New multifamily construction to test the South Florida market

Demand remains robust for rental housing in Miami and the rest of South Florida, among residents and real estate investors alike. But despite the area’s population and employment growth, some market watchers say South Florida’s extended, postrecession rise in monthly rents could slow or stop if overbuilding floods the market with units. National brokerage Marcus & Millichap predicts developers this year will finish construction of 15,200 new apartments across South Florida, including…

Mixed-use Coconut Grove bayfront project to start in July

The next major project to sink millions of dollars of new investment into the Coconut Grove waterfront is expected to begin next month. The long-awaited construction of a mixed-use development called The Harbour is scheduled to commence in July. That’s the latest word from Ignacio Garcia-Menocal, co-founder and CEO of Grove Bay Hospitality Group. Mr. Garcia-Menocal told Miami Today the work will begin in July and major construction should be finished by the end of 2018.

Mayor gutsy in sticking his neck out for 836 extension

As road commutes take longer each day yet new mass transit drifts farther and farther off into the unfunded future, Mayor Carlos Giménez has taken the tough but logical step of asking Miami-Dade commissioners to override a vote to roadblock a new expressway link from West Kendall into downtown. The extension of 836 for a 15-mile curve west and then into South Dade – an extension to be funded not by taxpayers but by tollpayers on five roadways run by the state-authorized Miami-Dade…

Top South Florida developers mix it up

After a dismal 2016, condo developers were ready to put the year behind them. The election, the strong dollar, political instability in key Latin American markets — it all sounded like a broken record. To make matters worse, the first quarter of 2017, which the industry had hoped would prove a turning point, instead revealed an accelerated slowdown. South Florida’s condo developers are increasingly holding off on launch dates, extending timelines…

Aviation Repair Company Does Expansion, Relocation To Medley

A South Florida industrial team today announced it facilitated a new 38,900-square-foot lease for the relocation and expansion of TMC Engine Center at Lucky Industrial Park, located at 8545 NW 79th Avenue in Medley. Transwestern Senior Managing Directors Walter Byrd and Ben Eisenberg, Senior Vice President Thomas Kresse, and Senior Associate Carlos Gaviria represented the Florida-based FAA Repair Station in the transaction. The tenant relocated from a smaller multitenant…

Miami judge partially derails homeowners’ lawsuit against Privé at Island Estates developers

Miami-Dade Circuit Judge William Thomas handed the developers of Privé at Island Estates a victory this week in their tumultuous legal war with neighboring homeowners. Thomas ruled Tuesday that the statute of limitations had long expired for the Island Estates Homeowners Association and the Williams Island Property Owners Association to challenge a vested rights determination agreement. Lawyers for the developers contend the…

Will Amazon’s Whole Foods Purchase Be Good or Bad for Real Estate Developers?

Amazon’s purchase of Whole Foods last week sent shockwaves through the grocery industry—and now the real estate industry is fired up. The effects of this major real estate play will unfold in the coming years, and it reinforces the fact that brick-and-mortar retail is not dead. In fact, it’s the key to sustainability in this volatile retail marketplace. Real estate developers and investors are about to get busy thanks to Amazon’s acquisition of Whole Foods. With Amazon’s focus on solving the…

Something’s Brewing In The Craft Beer Industry — And It’s Driving Industrial Absorption

In the mid-2000s, Jeff Heck and some friends from his Bible study class started getting together Monday nights to try their hands at brewing their own beer. By 2011, Heck had turned a hobby that brought 20-plus friends together to sip homemade beer in his backyard into a full-blown business. Today, Heck’s Monday Night Brewing
The post Something’s Brewing In The Craft Beer Industry — And It’s Driving Industrial Absorption appeared first on SVN South Commercial Real Estate Advisors….

Parking authority itching to get into no-parking Beckham soccer stadium

A planned 25,000-seat soccer stadium in Miami with no on-site parking remains a hot topic for those in charge of the city’s vast parking inventory. While the Miami Parking Authority – under the control of the Off-Street Parking Board – plans no formal role in the stadium project, the agency stands ready to assist if asked, said Authority CEO Art Noriega. When board members asked for his thoughts on the stadium proposal, Mr. Noriega made several points. The development group…

Map shows income needed to afford rent in Miami-Dade and Broward

South Florida’s cheapest and most expensive cities have just been mapped out. RentHop looked at the median asking rents of two-bedroom apartments and calculated the required household income, comparing it to the median household income in In Miami-Dade and Broward counties. In Miami-Dade, the median income is nearly $44,000 and in Broward, it’s about $54,000. That means more than half of the population can’t afford average asking rents over the past 12 months, according to…

Too many keys, too few takers in Miami-Dade’s hotel market

Miami-Dade has occupancy issues. As tourism slumps in the wake of last year’s Zika virus threat and the ongoing financial and political unrest in Latin America, hotel development experts continue to warn that the supply of new rooms in Miami-Dade is far outstripping demand, and falling occupancy rates bear that out. Some projects on the drawing board may not break ground, and others in the planning and construction phases will face even tougher financing hurdles in the coming…

Retail buzz surrounds Brickell City Centre

When it comes to the retail sector, much of the buzz surrounds Brickell City Centre and its retail component, which opened late last year. “Drop a pin on Brickell City Centre and you can see the ripples going out, all around the Miami River,” said Robert Granda, a director of Franklin Street of Fort Lauderdale. He points to the Nexus Riverside Central mixed-use development, planned for the 2-acre site of the City of Miami’s office building at 444 SW Second Ave., for which a deal has yet to be…

American Consolidation Logistics in South Florida Logistics Center

Strong efforts by the ComReal team, led by Partner and Managing Member, Edward Redlich, led to the leasing of a third Miami warehouse location for international produce importer, American Consolidation & Logistics (ACL). The 93,799-sq. ft. facility located at 3200 NW 67th Avenue in the South Florida Logistics Center is one of the only…

Amazon Wardrobe is another blow to department stores

Amazon Wardrobe competes with other services like Trunk Club as well as department stores. Amazon.com Inc. isn’t letting a $14 billion deal to buy Whole Foods Inc. distract from its efforts in fashion. With the introduction of Amazon Wardrobe, experts say the e-commerce giant is delivering yet another blow to the already-ailing department store sector. Department stores are already suffering from a number of headwinds, including declines in mall traffic and the need…

What’s Next for Marijuana Warehouses?

Does the growing legalization of recreational and medical marijuana represent a pot of gold for industrial real estate? It could, experts say, but only if investors quickly and carefully pounce on opportunities. The industrial real estate frenzy tied to legalized marijuana is subsiding in Colorado, which has been the country’s hottest market in that category, but it’s primed to take off in California and Massachusetts — two heavily populated states where growing, selling and using recreational…

Coconut Grove Playhouse fight enters Miami commission chamber

The fight to save the Coconut Grove Playhouse ends up in the lap of Miami city commissioners this week, as preservationists try to reverse a decision allowing a partial demolition of the cavernous and aging structure. On the commission’s agenda today (6/22) is an appeal of the city’s Historic and Environmental Preservation Board’s granting an application for a special certificate of appropriateness for the partial demolition of the structure (birdseye view), the reconstruction of a theater, and the…

$1.6 Million Miami Retail Lease Negotiated in Pinecrest Village

A Miami commercial real estate firm announced that the team of Edward Schmidt, CCIM, and Timothy Merriman Jr. recently negotiated a seven-year, 5,664-square-foot retail lease for their client, Pinecrest Village Plaza, located at 12455 South Dixie Highway in Miami. The lessee is LBU Lighting (Light Bulbs Unlimited), who are moving from their current location next door. This move will allow them to display their lighting in an open showroom floor. This lease is valued at over $1.6 million.

