed-use project on March 26. Giller Tower would measure seven stories above grade, measuring more than 102,000 square feet. The South Florida Business Journal reports that of that square footage, 25,869 would be office space, 6,681 would be retail, and 4,056 would be restaurants. Sources indicate that…

308-Unit Wynhouse Holds Top-Off Ceremony

Wynhouse Miami has topped off at 8 stories. A ceremony to mark topping off was held on Friday. The project is being built with a $117.5 million construction loan provided by JP Morgan Chase and affiliates of Canyon Partners. Wynhouse is planned to include: 308 rental residences approximately 26,000 square feet of ground floor retail nearly 25,000 square feet of indoor and…

Census: Miami Ranked #1 For International Population Growth In 2023

Miami-Dade’s net international population growth surged in 2023, and was the highest of any county in the U.S., according to new Census data. The number of new Miami-Dade residents coming from outside the U.S. rise almost 40% last year, to 54,457. No other county added as many new international residents. When counting total population growth, including from domestic sources…

Oak Row Equities Closes $181M Construction Loan From Bank OZK For 2600 Biscayne Boulevard In Edgewater

Oak Row Equities has closed on a $181M construction loan from Bank OZK for 2600 Biscayne Boulevard, a 41-story Class AAA office and multifamily tower in Miami’s rapidly-maturing Edgewater submarket. This transaction is one of the largest mixed-used construction loans to close in South Florida in the past year. Newmark’s Dustin Stolly, Jordan Roeschlaub, Chris Kramer…

Construction Progresses On CMC Group’s ‘Vita at Grove Isle’ Condominium In Coconut Grove

Miami’s CMC Group, under the leadership of Ugo Colombo, has reached a significant milestone, advancing past the halfway mark in the construction of Vita at Grove Isle. This seven-story boutique luxury condominium is emerging on Grove Isle, a secluded 20-acre island just off the coast of Miami’s Coconut Grove neighborhood. Located at 5 Grove Isle Drive, the development features…

Developer Proposes 396-Foot-Tall ‘3200 Biscayne’ in Miami

Miami-based Green Circle Development LLC, an affiliate of Urbanica Hotels, has proposed a 35-story mixed-use high-rise in Miami’s Edgewater neighborhood. 3200 Biscayne would comprise 677,813 square feet of new construction, offering both hotels and residences. Arquitectonica designed the 396-foot-tall structure. The South Florida Business Journal reports that plans call…

Privee Capital scores $59M construction loan for 144-unit apartment project in Coral Gables

Privee Capital scored a $59 million construction loan for a 144-unit apartment project in Coral Gables. The Miami Beach-based development firm plans a nine-story building on a 1.4-acre site at 301-341 Madeira Avenue, said Privee’s managing partner Jonatan Sredni. City National Bank of Florida is the lender for the floating-rate debt, according to records and Sredni.

Nichols Architects Reveals Design For 53-Story Mixed-Use Tower In Miami Worldcenter’s Block C, East

The Falcone Group, led by Founder and CEO Art Falcone and in collaboration with Nichols Architects, has unveiled the design for a new 53-story mixed-use tower at Block C, East of Miami Worldcenter. This development is poised to significantly impact the luxury living and hospitality sectors of the expansive Miami Worldcenter complex, encompassing ten blocks and 27 acres.

Ares Management Provides $50M Refinancing for New Apartment Community Soleste Spring Gardens in Miami

Ares Management Real Estate has provided a $50 million loan via one of its funds for the refinancing of Soleste Spring Gardens, a newly delivered apartment community in Miami’s Spring Garden district. The eight-story community is located at 1033 Spring Garden Road, two blocks from the Culmer Metrorail station. Brian Gaswirth, Chris Drew, Jesse Wright and J.J. Hovenden…

Rok family’s mortgage firm seeks to foreclose on Aventura dev site

A Miami developer’s plan to build a seven-story medical office building in Aventura appears to be in jeopardy. Aventura-based Rok Lending last week filed a foreclosure lawsuit in Miami-Dade Circuit Court against the Gomez Development Group entity that owns the 1.6-acre development site at 21291 Northeast 28th Avenue, court records show. Rok Lending, the mortgage…

‘Landmark’ 53-Story Mixed-Use tower Planned At Miami Worldcenter

Miami Worldcenter is slated for yet another tower, according to newly revealed plans. Falcone Group led by founder & CEO Art Falcone is collaborating with Nichols Architects on the new tower. Previously, the One Worldcenter office tower had been proposed on the site by Hines. The new tower at Worldcenter’s Block C East is planned to rise 53 stories, or 632 feet above sea level…

Revealed: 35-Story Hotel & Residential Tower Planned At 3200 Biscayne

Plans have been filed to build a hotel and residential tower in Edgewater. 3200 Biscayne is planned to rise 396 feet and include: 110 residential units; 160 lodging units; 8,443 square feet of commercial area (ground floor restaurant, bar/coffee space, and retail); 6,531 square foot ballroom and 6,567 pre-function space on level 2; 383 parking spaces on five levels – above the 293 parking…

Codina loses appeal in Doral condominium construction dispute

Codina Partners’ legal bill from fighting Grycon keeps rising, now hitting $12 million after losing an appeal. Coral Gables-based Codina, led by Chairman Armando Codina and CEO Ana-Marie Codina Barlick, had contested a lower court’s $7.8 million verdict in favor of Fort Lauderdale-based Grycon. The Third District Court of Appeals last week affirmed Miami-Dade Circuit Court…

