Historic Buena Vista Post Office building in Miami’s Design District sells for $8.1 million

The historic Buena Vista Post Office building in Miami’s Design District just sold for $8.125 million, marking a near-record price per square foot in the redeveloping neighborhood, The Real Deal has learned. The 2,287-square foot building at 4000 Northeast Second Avenue, which was the former site of the Billionaire clothing store, sold for $3,553 per square foot to a New York-based investment group that represents foreign investors, Chariff Realty Group President Lyle Chariff told TRD. The buyers are part of the same group…

$400 Million‘The Plaza Coral Gables’ expects to break ground within a year

A massive mixed-use development in Coral Gables has a new name and a scaled-down design in the Plaza Coral Gables, which expects to break ground at Ponce Circle within a year, according to the Miami Herald. Developed by Agave Ponce and formerly titled “Mediterranean Village,” the previous design was approved nearly two years ago. The updated and recently approved version calls for a reduction of max height (from 218 feet to about 190 feet), smaller retail space (from 265,000 square feet to 137,000 square feet), fewer…

CMC nabs $236M construction loan for Brickell Flatiron

Developer Ugo Colombo has secured a $236 million construction loan for Brickell Flatiron, as condo financing continues to dry up in South Florida.  Colombo’s CMC Group closed on the financing on Friday. Bank of the Ozarks and RFR Realty provided the loan. It breaks down to a $138.5 million mortgage and a $97.5 million mezzanine loan, Bilzin Sumberg partner Jay Sakalo said. Jim Shindell, also of Bilzin, worked on the deal. At this stage in the real estate cycle, condo financing is the most difficult to secure, a group of experts…

CMX’s Dine-In Theater Due to Open at Brickell City Centre This Month

To compete with digital downloads and streaming services, theatrical movie presenters have begun to evolve. Old theaters are being retrofitted with fancy reclining seats and are offering moviegoers menu items like chicken wings. Meanwhile, new theaters opening in Miami are upping their games even further, adding chef-designed culinary experiences and unique cocktails by mixologists delivered right to viewers’ seats. Landmark Theatres recently opened its first luxury theater in the Southeast inside Merrick Park…

Tour CityPlace Doral’s retail and residential spaces

CityPlace Doral held their ribbon-cutting ceremony a few weeks ago, opening with 40 tenants in addition to luxury residences. The Arquitectonica-designed development is a collaboration between Shoma Group and The Related Group, encompassing 250,000 square feet of retail and restaurant space, along with 700 luxury rental units. Among the entertainment draws are CinéBistro Theatre, Improve Comedy Club, and Kings America, with restaurants including BurgerFi, Gyu-Kaku Japanese BBQ, and IceBox Cafe.

Casino Giant Genting’s plans for 300-room hotel wait

Miami-Dade County commissioners deferred legislation Tuesday to approve a joint development at the county’s Omni Bus terminal and access to the Adrienne Arsht Center Metromover station in which Malaysian casino giant Genting plans a 300-room hotel over the bus terminal. The resolution is to be discussed at the next commission meeting April 18. The development contract would include air rights over the real property for the Department of Transportation and Public Works. Awarding the contract would bring…

The troubles at the American mall are coming to a boil

A fresh round of distress signals sounded in the retail industry this week, as another big-name chain announced hundreds of new store closings and still others moved aggressively to recalibrate their businesses for the online shopping stampede. Payless ShoeSource filed for Chapter 11 bankruptcy and outlined plans to immediately close nearly 400 of its 4,400 stores globally. Ralph Lauren is shuttering its flagship Polo store, a foot-traffic magnet located on tony 5th Avenue in Manhattan, the latest step in a massive cost-cutting…

Banyan Street, Oaktree Capital cinch $100 million refi for Douglas Entrance in Coral Gables

Banyan Street Capital and a Oaktree Capital Management fund just closed on a $100 million refinance of Douglas Entrance (birdseye aerial view), an office complex in Coral Gables. The floating rate loan was secured on the heels of completing a $7 million renovation to the five-building, Class A office property at 800 South Douglas Road. The Blackstone Group is the lender, according to CBRE. Christian Lee, Amy Julian and José Lobón of CBRE’s South Florida Capital Markets team arranged the financing.