FECI’s Mike Reininger: Big expectations for Brightline’s success

Brightline hasn’t picked up a train passenger yet or even announced what fares will be when it does, but its former boss says the passenger train service won’t lose money during its first full year in operation. Mike Reininger is executive director of Brightline’s parent company Florida East Coast Industries. Until March, he was the CEO of All Aboard Florida, which will operate Brightline. “We expect that we will be break-even or profitable in 2018,” he told WLRN’s Sunshine Economy.

Assisted living center in West Miami sells for $7.8 million

Pointe North Gables, an assisted living center in West Miami, has just sold for $7.8 million to Hallandale-based Hernandez Family Ventures. Records show the three-story building at 5890 Southwest 8th Street holds 94 units. West Gables Holdings sold the 34,232-square-foot building for $228 per square foot to Pointe Real Estate, an affiliate of Hernandez Family Ventures. The family-owned company is led by Alain Hernandez, Andy Hernandez and Chantel Hernandez. West Gables Holdings…

Chinese investor picks up another South Florida property

Weeks after making its first real estate purchase in the U.S. in Broward County, a Chinese investor picked up another commercial property in South Florida, records show. Jin Yang Real Estate Corporation paid $6.8 million for an office building at 11285 Southwest 211th Street in Cutler Bay following the $4.15 million purchase of a Tire Kingdom-anchored shopping center in Lauderhill in late May. The deal, which includes a development opportunity, is one of a few examples of Chinese investment in South Florida…

Malls Pay the Most on Miami-Dade Property Tax Bills

Miami-Dade County commercial property owners don’t have it easy when it comes to paying taxes. Sweetwater’s Dolphin Mall shelled out more than $10.7 million on 2016 property taxes — the highest paid countywide. That’s much higher than the U.S. Bank Tower in Los Angeles, which paid about $4.3 million last year, or the iconic Transamerica Pyramid in San Francisco, which paid $2.8 million, according to Commercial Cafe. The 1.4 million-square-foot Dolphin Mall…

On-street sensors to monitor use of parking spaces

In a pilot program, the Miami Parking Authority plans to install on-street sensors to monitor use of parking spaces in various lots and curbside locations. Changing technology, web-based applications and the proliferation of smartphones have already dramatically altered the parking industry. The parking authority, under the control of the city’s Off-Street Parking Board, prides itself on being a leader in the changing industry. The authority’s adoption of PayByPhone technology several…

Former Lennar executive joins BBX Capital Real Estate

Former Lennar executive David Canfield has joined BBX Capital Real Estate, a division of Fort Lauderdale-based BBX Capital Corp., as managing director, multifamily development. Canfield previously was vice president of development at the multifamily communities unit of Miami-based Lennar Corp., where he was responsible for originating, analyzing, and managing multifamily development and acquisition strategies in Florida. Canfield has more than 20 years of development experience…

Affordable housing a cause of concern for Miami CEOs

This week’s question to the Miami Herald CEO Roundtable: How does the local affordable housing shortage impact your business? What do you think are potential solutions to workforce housing costs? This is one of the most important issues confronting South Florida. When housing costs absorb more that 50 percent of your workforce’s annual income, there is little left to fund consumer economic expansion. Aside from creating massive subsidized housing projects that will not meet…

Miami Realtors Commercial Event Analyzed Technology’s Impact on Real Estate

The Miam Association of Realtors® Commercial Alliance (RCA Miami) analyzed the impact of self-driving cars, the rise of e-commerce, the growth of industrial real estate and the largest proposed mall in the United States at its fifth annual RCA Miam Midyear Update held recently in Coral Gables. “The way we did business 30 years ago or 20 years ago or even 5 years ago is changing,” said RCA MIAMI panelist Jose I. Juncadella, an office and industrial Miami broker and principal…

Keystone Property Group buys Dadeland office towers for $36M

Keystone Property Group paid $36 million for Dadeland Towers South (birdseye) and inked a lease with the seller, insurance giant AvMed. For Keystone, the deal adds to its holdings in the Kendall-Dadeland area. The commercial real estate firm picked up the two-building, 228,000-square-foot portfolio at 9400 South Dadeland Boulevard  to 9500 South Dadeland Boulevard, plus a 246,300-square-foot parking garage. AvMed leased back 102,000 square feet in a longterm lease, according…

Avra Jain, Bob Zangrillo buy into Miami River development site

A partnership led by Avra Jain and Bob Zangrillo of Dragon Capital paid $5 million for a minority stake in a prime redevelopment site along the Miami River, The Real Deal has learned. Property records show 555 SRD LLC, an entity led by Jain, paid $5 million for partial ownership of the international port at 555 Northwest South River Drive. Oklahoma City-based Zerby Interests is the majority owner, and Jain and Zangrillo now own 45 percent of the site, Jain told TRD. The Miami…

Miami International Logistics Center Sells To Lincoln Property Co. For $27.4M

Dallas, Texas-based Lincoln Property Co. has added the Miami International Logistics Center to its portfolio for $27.4 million – more than two times its last sale – Cushman & Wakefield announced Friday. The two-story warehouse terminal at 725 Southeast Ninth Court spans 500,194 square feet and sold for about $55 per square foot. Cushman’s Mike Davis, Rick Brugge, Michael Lerner, Wayne Ramoski, Gian Rodriguez, Robert Given and Troy Ballard represented the seller, Keating…

Billboard Blight And Mural Ads Are Infecting Downtown Miami

If you live or work in one of the towers wrapped like packages, you could pinpoint your location by saying you’re in the Heineken building or the Verizon building or the Apple Watch building or the “47 Meters Down” building that warns shark-phobes to “just stay out of the water.” If you’re trying to find the bold new Zaha Hadid-designed exoskeleton high-rise on Biscayne Boulevard, it’s next to Ten Museum Park — more easily identifiable as the Sparkling Smart Water building. In addition…

Jorge Perez: Riding the condo roller coaster

When the development firm lead by condo king Jorge Pérez hit the brakes on Auberge Residences Miami, a three-tower, luxury project planned for Miami’s Arts & Entertainment District, South Florida’s real estate community took notice. When the king lays off the gas, that doesn’t usually bode well for others. So what’s next for the firm in a challenging economic and political time? Differentiation is key, says Pérez. If a division or market slows down, Related can always focus on another.

How Will the Amazon-Whole Foods Deal Affect Retail Real Estate?

The proposed $13.7 billion acquisition of organic grocery retailer Whole Foods Market by e-commerce giant Amazon holds the potential to upset the grocery cart, so to speak. Yet retail real estate investors should cheer the Amazon-Whole Foods deal, experts say. Experts predict Amazon will use the Whole Foods stores, in part, as hubs for grocery pick-up and delivery, helping Amazon resolve the “last mile” dilemma of how to get products from local shipping hubs to nearby customers.

What could Amazon’s purchase of Whole Foods mean for the future of retail?