Downtown Miami’s $83M The Underdeck Gets Federal Funding

Miami has been awarded a grant from the U.S. Department of Transportation to build The Underdeck underneath the new Signature Bridge. The federal grant is for $60M – the largest in the City of Miami’s history, according to Mayor Francis Suarez. It was awarded under the DOT’s Neighborhood Access and Equity program initiative, which aims to correct mistakes made…

Mandarin Oriental Residences: New Renderings Released As Preview Lounge Opens

Swire Properties has released new renderings and details of the Mandarin Oriental Residences planned in Brickell and opened a Preview Lounge. Two towers are planned. The South Tower will rise over 800 feet, while the North Tower will stand at approximately 400 feet. A total of 228 two-to-four-bedroom in the taller South Tower. Mandarin Oriental will have its flagship North…

Swire Properties Unveils First Preview Of ‘The Residences at Mandarin Oriental, Miami’

Swire Properties today unveiled the first official preview of The Residences at Mandarin Oriental, Miami, ahead of the official launch of sales scheduled for later this spring. The Residences, an exquisite collection of private homes, is part of an unparalleled residential and hospitality destination set within a secluded island sanctuary, only moments away from Miami’s vibrant urban core.

Developers Propose ‘Aventana’ for 19640 Harriet Tubman Highway (formerly West Dixie Highway) in Miami

Ram Realty Services and Pinnacle Communities have filed a pre-application for Aventana, a 16-story residential tower in Miami’s Ojus district. The 354,238-square-foot building would offer 344 apartments––about 34 will be set aside as workforce housing. At least 17 would be designated for those making up to 110 percent of the area median income (AMI). Plans call for a dog…

David and Leila Centner abandon fight for city of Miami park

Fed up with being tied to Miami’s dysfunctional government corruption, David and Leila Centner backed out of their no-bid deal to build a $10 million recreation center at a city-owned park. During public comments at Thursday’s Miami City Commission, David Centner said he and his wife are backing out of a license agreement to develop a youth sports complex with a dome in Biscayne…

Lease roundup: Santander Bank took 4K sf at Miami Worldcenter; more…

Santander Bank leased at Miami Worldcenter. The bank, which is the U.S. subsidiary of Madrid-based Banco Santander, took 4,000 square feet at the Jewel Box at 150 Northeast Eighth Street in Miami, according to a record filed to Miami-Dade County last month. The lease, which is for a 10-year term with two five-year extension options, started on Jan. 31, the record shows…

Condo buildings at sprawling northeast Miami-Dade Jade Winds complex deemed unsafe

Miami-Dade County declared several buildings at a condo complex in Northeast Miami-Dade unsafe, after they failed their 50-year recertification. Residents at buildings in the Jade Winds condominium complex received the notices earlier this week, NBC 6 reported. Jade Winds, at 1720 Northeast 191st Street, was built between the late 1960s and early 1970s. Residents were…

Can a $150 million makeover revive this Miami mall? Shopping is just a part of it

Shopping malls are changing in South Florida. They’re no longer just corridors with store after store. They’re becoming town squares, with fitness centers, residential towers, arcades and amusement centers — alongside the traditional retail. A Northeast Miami-Dade mall, with roots over six decades, is the latest to join the trend in moving from shopping center to lifestyle center.

FundRebel pays $62M for new apartment building in Hollywood

FundRebel completed its first commercial real estate acquisition, purchasing a new apartment building in Hollywood for $62 million. The New York-based crowdfunding real estate start-up bought Nine Hollywood at 809 Jackson Street and 320 South Federal Highway, records show. The 12-story apartment building with 204 units and 7,000 square feet of ground-floor retail…

Ari Pearl advances downsized condo plan for Hollywood golf course

Developer Ari Pearl advanced a downsized plan to redesign and redevelop a Hollywood golf course with 322 condos. Pearl’s company, PPG Development, originally planned to develop 486 rental units, a mix of apartments, townhouses, and villas, along the The Club at Emerald Hills golf course. But rapid home price appreciation in South Florida during the pandemic led Pearl…

Affiliated lands $46M construction loan for 223-unit apartment project in Hollywood

Affiliated Development landed a $45.5 million construction loan for a 223-unit apartment project with a workforce housing component in downtown Hollywood. The Fort Lauderdale-based firm started construction of the 18-story building, called The Tropic, with one-bedroom to three-bedroom apartments at 303 South Federal Highway, according to records and an Affiliated news release.

PMG plans first luxury condo tower in Fort Lauderdale

PMG is moving forward with its first condo tower in Fort Lauderdale that will replace an aging waterfront co-op building on the Intracoastal Waterway. The New York and Miami-based firm is launching Sage Intracoastal Residences, a planned 18-story, 44-unit building at 900 Intracoastal Drive. The luxury project would replace a circa-1957 co-op named…

West Palm Beach Office Project Lands 40K SF HQ Relocation

A boutique office building in Downtown West Palm Beach is now more than 50% pre-leased after a telecommunications firm announced it would relocate its headquarters to the under-construction property. Dycom Industries will relocate from Palm Beach Gardens to 40K SF on the top two floors of 300 Banyan, a 12-story building with 115K SF of offices that is expected to deliver…

Fanjul family scores $56M construction loan for 320-unit rental complex in Royal Palm Beach

The Fanjul family, sugarcane and real estate moguls in Florida, scored a $55.7 million construction loan for a 320-unit apartment complex in Royal Palm Beach. FCI Residential, the Fanjuls’ development company, started building the project with 11 three-story buildings and two two-story townhouse buildings on the 25-acre site on the southeast corner of Acme Road…

Analyst: Eventually Nearshoring Will Impact All Commercial Real Estate

Nearshoring is a significant evolutionary trend driven by geopolitical forces, manufacturing costs, shipping costs, evolving shipping route risks, and logistics trends. For the first time since 2002, the total annual imports from Mexico exceeded the total from China, reiterating the trend toward bringing manufacturing closer to the US. While this trend could significantly affect industrial…

The Fed: Has US-China decoupling energized American manufacturing?