President Trump Floats New Tourism Crackdown That Could Devastate Miami’s Economy

Thanks to President Donald Trump, the nation is already expected to lose $1.6 billion in tourism from Mexican travelers, who are skipping the States and flying to Canada, according to some analysts. On a local level, economic analysts worry that the so-called Trump effect from his xenophobic rhetoric and attempted Muslim bans is also discouraging Latin American tourists from venturing onto U.S. soil. In most U.S. cities, this news would be sad but not crippling. In Miami, where tourism and international investment make up…

Chinese Now The Largest Group Of Foreign Investors In U.S. Commercial Real Estate

Chinese investors were the single largest group of foreign investors in commercial real estate in the U.S. last year, with deal volumes reaching a record high of $19.2 billion, up 10% from $17.3 billion in 2015, according to a new report from Cushman & Wakefield. Chinese investment made up about 29% of total foreign investment in U.S. commercial real estate, ahead of Canada, the second largest foreign investor, which invested $13.1 billion. In a rush to diversify holdings and hedge against a slowing economy and depreciating…

$30 Million Industrial Lease Renewal Secured

The lease renewal at the Medley Logistics Park is one of the largest to occur in South Florida in several years.

Agreement on Airbnb Inc. doesn’t cover regulatory issues

Miami-Dade commissioners on Tuesday approved 10-3 an agreement between the tax collector and Airbnb Inc. for collecting the 2% tourist development room tax, 1% professional sports franchise facility tax and 3% convention development tax and directed the administration to negotiate similar agreements with other short-term room rental services. Tax revenue is estimated to be $6 million to $8 million yearly, according to Mayor Carlos Giménez. “Quality of life is paramount to all of us,” he said Tuesday.

Mana Wynwood’s Americas-Asia Trade Center to create 20,000 jobs

Over 10 million square feet Miami’s mega-development scene continues to roar. Within Mana Group’s enormous Special Area Plan in Wynwood that has been in the works for years is the introduction of the MANA Wynwood Americas-Asia Trade Center & International Financial Center (TCIFC), according to a press release. Encompassing over 10 million square feet, TCIFC would serve as the hub for all trade and business between Asia, Latin America, North America, and the Caribbean. It is expected to create…

Metrics are squeezing Miami-Dade’s hotel industry

Negative totals in three key performance metrics are squeezing Miami-Dade’s hotel industry, the most recent data from STR reveal. The national visitor industry data and analytics company’s most recent monthly data show that as of February, year-to-date occupancy here is down to 80.1%, a 2.7% drop from February year-to-date 2016. The report’s census included 422 hotels and 54,805 rooms in February, up from 404 hotels and 52,203 rooms in February 2016. The occupancy dip has pushed down average daily rates…

Miami’s Jungle Island sells for $60 million, to be renovated

Purchased by ESJ Capital Partners One of Miami’s most popular zoological parks has changed owners, with Jungle Island selling for $60 million to ESJ Capital Partners, a full-service asset management firm in Aventura. The 18-acre park on Watson Island will also undergo a three-phase renovation and expansion, while adding a private beach club. The first part will open this summer and include zip lines, children adventures, water slides, and a crystal lagoon. The banquet facilities and food and…

Here’s what SoFla real estate pros hope the Xi-Trump meeting at Mar-a-Lago will accomplish

In the run-up to his first meeting with Chinese president Xi Jinping at Mar-a-Lago this week, President Trump hinted on Twitter that the two world leaders would engage in some tough discussions. “The meeting next week with China will be a very difficult one in that we can no longer have massive trade deficits and job losses,” the president said in a series of tweets on March 30. “American companies must be prepared to look at other alternatives.