From TRD New York: When Amazon announced its headline-grabbing deal to buy Whole Foods on Friday, the $13 billion question the real estate world asked was: Will the brick-and-mortar grocery chain become more like the e-tailing giant, or the other way around? And while New York City’s retail players stressed they didn’t have a crystal ball into Jeff Bezos’ thinking, they said it’s probably a little bit of both – Amazon is like…

RC Analytics Senior VP Jim Costello Delivers an Update on Multifamily Investment Property

Jim Costello with Real Capital Analytics joins Michael to discuss the multifamily investment market. Highlights include: Deal volume into 2017 has given up ground, down 26% YTD through April; Deal volume down 20 mil from 2016 volume of 60 million; Prices, however, remain high; Believes this says that sellers are pulling back; Owners can’t find a reason to sell as can’t replace with a better investment; There appears to be a disconnect between what buyers will pay and what sellers…

Neighborhood Dive: Sunny Isles Beach, Miami’s new billionaire playground

What do a Mexican mogul, a medical billion CEO and a venture capitalist have in common? They’re all new condominium buyers at Sunny Isles Beach, a tiny barrier island town chock-full of branded condo concepts that is fast becoming one of Miami-Dade’s most expensive places to buy a home. The island was founded in 1920 by a private investor named Harvey Baker Graves, who envisioned Sunny Isles as America’s answer to Venice. Six years later, the “Great Miami” hurricane laid waste…

Pinecrest Whole Foods Is Moving To A New Location

The popular Whole Foods supermarket at 11701 South Dixie Highway in Pinecrest is moving. The 32,300 square-foot store, which employs 180 people, will close its doors at the end of the year and reopen at at 7930 SW 104th Street. The new store, which is currently under construction on the former site of a Winn-Dixie supermarket, will occupy 46,700 square feet and employ 250 people. All current employees at the Pinecrest location will be able to transfer to the new store, which…

Additional In-Line Store Closings to Hit Mall NOIs

The retail industry’s children’s apparel segment took a turn for the worse last week, as The Gymboree Corp. filed for bankruptcy and Ascena Retail Group, parent of tween brand Justice, said it would close stores across its portfolio. San Francisco-based Gymboree is aiming to reduce its debt load t by more than $900 million, and in a statement said it plans to close more than 350 stores as a result of its restructuring (out of a total of 1,281). Ascena is expected to close between 650 and 667…

Opinion: Another part of the real estate market is starting to crumble

While the struggles of mall REITs are no secret given Amazon’s increased dominance of the retail sector, real estate investors may also contemplate putting apartment REITs on their warning lists. That’s because although apartment real estate investment trusts have done well this year — and since the end of the housing crisis, in general — rent growth is starting to slow. To understand the current situation of multifamily rental housing, some recent history is necessary. In the lead-up to the…

Forbes: Miami Owes Its Life To Foreigners

Walter DeFortuna, CEO of Fortune International Reality, is showing me the new Reach apartment building from the outside deck of the sister property called Rise, two high-end residential towers built by Swire Properties of Hong Kong. These twin towers are the kind of place that comes equipped with full spa and weight lifting facilities and Caribbean blue infinity pools. Yes, like the ads, there are bikini clad women, at least two on this sunny hot day in Miami, sitting poolside with their…

South Florida’s war with Airbnb

South Florida is a mecca for all kinds of tourists, but local governments extend little hospitality to Airbnb, HomeAway and other online home-sharing companies active in the Miami and Fort Lauderdale area. Consider, for example, the low tolerance for home-based competition with hotels in Miami Beach, where ordinances allow short-term rentals only in limited areas and residents who violate the rules face steep fines. Last year, from March to mid-August, the city collected nearly…

ArborCrowd Now Offering $69.7 Million Commercial Real Estate Deal to Investors in Miami

Online commercial real estate company ArborCrowd announced on Thursday it is now offering a new $69.7 million commercial real estate deal to investors. The Lago Paradiso property is described as a multifamily complex located in Miami, Florida. According to ArborCrowd, investors now have the opportunity to own a piece of a $4 million stake in Lago Paradiso. The property now has a targeted 13 percent to 17 percent Internal Rate of Return (IRR) and a projected hold period of four…

New Times: Five Studies That Prove Miami Renters Are Totally Screwed

Even under ideal circumstances, finding an apartment or house to rent is an utter nightmare. You spend weeks poring over misleading Craigslist ads with retouched photos, haggling over deposits and monthly fees, and trying to please NIMBY condo boards that hold your entire living arrangement in their hands. Renting in Miami, though, is more like a David Lynch-level night terror. The reasons are simple: There’s not nearly enough affordable housing in a market where the population has…

Wafra buys Milagro Coral Gables apartments for $78 million

An affiliate of the New York-based Wafra Group just picked up a luxury apartment complex in Coral Gables for $78.15 million, property records show. Delaware-based Rex Art Owner LLC, an entity managed by JP Morgan Investment Management Inc., sold the 238-unit building at 2263 Southwest 37th Avenue in Miami to Coral Gables GF Deal LP. The buying entity is managed by Wafra Senior Vice President and Director of Acquisitions Edward J. Ryan. The deal breaks down to about…

City’s kick can block Miami Beckham United stadium deal

A last-minute change to a deal between Miami-Dade County and Miami Beckham United clearing the way for the firm to buy county land for a Major League Soccer stadium in Miami has left City of Miami officials crying foul. Among conditions the county commission set June 6, one would require Beckham’s group to hire county police and emergency responders for off-duty work inside the planned 25,000-seat Overtown stadium. By agreeing, Beckham’s group may have created another…

Popular commercial real estate tax break 1031 exchange may be wiped out

The 1031 exchange, a tax break used extensively in the commercial real estate industry, could disappear if a lower tax rate is passed by Congress. The tax break gives sellers of real estate and other asset types the opportunity to defer capital gains taxes by reinvesting in “like-kind” properties. But lobbyists and Capitol Hill officials working on tax legislation have told the Wall Street Journal that, even if a sweeping federal tax overhaul doesn’t go ahead this year, a more modest tax-rate cut may still

Boulevard 57 condo site sells to 13th Floor, Tricera for $20 million

13th Floor Investments and Tricera Capital paid $19.5 million for the former site of Boulevard 57 in Miami’s Upper East Side with plans to build a mixed-use project. 13th Floor, led by managing principal Arnaud Karsenti, in partnership with the newly formed Tricera Capital, led by Scott Sherman and Ben Mandell, acquired the 2.2-acre site at 5700 Biscayne Boulevard on Monday in an all-cash deal, Karsenti told The Real Deal. The deal has not yet cleared public records. The developers…

Riverfront revival in Miami targets hotel, convention center

A variety of stakeholders have their eyes set on a riverfront revival in Miami. These interests are converging now and could lead to a new and vibrant riverfront downtown that could see a revived hotel and convention center, expanded and improved public riverwalk, and a renovated and reopened Fort Dallas Park. The changes might also encourage the use of water taxis. The players include City of Miami officials, the Miami River Commission, Downtown Development Authority, Hyatt…

County working on foreign trade zone at Miami International Airport

Miami-Dade’s Aviation Department is still working to set up a foreign trade zone magnet site on Miami International Airport property, anticipating that the approval will come by the end of the summer. Officials have said that the zone will attract new business opportunities and better utilize vacant cargo and non-terminal areas. Emilio González, Miami-Dade Aviation Department director and CEO, first told Miami Today of the plan in April 2016. The airport first began talking with…

Miami DDA launches ‘Complete Streets’ initiative

A $500,000 program designed around adding in bike and bus lanes The Miami Downtown Development Authority, in partnership with the City of Miami, Miami-Dade County and the Health Foundation of South Florida, launched a $500,000 project called Complete Streets, which includes the creation of a dedicated bike lane in downtown Miami along Southeast/Southwest First Street into a multimodal corridor. The pilot initiative entails a high visibility bike lane, bus lane, enhanced…

EastGroup Debuting In Miami-Dade With 200,000 SF Spec Warehouse

As Miami’s industrial market sees vacancy rates below 4%, Mississippi-based EastGroup Properties is rolling the dice on an 850K SF industrial park for its Miami-Dade County debut. EastGroup has tied up a 61-acre site that was formerly the practice track for Calder Race Course with plans to develop an industrial park of up to five buildings. The developer plans to break ground later this year on a 200K SF multi-tenant warehouse without any tenants pre-leasing spaces, JLL Senior Vice…

Restaurant Boom Feeds 1031 Investment Pipeline

Investors using 1031 exchanges continue to have a voracious appetite for triple net lease properties, and they are increasingly setting their sights on restaurants. “People are shifting to e-commerce-resistant retail, and restaurants are at the top of the list of what people are looking for,” says Randy Blankstein, president of the Boulder Group, a net lease advisory firm. “So it has gone from a category that five years ago was considered specialty to very much a mainstream…