In recent decades, the US has grown increasingly dependent on imports from China to access a vast variety of goods. The FRED graph above shows Chinese import data: From 1990 through 2016, as China became a globally integrated economy, the US import share from China grew steadily, from close to 2% of aggregate US imports in the late 1980s to close to 22% in 2016.

Video: MSCI Researc Executive Director Jim Costello Discusses Retail Property Performance & Expectations

The Conversation: Insights from Jim Costello Regarding Navigating the Real Estate Landscape In the ever-evolving landscape of commercial real estate, understanding the nuances of various property types and market trends is essential for investors, developers, and industry professionals alike. Recently, on America’s Commercial Real Estate Show, show host Michael sat…

Self-Storage Development Hits Pause After Record Year for Spending

Construction spending in the self-storage sector topped $6.9 billion in 2023 as developers moved through a development pipeline that expanded after the COVID-19 pandemic. According to U.S. Census Bureau statistics, last year’s spending marked a 24% increase over 2022, with $5.6 billion spent building or expanding self-storage facilities. The sector spent an average of $4.4 billion…

Pre-Application Filed For 280-Unit Multifamily Tower Near Arsht Center

A pre-application was filed with Miami-Dade planners yesterday for a downtown Miami residential tower. The building is being proposed under the county’s Rapid Transit Zone zoning code. The new tower is planned to rise 26 stories, and will be a multi-family residential building, according to a letter from the developer’s representative. Plans for the tower include 280 dwelling units…

Developers Plan 2025 Groundbreaking For Downtown Miami Riverbridge Supertall Tower

The developer of the three-tower Miami Riverbridge megaproject has revealed details on when they plan to obtain a construction permit and break ground. The first phase of the project will include an 87-story (1,044 feet) supertall tower and another 62-story (734 feet) tower attached by skybridge. Representatives of the developer told the Miami River Commission that they anticipate…

Here’s How Many Passengers Are Taking Tri-Rail’s New Downtown Miami Train Service

Tri-Rail has released the first ridership numbers for its new train service to MiamiCentral. A total of 300 passengers per day are now using the service, an increase from the 100 per day that were using it following a January 13 launch. A change of train is required for passengers travelling to or from MiamiCentral, since the downtown Miami station has stricter emission standards…

856 Apartments Planned At Earlington Heights Metrorail Station, Designed By Arquitectonica

Plans have just been filed with Miami-Dade County for a large residential complex at the Earlington Heights Metrorail station. In a letter, a representative of the developer said the residences would be workforce multifamily. Two 15-story towers are planned on property currently occupied by bus bays. Earlington Metro, LLC is developing the property in cooperation…

Alirio Torrealba’s MG Developer Tops Off 559-Unit ‘Metro Parc’ Apartments Hialeah

MG Developer, led by CEO and Founder Alirio Torrealba, has officially completed the topping off of Metro Parc, marking MG’s first transit-oriented multifamily community in the City of Hialeah and the tallest residential building in the City of Progress. Located between 955 East 25th Street and 980 East 26th Street, this 10-story building will offer 559 units. As a mixed-use…

MG Developer Tops Off 559-Unit Metro Parc Apartment Development in Hialeah, Florida

MG Developer has completed the vertical construction of Metro Parc, a 559-unit transit-oriented apartment community located in Hialeah, approximately 13 miles outside Miami. Upon completion, the two-tower building will feature residences with two bedrooms and two bathrooms ranging from 500 to 800 square feet. Amenities at the community will include coworking space…

North Miami Beach’s Mall at 163rd Street sells for $46M

Four companies teamed up to buy North Miami Beach’s ailing Mall at 163rd Street for $46 million, The Real Deal has learned. Taillard Capital, Tuesday Properties, Ark Ventures and Strategic Capital Alliance acquired the 24-acre retail site at 1205 Northeast 163rd Street, said Matt Press, a principal with Tuesday Properties. The joint venture “will ultimately redevelop the property…”

Rock on? Rilea launches sales of rock ‘n’ roll-themed condos in Wynwood

Rilea Group is hoping to tap into buyers’ rock ‘n’ roll energy with its latest condo project, where buyers and residents can drive a fleet of Harley-Davidson motorcycles and relax in a vinyl record lounge. The Miami-based firm is launching sales of a short-term rental-friendly project in Wynwood called The Rider at Wynwood, according to Rilea President Diego Ojeda. Ojeda said he even…

Abingdon Square lists Wynwood blocklong dev site for $31M

A 450-foot tall building in Wynwood? Abingdon Square Partners is dangling that possibility to incentivize a buyer for a blocklong development site listed for $31 million. New York-based Abingdon Square is telling prospective buyers that a 0.7-acre assemblage at 2200 and 2230 Northwest Second Avenue and 224 Northwest 22nd Terrace could potentially accommodate a skyscraper…

Icon Padel Aventura Proposed Atop Parking Garage at 18851 NE 29th Avenue

Pickleball isn’t the only popular sport emerging in South Florida. Icon Padel Aventura could soon bring additional padel courts to the region. Proposed by local developer Paddle Park Aventura LLC, the complex would comprise seven courts and a 1,325-square-foot clubhouse. The clubhouse would offer a pro shop, juice bar, warmup area, showers, and lounge. Icon Padel…

Ytech Reaches Sales Milestone For The Residences At 1428 Brickell Project While Securing $104 Million In Financing.