Planned Miami condo nixed for 393-unit apartment tower

At 2000 Biscayne in Edgewater In what’s becoming a trend for residential projects across Miami’s core, another developer is planning to swap out its condo plans in favor of rentals, according to The Real Deal. Planned for 2000 Biscayne in Edgewater, the 393-unit development will rise 36 stories and include 455 parking spaces in an attached eight-story garage. Dorsky + Yue, based in Fort Lauderdale, is the architect and the residences range from studios to three-bedrooms. The 0.75-acre site…

EB-5 financing can provide up to 35% of investment stack, but lining up investors may take years: panel

While not “a magic wand,” financing from foreign nationals under the U.S. government’s EB-5 investment program can provide between 25 percent to 35 percent of a real estate project’s capital stack, said attorney Larry J. Behar. But obtaining approval for an EB-5 application is a long and complicated process for the potential investor, sometimes taking about five years, he noted. Speaking…

Bed Bath & Beyond Plaza in Doral hits the market, could fetch $40M, brokerage says

The Bed Bath & Beyond Plaza in Doral, next to Miami International Mall, just hit the market. Though the retail center at 10640 Northwest 19th Street doesn’t have a price, listing brokerage HFF told The Real Deal that it expects offers of more than $40 million. HFF Miami’s Danny Finkle, Luis Costello, and Eric Williams have the listing. In addition to Bed Bath & Beyond, other tenants at the 97,456-square-foot shopping center include including Office Depot, Pier 1 Imports…

Brazilians Using Economic Recovery To Funnel Millions Into Miami Real Estate

On the evening of June 7 in Porto Alegre, Brazil, about 150 people showed up to a cultural center called Instituto Ling to hear a pitch from Alan Araujo. There, the director of international sales at One Sotheby’s in Miami was pitching these mostly high-net-worth investors and their families on condominium units at two high-end projects in Miami: One Thousand Museum by Zaha Hadid Architects and the Louver House. And on this Wednesday evening, Araujo said at least part of his…

Grand Peaks Properties Acquires 196-Unit Soleste Club Prado Apts

Grand Peaks Properties acquired the Soleste Club Prado apartments at  (950 Red Road) in Miami, FL for $61 million, or about $311,000 per unit, from Mattoni Group and Fortune Capital Partners, Inc. The eight-story, 175,000-square-foot luxury mid-rise multifamily building (view birdseye) sits on 1.8 acres in the West Miami submarket, with easy access to major job centers in Coral Gables, Blue Lagoon, Brickell and Downtown Miami. It features best-in…

Video: Nadia Balint of RENTCafé Discusses Suburban Multifamily Performance

Nadia Balint of RENTCafé joins The Commercial Real Estate Show to discuss multifamily growth in suburban markets and why they appeal to renters today. She discusses rent growth in downtown markets versus suburban markets from a supply and demand standpoint, noting suburban markets as benefiting from lower, more competitive, rent rates.

Study: U.S. must add 4.6 million new apartments by 2030 to meet rising demand

The affordable housing crisis in the United States has many causes. A new study, commissioned by apartment industry groups, highlights how low inventory may be a contributing cause for this issue in cities nationwide. The country needs to construct 4.6 million new apartments by 2030, according to a new study conducted by Hoyt Advisory Services and commissioned by the National Multifamily Housing Council (NMHC) and National Apartment Association (NAA), two nonprofit…

Commercial borrowers struggle to repay loans maturing in May

The number of commercial mortgage borrowers failing to repay their loans was up last month. In May, commercial real estate mortgage borrowers paid off maturing loans at a slower rate, according to Morningstar Credit Ratings LLC. In 2007, borrowers took out 10-year loans that were repackaged into commercial mortgage backed securities. This partially explains the uptick in the number of unpaid and delinquent loans, the Wall Street Journal reported. About $9.4 billion was unpaid…

Real Estate Investors Navigating Fully-Priced Market

For institutional investors, 2016 was a year of portfolio rightsizing. In 2017, this cascaded throughout the commercial real estate sector, which has seen an increase in flight-to-quality strategies, a widened bid-sell gap and uncertainty related to the effects of monetary policy. It appears the industry may be coming to terms with a slowing market.

What kind of construction disputes can occur in Miami?

Construction projects in Miami, as well as in other parts of Florida, may involve the creation of corporate buildings, residential buildings, roadways, bridges industrial plants and many other structures. Regardless of what type of property you are developing, you will likely be required to enter into construction contracts and work with other parties to determine the terms of these contracts. When these terms are unclear, the parties may disagree on what was agreed upon and end up in a major…

Where Miami might undo development to deal with sea-level rise

Shorecrest might become the first neighborhood in Miami where efforts to deal with sea-level rise would include demolishing structures in areas prone to flooding and returning the land to nature. Scientists and government officials who participate in the Southeast Florida Regional Climate Change Compact have considered alternatives to installing pumps and raising streets to protect such low-lying neighborhoods as the Arch Creek area of North Miami, Lower Matecumbe Key…

Not one, but two dueling Chinatowns proposed in neighboring Miami-Dade cities

Dueling Chinatowns in Miami-Dade County? After years of false starts by other municipalities, it seems there will be two Chinatowns in the county, one in North Miami and another next door in North Miami Beach. The proposed Chinatowns are fueled by Chinese investors’ appetite for South Florida real estate and commerce, plus, the two cities’ desire to create tourist destinations, among other factors, proponents say. As The Real Deal has reported, the latest version of North Miami’s…

Verzasca files plans for former City Hall restaurant site at 2000 Biscayne

A year after buying the City Hall restaurant building on Biscayne Boulevard, the Verzasca Group just filed plans to develop the property into a rental tower, The Real Deal has learned. Verzasca closed on the $13 million purchase of the 32,775-square-foot site at 2000 Biscayne Boulevard in March 2016, but has remained quiet on its plans. The Edgewater project calls for a 36-story, 393-unit apartment tower with 25 studios, 175 one-bedrooms, 181 two-bedrooms, 12 three-bedrooms and an…

South Carolina Trucking Firm Pays $774 PSF For Warehouse Near MIA

The appetite for industrial real estate is strong in the Miami Airport West submarket due to a scarce supply of land for development and the increased demand of industrial assets.

Population Growth and Affordable Cost of Living Accelerate CRE Renaissance in Miami and the Southeast

The Miami market, which comprises Palm Beach, Broward and Miami-Dade counties, is also experiencing exceptional population and job growth, along with strong property fundamentals. The three-county Miami region, with more than 6 million residents, is the state’s largest consumer market, and population is projected to grow by 1.2 percent in the coming years, according to a CBRE report. Tourism, financial services and logistics will continue to drive economic growth, with predicted…

Miami in article re five hottest markets for retail commercial real estate – and the five coolest

Florida was hit particularly hard by the country’s housing bust that spanned from 2006 through 2012. The flow of people moving to the state from the Northeast and Midwest slowed considerably. “(People) couldn’t sell their homes, there were no jobs, (a move) didn’t look attractive because economies weren’t robust, etc., so population growth slowed, which of course is not a good thing for retail,” Muoio said. Since the bust, though, Florida’s housing market has improved, the labor…

Real estate experts rally behind proposed EB-5 legislation

Real estate experts in the EB-5 visa field strongly believe new legislation governing the controversial immigration program that rewards foreign investors with permanent U.S. residency will pass by the end of September. “Either Congress will pass a new EB-5 law, which will be the best news,” said H. Ronald Klasko. “Or the U.S. Citizenship and Immigration Service will pass regulation that will have a significant impact on the EB-5 program.” Klasko, who heads Klasko Immigration Law…

City Of Miami Inches Closer To Multimillion-Dollar Riverfront Development Deal

The City is closer to landing a new administrative building while facilitating the construction of a $465 million mixed-use project, dubbed Nexus Riverside Central, on its current Miami River headquarters site.

$465M Miami River project now entails 1,500 units

Miami voters could have the final say on Nexus Riverside Central Adler Group’s plans for Nexus Riverside Central, a $465 million mixed-use project on the riverfront site of the current City of Miami administrative headquarters, have become more ambitious. Within the Miami Herald’s latest report, which states the City Commission “authorized the appointment of a special estate counsel in the city’s proposed deal to lease its riverside administrative center to property developer Adler Group…

Facebook alum pulls curtain on TheVentureCity, launching in Miami

Former executives of Facebook, Google, eBay and other hyper-growth companies have come together to form a global “city” with everything a startup needs to scale internationally. Co-founding the unique venture, called TheVentureCity, is Laura González-Estéfani, former director of international business development and mobile partnerships for Facebook, and Clara Bullrich, a 20-year private banking and asset management veteran. They call it an accelerator for the global tech…

Ronny Finvarb sells 5th Street lot in South Beach for $6M

Ronny Finvarb just sold a vacant lot at 803 Fifth Street in South Beach for $5.965 million — six times the price he paid six years ago, The Real Deal has learned. The 9,000-square-foot property at 803 Fifth Street, at the corner of Meridian Avenue, can be developed for commercial use. It sold for $667 per square foot. SOBE 5, LLC, led by Finvarb, sold the property to The Fifth Hotel LLC, Finvarb told TRD. The buyer is linked to Urbanica Management, led by Carlos…

Market Trend: Select Top Five South Florida Office Leases Signed in Q1 2017

The select top office lease signed during the first quarter of 2017 in the South Florida market was at The Village of Merrick Park in the Coral Gables submarket. Bayview Financial renewed its 88,047-square-foot lease there. JLL represented the tenant, while CREC represented the landlord. Avison Young represented a tenant in a lease deal for 60.648 square feet at the Sawgrass Pointe II office building in the Sawgrass Park submarket. Hamilton…

Video: Previewing the American Dream Miami Mega Mall

Bob Gorlow and Edgar Jones present their plans a major development in North Miami called American Dream Mall. This is a must see for everyone in Miami. Once completed, it is sure to change the retail and entertainment landscape in South Florida.

Brickman to Reposition Miami Office Towers

Brickman has selected architecture and interior design firm MKDA to renovate Courthouse Tower at 44 West Flagler Street and 200 Southeast First Building, two Class A office towers in downtown Miami. When complete, the renovated assets will feature modern architecture, top-rate service and operations, abundant amenities, and New York-inspired spec suites. Courthouse Tower is a 162,500-square-foot property with 25 floors of office space and ground-level retail.

ASRR plans massive two-tower complex at Arts & Entertainment District site in Miami

ASRR Capital and two Asian investors are planning a 1.7 million-square-foot residential, retail, and office complex at the Miami Arts & Entertainment District site they put under contract last year, according to documents filed with the Tel Aviv Stock Exchange. Plans for the block-long site at 18th Street and Northeast Second Avenue include two towers, one rising 60 stories and a second rising 40 stories, with up to 1,200 rental units, 20,000 square feet of retail space, and 350,000…

Miami-Dade approves $9M land sale to Miami Beckham United

David Beckham can jump into the next phase of his soccer franchise dream now that he has the land to build a stadium in Miami’s urban core. On Tuesday, the Miami-Dade County Commission voted 9-4 to sell nearly 3 acres in Overtown to Miami Beckham United to complete an assemblage that also includes 6 privately owned acres the group paid $19 million for last year. “Now is the time for MLS to move forward in helping us deliver the soccer club that Miami has been waiting for,” Miami…

David Beckham taking big victory to Miami city hall contest

The Miami-Dade County Commission on Tuesday approved David Beckham and his investors buying county-owned land to build a stadium for a Major League Soccer franchise near Marlins Park, but the group still needs rezoning approval and permits from the City of Miami to build the privately-financed 25,000-seat venue. The 9-4 vote came after a discussion that Chair Esteban Bovo Jr. said took longer than a soccer game. Now, Miami Properties LLC is to pay $9 million for the 2.79-acre…

Miami’s Courthouse Tower renovation gets new renderings

Wynwood-based architecture and interior design studio MKDA has been appointed to lead the $5 million-plus renovation of Courthouse Tower in downtown Miami. Located at 44 West Flagler Street, the building was acquired by New York-based real estate firm Brickman for $27.5 million in March 2016. The mixed-use tower is 162,500 square feet, comprised of 25 floors of office space and ground-level retail (birdseye view). MDKA was also selected to lead a minimal renovation…

Miami Beach convention center headquarters hotel backed

The long-anticipated recommendation has been made: the City of Miami Beach should build a convention center headquarters hotel. The Miami Beach City Commission has waited a year for its Blue Ribbon Committee to recommend whether to proceed with building a headquarters hotel for the city-owned Miami Beach Convention Center, which is in the process of being revamped and upgraded. On June 1, the seven-member panel finally reached consensus that the city needs…

10 questions for the team that will review county’s charter

A 15-member team is nearing the starting line to propose changes to the rulebook under which Miami-Dade County’s government operates. It’s a vital job. Though the task sounds soporific, changes to the county’s charter – its version of a constitution – could affect every voter and every taxpayer, because the rules determine how government serves the governed. That means we all need to heed what the charter task force recommends be put on the ballot for voters to act on – and then…

Investment Sales Market for Multifamily Begins to Recover after a Pause

The year isn’t turning out quite the way apartment experts expected it to just a few months ago. In January, it seemed like interest rates would begin an upward climb, which would push cap rates higher for investments in apartment properties. Instead, interest rates have sagged from their highs at the end of 2016, and cap rates are falling once again. “Apartment cap rates, and cap rate spreads, are declining,” says Jim Costello, senior vice president with Real Capital Analytics (RCA), a New…

Muse Sunny Isles unveils new renderings

Showing the pool, gym, and sauna Muse Residences in Sunny Isles Beach unveiled some new renderings of its common areas, including the fitness center, sauna, and beach-level pool and cabana area. Developed by Property Markets Group and S2 Development, the 68-unit condo overlooks the ocean and topped off in January. It was designed by Carlos Ott, with Sieger Suarez the architect of record, and Antrobus & Ramirez commissioned to design the common areas. Other amenities include…

Wolfsonian-FIU takes first step to build expansion

The Wolfsonian-FIU has issued an Invitation to Negotiate, or ITN, for the ground lease of two Miami Beach properties – The Annex, 1538 Lenox Ave., and a nearby surface parking lot at 1500 Lenox Ave. The posting represents the first step in long-awaited plans to expand the museum and research facility’s exhibition space, said Director Tim Rodgers. The county granted the Wolfsonian $10 million in bond money in 2004 to increase public access to the collection as part of a $2.9 billion…

Who Are the Most Likely Tenants to Backfill Empty Retail Big Boxes?