Ytech has surpassed significant financial and sales milestones for The Residences at 1428 Brickell, securing $104 million in financing and exceeding 40% in sales within a year. Designed by Arquitectonica, with interiors by ACPV Architects and landscaping by Arquitectonica GEO, this 70-story, 860-foot-tall development positioned at one of Brickell Avenue’s most coveted locations…

The Residences at 1428 Brickell Passes 40% Sales Mark, Secures Financing

Developer Ytech said it has hit sales and financing milestones at its planned 70-story Brickell tower. More than 40% of The Residences at 1428 Brickell has been sold within a year, according to the announcement. Ytech has now secured $104 million in financing. That includes a $78 million refinancing of a first mortgage at 1428 Brickell Avenue facilitated by Linkvest Capital, replacing…

Ytech Secures $104 Million In Financing For 70-Story ‘The Residences at 1428 Brickell’ In Miami

Miami real estate developer Ytech has secured $104 million in financing for The Residences at 1428 Brickell, a 70-story residential building planned for 1428 Brickell Avenue in the heart of Miami’s Brickell Financial District. Designed by Arquitectonica, with interiors by ACPV Architects and landscaping by Arquitectonica GEO, this 861-foot-tall project has already surpassed…

Ytech scores financing for 1428 Brickell condo tower, historic properties

Developer Yamal Yidios’ Ytech secured $104 million in financing for the planned 1428 Brickell condo tower and adjacent historic properties. The new debt includes a $78 million refinancing from Linkvest Capital of the original $20 million acquisition loan for the property at 1428 Brickell Avenue. It also includes $26 million in first mortgages from Banesco for Ytech’s…

Harry Macklowe wants to sell Miami development site near Dadeland Mall

New York developer Harry Macklowe is looking to sell one of his development sites in Miami, The Real Deal has learned. The 1.7-acre sliver of land, fronting U.S. 1 between Simon Property Group’s Dadeland Mall and Jeff Berkowitz’s Dadeland Station, marked Macklowe’s first major purchase in South Florida when he acquired it about two years ago. The property is approved for 770…

Biden budget $263.7M for Miami-Dade Northeast Corridor Rapid Transit Project

President Joseph Biden has recommended in his 2025 budget $263.7 million to help fund the Northeast Corridor Rapid Transit Project, one of six legs in Miami-Dade County’s vaunted Smart Program to develop new rapid mass transit to relieve traffic congestion. The Northeast Corridor rail line is to provide commuter rail 19 hours a day and seven days a week starting in…

Bal Harbour gives final approval to rules that could hamper Whitman’s Live Local Act project

Bal Harbour gave final approval to development regulations that could foil Whitman Family Development’s proposed Live Local Act project. Village council members unanimously passed the ordinances last week, after they preliminarily approved the regulations last month. The vote marks the latest in the heated battle between the village and Whitman Family Development…

Miami-Aventura Train Service Gets Key Federal Funding Recommendation

The proposed Northeast Corridor commuter rail line received a major boost yesterday when the Biden administration announced it is recommending federal support for the project. The feds would fund $263.7 million. The total budget is $538 million, with Miami-Dade and FDOT already committed to fund the remainder ($171m from the county, and $104m from FDOT).

County may yank Miami’s power to OK mega-billboards downtown

Miami-Dade is moving to yank from the City of Miami the power to erect huge billboards that have been contentious among downtown residents. Meanwhile, the city today (3/14) is to act on its sign ordinance created under powers the county seeks to rescind. The county last week passed 11-0 a preliminary vote to “reassert county jurisdiction over signage within the City of Miami…

Billboards Fight Pits PAMM and Arsht Center Against Residents

For his first major initiative as Miami’s District 2 commissioner, Damian Pardo is on a mission to short-circuit plans by the Pérez Art Museum Miami (PAMM) and the Adrienne Arsht Center of the Performing Arts to erect 10-story LED billboards facing Interstate 395. He’s one step closer to accomplishing his goal. Miami City Commissioner Damian Pardo has made it his…

City seeks funds for Miami Marine Stadium upgrades

Miami is seeking over $2 million from the state to reimburse itself for ongoing improvements at city-owned waterfront properties including Morningside Park and the Miami Marine Stadium. Today (3/14), the Miami City Commission is to vote on resolutions that would authorize the city manager to apply for six grants to the Florida Inland Navigation District (FIND)…

As big banks swallow smaller ones, South Florida choices dwindle

For years, an ongoing cycle has been seen of small banks being acquired or merging with other banks. Today, there seems to be a slowdown. “There are very few small community banks left to be acquired,” said Bowman Brown, a partner at Shutts and Bowen LLP who specializes in banking matters. “The number has diminished very significantly, so that there just aren’t that…

Miami may swap taller MiMo buildings for public amenities

To remedy a parking shortage in the Biscayne Boulevard historic district, the City of Miami is considering increasing building height as an incentive for developers in exchange for infrastructure improvements. The Miami City Commission is to hear the first reading of an ordinance today (3/14) that would permit new building projects an additional 20 feet above the maximum height…

234-Unit ‘Trinity Sierra Bay’ Proposed for 11770 SW 214th Street in Miami

A South Florida-based developer hopes to get approval for Trinity Sierra Bay, an age-restricted housing development in Miami’s Goulds neighborhood. The complex would offer 234 apartments split between two buildings, measuring five and seven stories above grade. Units would span about 600 to 800 square feet, offering one-bedroom and two-bedroom floorplans. The South Florida…