The next occupiers of the vacated spaces run the gamut, sources say, from specialty retailers to service providers to entertainment concepts to industrial and office tenants. As the retail industry continues with its metamorphosis, talk has turned to what will happen with all that extra big-box and mall anchor space that’s coming on the market? From 36 to 37 million sq. ft. of retail space could be returned to the market by next year, according to a recent report by JLL Research, based on store…

Midtown Doral announces retail tenants to open between July and December

Midtown Doral has announced a list of retail tenants set to open between July and December during phase two of the four-phase, mixed-use development project.
Seventeen boutiques, restaurants and offices will accompany the 1,500 rental units and hotel component of the project, whose amenities include a club and fitness center. Sergio Pino’s Century Homebuilders Group is developing the $230 million Midtown Doral project on Northwest 107th Avenue and Northwest 74th Street…

Shuttered TiramesU subleases its South-of-Fifth space, new chef-driven restaurant to open

TiramesU, the Italian restaurant in Miami Beach’s South-of-Fifth that opened in late 2015 and quietly shut down last month, has subleased its space to restaurateurs who plans a new chef-driven concept, The Real Deal has learned. Grove Bay Hospitality Group has subleased the 2,000-square-foot space at 101 Washington Avenue, Koniver Stern Group’s Noah Fox told TRD, but he declined to disclose lease…

Denver firm picks up new West Miami apartments for record $61M

A Denver, Colorado-based multifamily real estate firm just paid $61 million for a newly completed apartment complex in West Miami. Estate Investment Group, Mattoni Group and Fortune Capital Partners sold Soleste Club Prado at 950 Red Road to Grand Peaks. The eight-story, 196-unit complex sold for $311,000 per apartment and $360 per square foot for the 168,872-square-foot building. The deal marks a new record for the small city just northwest of Coral Gables, and follows…

CoStar Market Insights: Miami-Dade Apartment Sales Remain Hot in 1Q17

Introducing CoStar Market Insights: a new feature providing a snapshot of recent real estate trends in your market. The CoStar Market Analytics team monitors commercial and multifamily real estate across 206 metro areas, with a granular understanding of the projects, players and economic trends that move these markets. Q1 Miami-Dade Multifamily Remain Hot: Over the past few years, investment in Miami-Dade County’s multifamily market has steadily…

Colony Starwood Agrees to Buy GI Partners’ 3,106 Rental Homes in Miami, Elsewhere for $815 Million

Colony Starwood Homes (NYSE:SFR) agreed to acquire a portfolio of 3,106 single-family rental homes from Waypoint/GI Venture LLC for $815 million. Colony Starwood currently manages the portfolio for the sellers, which is located in southern and northern California, Chicago, Atlanta, Tampa, Phoenix, Miami and Orlando. As of March 31, 2017, the GI portfolio was 95.8% occupied with an average monthly rent per unit of $1,703, which the company said…

Could Big Data Help CRE Investors and Developers?

Smarter decisions are a click away. For better or for worse, we live in a data-driven world. Everything we do, eat, wear, or Google leaves a digital footprint to be placed in an algorithm for further crunching, analysis, interpretation, and distribution. The easiest example is to do an Internet search for anything – a new mattress or a future vacation destination – and see how quickly related information and ads appear in your Facebook newsfeed. From Netflix preferences to complex medical…

Public-Private Partnership Including Miami-Dade County Wins City Commission OK

A large mixed-use public-private partnership that includes Miami-Dade County as a player has won preliminary Miami City Commission approval. Platform 3750 LLC proposes to build on 2.1-acres at 3750 S Dixie Highway (US 1). The county is a co-applicant for land use and zoning changes, which city commissioners approved on first reading May 25. A final…

Hyatt maintenance dispute with city of Miami settled for $4 million

The City of Miami has agreed to pay Hyatt Equities close to $4 million in a settlement resolving a maintenance disagreement. The business dispute between the city and Hyatt has been going on for years and was stopping the two parties from moving forward with their plans to redevelop the area. The dispute involved Hyatt’s Miami River hotel and the costly maintenance that was done on the aging property. Hyatt was unhappy with the fact that police and firefighters have been forced to work…

Office Sale Negotiated For Palmetto West Park

NAI Miami, a member of the world’s premier managed network of commercial real estate firms, announced today the team of Lucia Custer and Gabriel Garcia-Menocal, SIOR, negotiated an office sale for their client, Palmetto West Park, LC, at 7791 Northwest 46 Street in Doral, Florida. The buyer is PJV Engineering. The sale was valued at $380,000.

Miami Development News: 262-unit apartment tower breaks ground in Brickell

Maizon Brickell is going vertical Maizon at Brickell broke ground recently at 1100 Southewest 2nd Avenue in the western edge of Brickell. Developed by Zom and Invesco Real Estate, the mixed-use project entails 262 apartment units, over 350 parking spaces, and 15,300 square feet of retail. The development is expected to be completed in early 2019 with pre-leasing beginning late 2018. ZRS Management will handle leasing and property management. Zom has been heavily involved…

Miami’s Porsche Design Tower Developers Tied to Brazilian Money-Laundering Probe

This past March 23, singer Alicia Keys headlined the grand-opening party for the Porsche Design Tower, an ultraluxury condominium complex in Sunny Isles Beach built by father-and-son Miami developers (and former Trump business partners) Michael and Gil Dezer. The event was a spectacular display of wealth at the Porsche Tower, a massive steel-gray building filled with spartan German decor, billionaire investors, and elevators that lift whole cars right into residents’ condo units.

The Economist: South Florida tries to hold back the sea

Turrets and terracotta tiles, palm trees and pillars adorn properties on La Gorce Island. Trucks roll by on their way to plots where homes are being torn down or built up. “There are a lot more people making improvements here than fleeing,” says Josh Gelfman, a developer. “None of my clients are that worried,” says David Pobiak, an estate agent who sells mansions to Americans, Brazilians and others. “Most people I deal with just want to be able to park their boat behind the property.

Florida Leaders Debate Economic Impact Of Withdrawing From The Paris Climate Accord

Should we stay or should we go? That’s the question on the minds of Florida leaders reacting to President Trump’s decision last week to withdraw the United States from the Paris climate accord. The accord is intended to limit carbon emissions that drive up global temperatures, worsening storms and intensifying sea level rise.
The president claims it costs U.S. energy and manufacturing jobs. But the accord doesn’t impose regulations or specify how countries should cut carbon emissions.

Is all the talk of the death of the mall overdone?

Talk of the demise of the shopping mall may be overdone, according to Fitch Ratings, which on Monday took a neutral stance on retail REITS, or real estate investment trusts, the entities that own and manage malls and rent space to tenants. Mall REITs are popular with investors for their attractive dividend yields. But the sector has come under pressure this year amid a wave of closure announcements from department store chains, sporting retailers and teen clothing retailers…

Construction of 41-unit Bay Harbor condo begins

The developer of Bijou Bay Harbor held a groundbreaking ceremony to launch construction of the 41-unit condominium at 9521 East Bay Harbor Drive (see 45° aerial view)in Bay Harbor Islands. The development company behind the condo project, called Ability by Acierto, has sold 70 percent of the units. The development site at 9521 East Bay Harbor Drive in Bay Harbor Islands is located across the Intracoastal Waterway from the Bal Harbour Shops shopping center.

Miami is getting a second Topgolf location-in Doral

Joining Miami Gardens Miami will be getting its second Topgolf location after the popular entertainment company purchased a 12.6-acre site west of Doral for $11.7 million from a subsidiary of Prologis, according to the South Florida Business Journal. Joining the Miami Gardens facility that broke ground earlier this year (targeting a late 2017 completion date), this new location is west of the Florida Turnpike near Dolphin Mall. While playing 18 holes of golf may be in rapid decline…

Here’s what Miami’s 100 Biscayne will look like after a $10M renovation

Formerly New World Tower Miami’s New World Tower will not only be getting a facelift after East End Capital invests $10 million into renovations for the 30-story office building in the heart of Downtown, but it’ll also be getting a new name: 100 Biscayne. The 357-foot tower, which was originally known as 100 Biscayne Tower upon rising in the 1960s, was actually Miami’s tallest building at the time of completion. Today that honor goes to Panorama Tower in Brickell. Among the…

Sunrise’s Metropica unveils new wave of retailers, including Harry’s Pizzeria

Also Gastrobar, City Works Eater & Pour House, Sugarboo & Co., and Sparkles Metropica, a $1.5 billion mega-development rising on a whopping 65 acres in Sunrise, has announced a new wave of tenants that includes Harry’s Pizzeria, a Michael Schwartz operation that has locations in the Design District, Coconut Grove, and Dadeland. Other newly announced tenants are Bulla Gastrobar, City Works Eater & Pour House, Sugarboo & Co., and Sparkles — they join Shake Shack, Kona Grill…