Miami’s Office Market Was Red-Hot. Now Its Tallest Planned Tower One Brickell City Centre Can’t Fill Its Space

The challenges swirling around a skyscraper known as One Brickell City Centre, which at around 1,000-feet high would be Miami’s tallest corporate tower, show how the city’s once-sizzling office market is starting to cool. New York developer Related Cos. and Swire Properties, an international development firm founded by the British Swire family, are struggling to find an anchor tenant…

2600 Biscayne, ‘One Of Most Pre-Leased Office Buildings In Miami’s History,’ Gets $181M Financing

Developer Oak Row Equities has obtained a $181m construction loan to build the 2600 Biscayne tower, with strong pre-leasing activity reported. The developer said in a statement that it is one of the most pre-leased new construction office buildings in Miami’s history. More than 50% of the proposed 187,000 square feet of office and retail was leased before breaking ground.

Oak Row scores $181M construction loan for mixed-use Edgewater tower

Oak Row Equities secured a $181 million construction loan for a planned mixed-use apartment and office project in Miami’s Edgewater neighborhood. The financing, from Bank OZK, adds to the more than $2 billion in construction loans that have closed in recent months in South Florida, despite the challenging lending environment. New York and Miami-based Oak Row…

Report: Swire & Related Restructuring One Brickell City Centre Deal

The deal to build the One Brickell City Centre near-supertall is being restructured, according to the WSJ. A demolition ceremony was held at the site in May 2023, and plans for the 59-story, 977-foot tower were submitted to Miami’s Urban Development Review Board in June. Miami Building Department records show that a demolition permit was issued for one of the older buildings…

Citadel Eyes Luxury Hotel Atop $1B Miami Headquarters

Citadel isn’t planning on just hosting its hedge fund staffers at its planned headquarters on the waters of Biscayne Bay. The company is planning to include a luxury hotel on the upper floors of its upcoming $1B headquarters project, The Wall Street Journal reports. The Ken Griffin-led firm has tapped Foster + Partners to design the tower, which is expected to be one of the tallest…

Hyatt to Renovate, Rebrand 354-Room Hotel in Miami Beach

Hyatt Hotels Corp. plans to renovate The Confidante Miami Beach, a 354-room hotel that comprises three towers overlooking the Atlantic Ocean. The hotel giant is rebranding The Confidante as Andaz Miami Beach and plans to debut the overhauled hotel in the fourth quarter. The hotel’s owner, Sunstone Hotel Investors Inc., will suspend operations from late March through the end of…

Another: Worldcenter Tower With 606 Units Breaks Ground

Construction is now officially underway at 600 Miami Worldcenter. A groundbreaking ceremony for the 32-story tower was held at the project site on Friday, according to social media posts. Merrimac Ventures and Aria Development Group recently obtained a $95 million construction loan for the new tower. The condos are 100% sold, with Merrimac’s Nitin Motwani saying it was…

Colonnade pays $76M for Douglas Entrance in Coral Gables

Colonnade Properties scooped up Douglas Entrance in Coral Gables for $76 million, a nearly 25 percent discount off its previous sale price a decade ago. An affiliate of New York-based Colonnade, led by President Joseph Sambuco, acquired the five-building office park at 800 Douglas Road, records and Vizzda show. The deal breaks down to $160 a square foot for the 474,109-square-foot…

Report: Apple Store Is Coming To Miami Worldcenter

An Apple Store is coming to Miami Worldcenter, according to Commercial Observer. The report said a lease agreement has been filed with Miami-Dade. Two people involved with Worldcenter are also said to have confirmed it. The Worldcenter Apple store will be in a standalone building next to Worldcenter’s Jewel Box building. Renderings of an Apple Store on the site were…

Post-Messi, Global Interest for South Florida Multifamily Is Skyrocketing

The arrival of Argentine soccer sensation Lionel Messi to South Florida last summer isn’t just about more thrilling matches on the field—it’s also stirring up the region’s real estate landscape. The buzz surrounding Messi’s move to Miami continues, and it’s evident that his presence transcends the sports scene. Alongside other major events like Formula 1 and Art Basel, the upcoming…

Brickell’s Tallest Office Building 830 Brickell Nears TCO

830 Brickell is expected to receive its TCO by the end of the first quarter or the beginning of the second quarter, according to Miami Today. Tenants have started to build out their offices inside the building, so you’ll soon be seeing hundreds more office workers in the area around Brickell City Centre The 55-story tower stands at 724 feet, making it the tallest office building in Brickell.

Bye Staples, hello Kia: Johnson Automotive pays $25M for Edgewater dev site

Auto magnate Norman Braman is getting some new competition in his neighborhood. Raleigh, North Carolina-based Johnson Automotive Dealership Group paid $25 million for a development site at 2121 Biscayne Boulevard in Miami’s Edgewater that is currently home to a Staples store, records and Vizzda show. Johnson Automotive plans to convert the property into…

Apple store coming to Miami Worldcenter mixed-use complex

Apple will open at Miami Worldcenter, confirming months of speculation that the tech giant is on tap at the mixed-use megadevelopment. The store leased a one-story, 15,000-square-foot building that is under construction on a 0.4-acre lot at 725 Northeast First Avenue, according to records. An entity tied to Miami Worldcenter developers Nitin Motwani and Art Falcone filed…

Crescent Heights Announces Commencement of ‘Track & Field’ Mural at Edgewater’s Forma Miami