Topgolf scores development site near Dolphin Mall for $12M

Industrial giant Prologis just sold a site west of Dolphin Mall to Topgolf USA for $11.7 million, property records show. It will mark the second South Florida location for Topgolf, a Dallas, Texas-based sports entertainment company. Its Miami Gardens facility is under construction. AMB Codina Beacon Lakes LLC sold a portion of land within the Prologis Beacon Lakes industrial park in northwest Miami-Dade County to Topgolf USA Doral LLC. The Prologis subsidiary…

Trump Organization launches budget hotel chain “American Idea”

From TRD New York: The Trump Organization plans to launch a budget hotel chain that will first target areas of the country that favored President Trump during the presidential election. American Idea, a three-star hotel chain, will debut in Mississippi and will partner with Chawla Hotels, another chain based in the state, the New York Times reported. Trump met the company’s co-owner, Suresh Chawla, during a campaign stop in Jacksonville…

Mapletree Investments Acquires 3,751-Unit Housing Portfolio, some in Miami near FIU, for $1.6 Billion

Singapore-based Mapletree Investments Pte Ltd. announced the acquisition of a second portfolio of student housing assets from Kayne Anderson Real Estate Advisors. Mapletree listed the purchase price for the portfolio at about $1.6 billion. The transaction includes eight student housing assets containing 3,611 beds, including properties located in Fort Collins, CO, near Colorado State University; in Miami near Florida International University…

Easton Group Snaps Up New Distribution Facility from Ridge Development

An affiliate of The Easton Group, a commercial real estate firm based in Doral, recently closed on the acquisition of a new, 182,057-square-foot warehouse and distribution facility in the Medley Industrial submarket. The affiliate, EWE Airport North Logistics Center LLC, paid $21.846 million in cash, or approximately $119 per square foot, for the new facility called the Airport North Logisitics Center, which the seller, Ridge Development, recently…

Video: 2017 Midyear Miami Industrial Property Market Update ~ SIOR Panel

Moderated by Geoffrey Kassleman, Diana Pubchara, the Chief Marketing Officer for Blanca Commercial Real Estate, Jose Juncadella, Senior Advisor at Fairchild Partners, and John Dohm, Florida Transatlantic Real Estate Consultant, discuss the future of office and industrial real estate in this half hour long video.

Miami Attorney Ronnie Fieldstone Discusses the EB-5 Immigrant Investor Program

Ronnie Fieldstone, Partner with the Miami law firm Arnstein & Lehr, joins The Commercial Real Estate Show to discuss the EB-5 program and its effect on the real estate industry. The EB-5 Visa program allows investors in approved commercial real estate developments to apply for permanent residency in the U.S. Highlights include: EB-5 has been around since 1992, but became popular during the recession of 2008 and 2009 as a method for attracting investors lured by the USA…

The 2017 Fla. Legislature Returns To CondoLand

Once again, after a one-year hiatus, the Florida Legislature has produced several condominium bills. Typically, the Legislature passes a single condominium bill into which other approved bills have been merged. This year, perhaps to make up for the failure to enact any condominium legislation, four bills were passed: CS/CS/CS/HB653 (HB653), CS/CS/HB1237 (HB1237), (CS/CS/CS SB398 (SB398), and CSSB1520 (SB1520) were passed by both houses of the Florida Legislature…

Mixed-Use 33 Alhambra Project In Coral Gables Approved

Despite some resistance from residents, the 33 Alhambra project in Coral Gables was officially approved at Tuesday’s commission meeting. The city commission voted 3-2 to give the project final approval. Mayor Raúl Valdés-Fauli, Vice Mayor Patricia Keon and Commissioner Frank Quesada voted yes, and Commissioners Vince Lago and Michael Mena voted against the project. The development, proposed by TWJ Alhambra, is made up of several plots on a stretch of land that intersects…

Church of Scientology “disconnects” with its Coral Gables location for $6 million

After about three years on the market, the Church of Scientology has cut ties with its 120 Giralda Avenue Coral Gables location of more than 40 years and sold the building for $5.8 million, or nearly $360 per square foot. The buyer is 120 Giralda LLC, according to a press release. The entity is controlled by Marc and Barry Schwarzberg of Boca Raton. Patrick Kelly of RESF, who represented the buyers, said they mostly invest in multifamily properties in Broward County and in…

Miami commission votes to sever its ties with Island Gardens developer Mehmet Bayraktar

In a blockbuster decision, the Miami City Commission wants to kill the deal with Flagstone Property Group to build a $1 billion mixed-use project on Watson Island.
During a special meeting on Tuesday, commissioners voted 5-0 to declare the developer in default of a ground lease allowing Flagstone to build two hotels and a luxury mall with roughly 221,000-square-foot retail and restaurant space that would complement a megayacht marina completed in 2015. The long-delayed…

Miami commissioner gives David Beckham’s stadium deal the green light

Few hurdles remain Miami-Dade County commissioner Audrey Edmonson has given David Beckham’s Overtown stadium deal (aerial view of site) the green light by sponsoring the legislation that’d allow the county to sell Beckham the final three-acres needed to build his 25,000-seat MLS stadium (with no parking), according to the Miami Herald. The $9 million deal goes before the commission on June 6 but the blessing of Edmonson, who represents Overtown, was seen as one of the last…

Ronny Finvarb snags $27.6 million construction loan for new South Beach Kimpton hotel

Ronny Finvarb has nabbed a $27.56 million construction loan for his new Kimpton hotel on Alton Road in Miami Beach, The Real Deal has learned. Finvarb, principal of the Finvarb Group, told TRD that TotalBank is the lead lender, with participating lenders Floridian Community Bank and Apollo Bank. The financing has not yet cleared records. Site work has already begun on the future hotel at 1750 Alton Road (birdseye), which will be called the Kimpton Hotel Palomar South Beach…

Details of proposed Chinatown development in North Miami revealed

Plans for North Miami’s proposed Chinatown are moving forward, and property values are expected to rise in the area, city officials said last week. The latest version of the proposed Chinatown will feature two gateways to the district, on the north and south, that will have a Chinese design, though the elements are still considered conceptual, said Ben Benmoshe, urban designer with Keith and Schnars, an engineering consulting firm that is working on the master plan for the project designer.

Prologis Building Major Retail As Industrial Park Complement

One of the world’s largest warehouse developers is building mixed-use to complement an industrial property outside of Miami. Prologis has plans to add nearly 500K SF of retail, restaurants and entertainment space at its Beacon Lakes Industrial Park, including a Topgolf, an indoor golfing entertainment venue, according to the Wall Street Journal. This is what Prologis views as the next step in the evolution of massive industrial parks. “There is no doubt that the market for labor in our…”

Miami Today Opines: Rail cuts put SMART transit plan into the DUMB column

As Miami-Dade strives to add six transit legs in a so-called SMART plan, it’s a DUMB move to cut service on its newest rail line, the one that carries airport passengers. The county last week cut weekend Orange Line runs in half less than five years after it opened the half-billion-dollar, 2.4-mile link to Miami International Airport – our only significant gain from a 15-year-old transit sales tax. At the same time, the system reduced late-night and early-morning hours of Metrorail and…

Here’s What the House Has In Mind For Revamping The National Flood Insurance Program

A much-anticipated House subcommittee proposal on flood insurance promises to reauthorize the National Flood Insurance Program (NFIP) for five years beyond its September 30 expiration date. The proposal would introduce reforms to put the NFIP on stronger financial footing; provide aid for those unable to afford coverage; improve flood mapping, mitigation efforts and claims handling; and encourage greater private insurer participation in the market. Rep. Sean Duffy (R-Wis.)…

Industrial Park’s Owner Bringing In Restaurants, Retail As Amenities For Workers

Office developers have in the past turned to restaurants, entertainment venues, fitness centers and shops as standard enticements for companies hoping to lure workers. Now one of the world’s largest industrial property owners is bringing in a developer to add these amenities to its giant industrial park just outside Miami to cater to its tenants and freshen up the utilitarian concept of the big-box warehouse complex. Prologis Inc. has plans to add about 495,000 square feet of retail to its…

Federal Reserve: Banks tightening commercial real estate loan standards

Loan officers at U.S. banks reported tightening their lending standards for commercial real estate loans over the last year, the Federal Reserve said on Monday in a report that could heighten concerns about the outlook for commercial real estate. Officials at the U.S. central bank, including Boston Fed President Eric Rosengren, have warned that a run-up in commercial real estate prices could amplify any future economic downturn. On Monday, the Fed said in a quarterly report that standards…

Overtown Skeptical of David Beckham’s New Soccer Stadium Plan

David Beckham’s crew said just about everything right last night. They’d pay for their new stadium entirely with their own money. Minority and locally owned contractors would have first dibs on the construction, and then the team would create at least 50 full-time jobs. They’d offset a lack of parking with new public transit options. It all sounded great. But in a jam-packed YWCA room without any air conditioning, the skepticism from many Overtown and Spring Garden residents…

Property Owners Gaining New Tools To Fight ADA Lawsuits

Help may be on the way for property owners sued for alleged violations of Title III of the Americans with Disabilities Act (“ADA”). As covered in a prior post, over the last couple of years, Florida has seen a big increase in lawsuits alleging ADA violations.  These cases are often filed by “serial” filers – plaintiffs that have each filed dozens or even hundreds of these kinds of lawsuits.  The growing number of these lawsuits in Florida has been covered extensively by the national…

Doral is the fastest-growing large city in Florida

Doral (demographics)was the fastest-growing large city in Florida during the current decade and eleventh-fastest in the nation in the period, according to new US Census data analyzed by the FIU Metropolitan Center. Miami was the state’s eighth-fastest growing city in the same six-year span, with a population growth of 13.1% – almost 53,000 people, the study found. Miami-Dade County’s (demographics) total population grew 8.2% during the period, yet during the single year from 2015…

Warren Buffett just confirmed the death of retail as we know it

Warren Buffett says that in 10 years, the retail industry will look nothing like it does now. “The department store is online now,” the billionaire investor said Saturday at Berkshire Hathaway’s annual meeting in Omaha, Nebraska, as Business Insider’s Bob Bryan reported. “I have no illusion that 10 years from now will look the same as today, and there will be a few things along the way that surprise us,” he said. “The world has evolved, and it’s going to keep evolving, but the speed is increasing.”

Miami-Dade county’s hotel industry rebounds across the board

Miami-Dade’s hotel industry rebounded across the board in April from April 2016, showing gains in every category in what has been a mostly down year, the STR Trend Report shows. Notably, the biggest gain was in total revenue, just a tick under $280 million for the month and nearly $21 million more than April 2016. That 7.9% revenue gain was tempered by the fact that the county in April had 427 operating hotels and 55,354 rooms, up from 408 hotels and 52,922 rooms in April 2016.

Mall REITs lead broad-based selloff of real estate-related stocks

Real estate-related stocks were the biggest decliners on the S&P 500 on Monday, led by mall REITS, on continued concerns about weak traffic and the onslaught on bricks-and-mortar stores from juggernaut Amazon.com Inc. AMZN, -0.22% The sector has struggled this year as a record number of retailers have filed for bankruptcy protection, while others have announced store closures. Retailers like Macy’s Inc. M, +2.26% which reports first-quarter earnings this week, and Sears Holdings Corp.

Sherwood’s Bistro & Bar Begins the Transformation of Little Haiti’s North End

Sherwood’s Bistro & Bar, a new place on Northeast Second Avenue and 83rd Street at 8281 NE 2nd Avenue, gets its name from Sherwood Forest. That is not only Robin Hood’s merry hangout, but also a subdivision of the Village of El Portal. And like the nearby community that bears its name, Sherwood’s is charming, slightly idiosyncratic, and steeped in the area where it’s located. The partnership that started the place includes Barclay Graebner, a Miami Shores resident who opened…

Trump’s Miami golf resort loses effort to lower taxes

The Trump National Doral Miami (aerial) a golf resort owned by the President Donald J. Trump’s company, has failed in its effort to lower its Miami-Dade County property taxes. But the resort could decide to fight another round to make its taxes lower again. Trump has been successful at lowering his property taxes in the past. In both 2014 and 2015, Trump Endeavor 12 LLC, the entity that owns the 666-acre resort, filed Value Adjustment Board (VAB) challenges for its property taxes.

Miami-Dade’s taxable property values rise 8.2% to $272B

Driven by new construction, the estimated combined value of properties in Miami-Dade County exceeds $272 billion so far this year, up 8.2 percent from 2016, according to the county’s Property Appraiser Pedro J. Garcia. Garcia’s office just released the June 1st estimates of taxable values, which include more than $8 billion of new construction throughout the county – a combined assessed value of more than $1 billion. Brickell City Centre…

MiamiCentral and Brightline get aerial easement boost

Not only is MiamiCentral and its Brightline passenger rail service designed to help unclog congested roadways, but the elevated train station also serves to keep street traffic downtown on the move. In order for All Aboard Florida to build its elevated transportation hub, and make direct connections to Miami-Dade County’s Metrorail and Metromover trains at Government Center Station, air rights needed to be secured. One of the last air space right-of-ways – or aerial easements – was approved…

Florida Sales Tax on Commercial Rents Reduced

The State of Florida has imposed a sales tax on commercial rents since 1969.  Currently, the tax is imposed at the rate of 6 percent in every county except Miami-Dade which fixes the rate at 7 percent by reason of an add-on at the county option.  Florida is the only state in the United States to impose a sales tax on rents.  There has been a movement to repeal this tax for several years, but it should be noted that Florida’s general revenue stream is very heavily reliant on sales tax…

Miami-Dade real estate resales top $1 billion for month

Sales volume for Miami-Dade real estate resales – which do not include new condos – topped $1 billion in April, the Miami Association of Realtors reported last week. The total of $1.01 billion was on 2,303 total residential sales, the association reported, down 4.8% from sales volume in April 2016. That would produce a mean sales figure of $438,000-plus for all resales. The association said that said that in sales, median single-family home prices in the county were $320,000 and median…

Changes To Trade Agreements Could Shake Industrial Real Estate Markets

Since taking office, President Trump has pushed on a lot of fronts to renegotiate trade deals. One of his first actions in January was signing an executive action to pull the U.S. from the Trans-Pacific Partnership (TPP). In late March signed two more executive orders involving trade. The first focused on tougher enforcement of existing…

What do I need to put in my purchase and sale agreement?

If you are buying or selling a business in Miami, you will need to draft a contract to ensure that your sale is protected. The most important thing to remember when drafting a purchase and sale agreement is to include enough detail to protect you from business disputes that may arise in the future. Both parties signing the contract must be aware of exactly what they are agreeing to. All parties involved must be correctly listed on the contract, with their full names, business affiliations and…

Should Miami-Dade’s Urban Boundary Move Closer To The Everglades? Time For Another Fight

A new task force will study one of the most contentious issues facing Miami-Dade: the imaginary line separating the county’s housing developments and shopping centers from the Everglades. Mayor Carlos Gimenez recently formed a panel to study pockets of land just outside the official Urban Development Boundary, the line that forms the western and southern frontiers between permissive building rules and low-growth restrictions. On the one side of the UDB: suburban housing…