Crescent Heights has announced the commencement of an expansive art project in the heart of Miami’s Edgewater neighborhood. Renowned artist Arturo Herrera was commissioned to create a 9,350-square-foot mural named Track & Field, which will grace the east podium façade of Forma Miami, a 39-story, 588-unit residential tower designed by Arquitectonica with ODP…

First Look: Two Roads Development Unveils Interiors Designed By Studio Munge For EDITION Residences, Miami Edgewater

Two Roads Development has revealed a first look at the interiors and amenity spaces at the EDITION Residences, Miami Edgewater (The Residences) – the global hotel brand’s first independent collection of fully serviced luxury condominium residences, located in Miami’s Edgewater neighborhood. Designed by architect Bernardo Fort-Brescia of Arquitectonica with interiors imagined…

Buyer In Contract For Miami’s Most Expensive Home Ever, a Shore Club Penthouse at Over $120M

A South Beach penthouse is in contract for over $120 million, according to the WSJ. The condo is being built in a new tower at the Shore Club and includes around 10,500 square feet of interior space. Robert A.M. Stern Architects is designing the new 18-story tower, known as the Shoreclub Private Collection. The record price for a Miami condo was set by Ken Griffin, who paid $60m…

Shore Club PH in contract for over $120M, setting a condo price record in Miami-Dade

A penthouse at the planned Shore Club project in Miami Beach is reportedly in contract for more than $120 million, a sale that would set a price record for condos in Miami-Dade County — if and when it closes. Witkoff and Monroe Capital are developing the Shore Club Private Collection, an Auberge Resorts Collection-branded condo and hotel project at 1901 Collins Avenue.

Riviera Horizons And Pagani Team Up For The World’s First ‘Pagani Residences’ in North Bay Village

Miami-based developer Riviera Horizons and Italian Hypercar brand Pagani have announced the world’s first Pagani Residences, a boutique luxury residential building set to be completed in 2027 at 7940 West Drive in Miami’s North Bay Village. Designed by Revuelta Architecture International, with interiors curated by Pagani Arte – the newly established, Made in Italy interior…

Madrid-Based Azora Acquires Greyhound-Leased Industrial Outdoor Storage Facility Near Miami International Airport for $12.8M

Azora, a private equity manager based in Madrid, has purchased an industrial outdoor storage facility located on a 2.6-acre site in Miami. The undisclosed seller sold the property, which features a bus maintenance facility, for $12.8 million. Situated near Miami International Airport, the facility was delivered in 2016 as a build-to-suit for Greyhound Lines, which will continue to use…

Upper East Side Residents Haggle Over MiMo

The city of Miami is addressing community concerns on a proposed height increase in the MiMo Biscayne Boulevard Historic District by proffering somewhat of a compromise, one that’s been met with varying levels of satisfaction. As reported in last month’s Biscayne Times cover story, city manager Art Noriega applied for a resolution to be passed at the Jan. 9 Historic and Environmental…

Renaissance on Main Highway: Coconut Grove Is Evolving, but Isn’t Changing

Locals know Coconut Grove as a historic neighborhood of lush greenery, unique restaurants, and eclectic shops, unlike any other part of Miami-Dade County. It is also the oldest continuously inhabited neighborhood in Miami, having been established in 1873. Although the neighborhood is something of a nexus of the city proper, it has long retained an aura of separateness, thanks to its…

Doral Industrial Space Leased to GSO Aviation

“The versatility and attributes of the property matched well with the needs of the tenant. The building can provide heavy power, fire suppression systems, ample parking, and abundant workspace for employees. This space gives the tenant what they need at a great rental rate of $21.50 PSF, NNN,” said Eckstein, Partner of NAI Miami | Fort Lauderdale. “The landlord, BRE Investment…”

Flatline: North Shore Medical Center on Life Support

Located at 1100 NW 95th St., North Shore Medical Center has been serving the diverse clientele of neighborhoods such as North Miami, Miami Shores, El Portal, Little River and the Upper East Side since 1953. It’s a staple in the community, one where generations of families have been born and sought care, creating somewhat of a legacy on the more than 29-acre lot of land.

Surfside pool deck had “severe distress” weeks before deadly collapse

Surfside found that three weeks before the tragedy, signs of “severe distress” were present in the pool deck. Photos of the pool deck prior to the collapse show cracks in planters, indicating structural issues, according to an update on the National Institute of Standards and Technology’s investigation. NIST found a history of water seepage into the garage, which sat below…

Regency Development launches sales of third Bay Harbor Islands condo project

Regency Development Group is launching sales of its third Bay Harbor Islands condo project, the La Maré Bay Collection. The Chicago-based developer, led by Alex Troyanovsky, Michael Troyanovsky and Igor Michin, announced plans to build an eight-story, nine-unit waterfront condominium at 10301 East Bay Harbor Drive, with prices ranging from $4 million to $9 million…

Rishi Kapoor wants authority to sell Location Ventures HQ himself

Rishi Kapoor believes he can sell Location Ventures’ headquarters for more money than the offer that is currently on the table. Last week, the court-appointed receiver managing Coral Gables-based Location Ventures revealed she had negotiated a settlement to sell the company’s office building at 299 Alhambra Circle to Stephen Bittel’s Terranova Corporation via a pending…

High interest rates, rising costs and missing equity are fueling the rush of new Miami dev site listings

Nearly two dozen development sites across Miami-Dade County have hit the market since December. Though the condo market is still booming*, and apartment builders continue to forge ahead with projects, some are ditching their plans and listing sites for sale as the market begins to correct itself. What’s driving that? It’s a combination of high interest rates, rising construction…

Lease roundup: Jetset Pilates opening at Midtown Doral, Presidente Supermarkets in Cutler Bay

Century Town Center mixed-use complex in Midtown Doral scored two tenants. Jetset Pilates took 2,200 square feet, and Tropical Smoothie Cafe took 1,400 square feet at the development, which opened this year, according to a Century Town Center news release. The project is at 8175 Northwest 107 Avenue in Doral. The leases come on the heels of Rumble Boxing, My Salon Suite…

Video: The NW 54th Street Revival; History of Liberty City ~ Docu-Series, Ep. 1

In a heartfelt conversation that spans generations and experiences, a group of individuals reflects on the past, present, and future of Liberty City, a neighborhood in Miami known for its rich cultural heritage and struggles. Through their words, we see the evolution of a community, the challenges it has faced, and the hope for its revitalization. The dialogue begins with a poignant…

Miami Marine Park Owner Vows To Fight Eviction From County-Owned Site

The Miami Seaquarium has been evicted, but its owner doesn’t plan to leave. The operator of the 38-acre marine park on Virginia Key sent a letter Monday to the county mayor’s office saying it will fight the county’s plan to force it to close by April 21. The nine-page letter also pushes back against allegations of animal mistreatment and poorly maintained structures at the park.

Dogged By ‘Mistakes,’ $1.2M Fine, Lawsuits And A Short Seller, Miami-Based Hotel Chain Shakes Up Leadership

A Miami-based hotel operator was fined $1.2M by New York City last week for illegally operating short-term rentals in New York City for more than three years, but its potential troubles are far from over. LuxUrban Hotels, which bills itself as an “asset-light” hotel chain because it master leases hotel buildings rather than buying them, has been hit with several lawsuits from landlords…

Davie City Officials to Consider Soleste Reserve I and Soleste Reserve II Multifamily Developments

A South Florida-based developer hopes to get approval for two apartment complexes, named Soleste Reserve I and Soleste Reserve II. Combined, the two would bring more than 600 residential units to Davie, Florida. Davie’s Planning & Zoning Board is set to hear the proposal for Soleste Reserve I next week. If approved, the venture would measure eight stories above grade…

The Estate Company plans pair of multifamily projects with 663 units in Davie

Estate Companies plans a pair of multifamily projects with a total of 663 units in Davie, marking developers’ continued bet on South Florida’s rental market. The South Miami-based firm wants to build the eight-story, 353-unit Soleste Reserve I building on 2.5 acres at 5079-5081 Southwest 48th Street, and the eight-story, 310-unit Soleste Reserve II building on an adjacent 2.6 acres…

Stiles pays $28M for Pompano Beach shopping center with future Publix

Stiles Corporation picked up a Pompano Beach shopping center that will soon be anchored by a Publix store. An affiliate of Fort Lauderdale-based Stiles paid $27.5 million for Shopper’s Haven at 3301 and 3371 North Federal Highway, and 3500 Northeast 16th Terrace, records show. Stiles, led by CEO Kenneth Stiles, also obtained a $36.4 million mortgage…

Miami-Based Developer Rez Se Land Proposes the Forest Apartments at 787 S State Rd 7 in Margate

Rez Se Land LLC, a Miami-based developer, has proposed the Forest Apartments, a 300-unit residential complex in Margate, FL. Homes would measure about 740 square feet to 1,160 square feet each, with the residences themselves divided amongst five five-story buildings on a 7.14-acre plot. They would comprise one-bedroom to three-bedroom floorplans. Communal amenities…

Developers Get Approval For Second Tower At Diplomat Landing In Hollywood, FL

Developers Related Group and BH Group have received approval for the second of two planned towers at Diplomat Landing, a mixed-use development planned for to enhance the Hollywood area. Situated at 3451 to 3690 South Ocean Drive, this 42-story tower is designed by Miami Lakes-based Cohen Freedman Encinosa & Associates, with landscape architecture by Witkin Hults + Partners…

Related, BH win approval for 500-key hotel across from Diplomat Beach Resort in Hollywood

Related Group and BH Group won approval to build a 500-key hotel on a site across the street from the Diplomat Beach Resort in Hollywood. Coconut Grove-based Related and Aventura-based BH paid $21.5 million in December to acquire the 4.4-acre site at 3451-3690 South Ocean Drive from the owners of the Diplomat hotel, Honolulu-based Trinity Investments…

Developers advance 22-story condo project in downtown Hollywood

A development group advanced plans for a 22-story, 248-unit condo project called Star Hollywood just north of Young Circle in downtown Hollywood. Prices for the condos would start in the $400,000s, Miami-based developer Alejandro Ensinck told The Real Deal. Ensinck, who owns the 1.2-acre development site on North Federal Highway through a limited liability…

Tie-dye apparel execs scoop up Coral Springs warehouse

Elion Partners sold a warehouse in Coral Springs, as South Florida industrial deals continue despite elevated interest rates. Tie-dye apparel company executives Mordechai and Shlomo Hasson, through an affiliate, bought the building at 11705-11713 Northwest 39th Street from North Miami Beach-based Elion Partners, according to records and real estate database Vizzda.

Pantzer buys 245-unit rental complex in West Palm Beach for $84M

Pantzer Properties bought a 245-unit apartment complex in West Palm Beach for $83.5 million, marking the first major multifamily deal this year in South Florida. The New York-based firm purchased the property at 7130 Okeechobee Boulevard consisting of six four-story apartment buildings, one clubhouse and three one-story garages from Cottonwood Residential, according…

CarMax pays $16M for Jupiter site slated for automobile auction lot

CarMax picked up 24 acres of vacant industrial land in Jupiter for $16 million. An affiliate of CarMax, a Richmond, Virginia-based used automobile dealer led by CEO William Nash, acquired the property at 15920 and 15959 Corporate Road North, records and Vizzda show. The seller, an affiliate of Fairfield, New Jersey-based Woodmont Properties, made a significant gain on its…

Video: RealPage Director of Research and Analysis Provides Multifamily Market Update & Forecast

The Conversation: Navigating the Real Estate Landscape: Insights from Industry Experts In the realm of commercial real estate, staying informed about market trends, performance metrics, and investment opportunities is essential for both seasoned professionals and newcomers alike. Recently, a conversation on “America’s Commercial Real Estate Show” delved into the…”

The Fed: Has the U.S. Economy Transitioned to a Higher Long-run Real Interest Rate Regime?

In a September 2015 speech, then-Minneapolis Fed President Narayana Kocherlakota argued that the long-run financial market real interest rate had declined sharply relative to levels that prevailed from 2004 to 2011. He argued that the decline in the long-run real market interest rate likely reflected both a decline in the long-run neutral real interest rate…

Redfin Reports USA Multifamily Asking Rents Climb 2% in February, Biggest Gain in Over a Year

The median U.S. asking rent rose 2.2% year over year to $1,981 in February, the largest gain since January 2023, and increased 0.9% from a month earlier. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Asking rents hit a low point last February, which is one reason for the sizable year-over-year increase this February.

Industrial Property Nationally Expected to Remain Resilient This Year

Expect continued resilience but on a muted scale for industrial assets in 2024, according to Newmark, which said in a recent report that economic uncertainty continues to exert pressure on consumers, developers, occupiers, and investors. “Unpredictability in the global supply chain will drive long-term demand for industrial space due to the need for diversified sourcing and ports…”

Amazon To Roll Out Smaller-Format Whole Foods Concept

The next locations of the Amazon-owned grocery store Whole Foods will be smaller and have more streamlined offerings in an attempt to capture business from urban shoppers looking to get in and out of the store quickly. Called Whole Foods Daily Shop, the stores will measure just 7K SF to 14K SF and won’t feature self-serve buffets or meat counters. Shoppers will find a…

HUD Secretary Marcia Fudge To Resign

After three years leading the Biden administration’s housing efforts, Marcia Fudge, secretary of the Department of Housing and Urban Development, is stepping down. Fudge announced the resignation, which is to take effect March 22, on Monday, eight months before the 2024 presidential election. She was the first Black woman to lead the department in four decades.

Advantages of digital banking platforms for commercial real estate

While payments and treasury services span multiple industries, commercial real estate has unique considerations, including managing liquidity, sending payments, receiving rent and complex account structures. “Commercial real estate organizations of all sizes can benefit from JPMorgan Chase’s digital banking platforms. We’re focused on industry-specific issues—and solutions—to help…

JP Morgan on serving vulnerable populations in affordable housing

The affordable housing crisis impacts countless families and individuals across the nation—and it disproportionally affects the most vulnerable populations. Many populations face unique, complex challenges related to their health, circumstances or trauma, including: Seniors; Youth transitioning out of foster care; Farmworkers; Individuals with special needs, including disabilities…

MSCI’s Jim Costello: Not Every Bank Is at Risk from CRE Lending

Commercial-property prices are falling, and lenders, investors and especially regulators are fearful of the impact on the broader financial system. The risks in the system today are not the same as those seen during other crisis events, however. Making the assumption that all banks will face the same challenges as in other downturns may lead one down a path to bad decisions. In this paper…

‘You Can Imagine The Pressure’: Commercial Appraisers At The Center of CRE’s Price Reckoning Nationally

Commercial appraisers find their work at the center of one of the largest real estate stories of the moment: the fate of the office market. Their decisions of value will have enormous sway on when properties sell, how and when transaction volume restarts and even who controls key assets. “There’s a lot of money and control rights at stake, all depending upon the appraiser’s…

‘This Is A Big Deal’: Low Income Housing Tax Credit (LIHTC) Could See Most Significant Reform In Decades

If approved as written, the bill would reinstate a 12.5% boost for the 9% version of the LIHTC that was implemented in 2018 but expired in 2021. The bill would allow states to allocate more credits for affordable housing projects, effective for taxable years beginning after Dec. 31, 2022. It would also lower the threshold of 4% state and local tax-exempt bond financing a project has to…

JP Morgan: Global inflation forecast: Will prices come down in 2024?

J.P. Morgan Research forecasts global core inflation will remain sticky at around 3% in 2024. In the U.S., inflation has cooled significantly but still remains above target. Against a challenging growth backdrop, the road to lower inflation also looks bumpy in the U.K. and the Euro zone. In China, deflationary pressures will likely ease in 2024, with headline CPI inflation trending up modestly…

Florida legislature passes bill allowing demo of aging coastal buildings

Florida lawmakers approved a controversial bill that would make it easier to demolish some coastal buildings, many of which are aging, and redevelop the sites. The proposed legislation pitted property owners and developers against preservationists who decried the potential demolition of structures that embody the old-Florida character, including buildings that have…

Newgard hires VP of development, project manager

South Florida real estate firms keep hiring. Harvey Hernandez’s Newgard Development Group hired Ivan Heredia as vice president of development, according to a press release. Heredia will oversee Newgard’s planned Natiivo Fort Lauderdale, a 40-story tower with 384 fully-furnished units designed for short-term rental. Miami-based Newgard also hired Mercedes Egana as…