Bell USA Renews 343,000 Square Feet Lease in Medley Logistics Park

Bel USA LLC, a manufacturer, distributer and seller of coffee mugs and t-shirts, has renewed its full-building lease for 342,750 square feet at 12610 NW 115th Avenue in Miami, FL. The single-story, 5-Star distribution center was built in 2008 on 13 acres in the Medley Logistics Park, at the corner of NW 138th St. in Miami/Dade County. It features ESFR sprinkler, four drive-ins, 30-foot clear heights and 52-foot column spacing. David Albert of…

Consentino NA Leases 24,000 SF in Coral Gables

Consentino North America, a producer and distributor of surfaces for design and architecture, leased 23,923 square feet of office space at 355 Alhambra Cir. in Coral Gables, FL. The 224,241-square-foot office building was constructed in 2001 in South Florida’s Coral Gables submarket. Brian Gale, Jeannette Mendoza, Ryan Holtzman and Andrew Trench of Cushman & Wakefield represented the landlord. Justin Schultz of Gadinsky Real Estate represented…

Cleanup of Miami River tributaries to start in May

The long-awaited cleanup of Wagner Creek and Seybold Canal is expected to start next month, says Horacio Stuart Aguirre, Miami River Commission chairman. Cleanup of the long-polluted Miami River tributary comes two years after the city commission approved the Wagner Creek and Seybold Canal Maintenance Dredging and Environmental Cleanup Project. The city has lined up the permits and money for the $23 million dredging and cleanup, but a start has been delayed as the city procurement department wrangled…

Kimley-Horn Leases 16,000 SF in Coral Gables

Kimley-Horn signed a lease for 15,677 square feet in the office building at 355 Alhambra Circle in Coral Gables, Florida. The 16-story, 224,241-square-foot office building was built in 2001 on 1.2 acres in the Coral Gables submarket. Brian Gale, Ryan Holtzman, Andrew Trench and Jeannette Mendoza of Cushman & Wakefield represented the landlord…

Video: Chad Curry of The Center for REALTOR Technology Labs Discusses Emerging Technologies to Enhance the Enviroment of Commercial Properties

Chad Curry, Managing Director at the Center for Realtor® Technology, joins The Commercial Real Estate Show to discuss his organization.  Some highlights of this video include:
What the Center for Realtor® Technology (CRT Labs) does; How the Center for Realtor® Technology got started; The Internet of Things (IoT) and implications for commercial real estate; Air quality tracking devices (nitrous oxide, particular matter, dust); How such technology is evolving…

$30 Million Lease Renewal Speaks To Miami Industrial Trend

Medley Logistics Park just inked a $30 million long-term lease renewal. Industry watchers are calling it a testament to the region’s strong industrial market. The industrial park, a 670,000-square-foot three-building project is located in the Greater Miami area. Newmark Grubb Knight Frank executive managing directors Steven Medwin and Nick Wigoda represented the landlord. The post $30M Lease Renewal Speaks To Miami Industrial Trend appeared first on SVN South Commercial Real Estate…

At a cool $1.05 billion, Brickell City Centre makes Business Insider list of 8 most expensive real estate developments in American history

Located in Miami’s financial district, the Brickell City Centre cost approximately $1.05 billion to build from 2014 to late 2016. The mega-development spans five blocks and consists of shops, a movie theater, restaurants, office towers, and condos.

Building up Brickell: the latest development wave, what’s ahead

Back in the 1870s, Brickell was hardly more than a trading post run by the Brickell family. Today, it’s one of Miami-Dade County’s most intensely developed neighborhoods, boasting some of the tallest buildings in Florida. More than 10,000 apartments and condos were built, under construction, or proposed in the 1.2-square-mile Brickell neighborhood in 2016 alone, according to the latest figures from the Miami Downtown Development Authority. In addition to new residences, plenty of new hotels, offices and retail projects have…

How the Brightline train will transform the Sunshine State — and its real estate

All Aboard Florida’s Brightline train service between Miami and West Palm Beach, scheduled to begin this summer, has the potential to be transformational for South Florida, local real estate experts agree. “This will change the way travel and development and redevelopment occur in South Florida,” said Rick Gonzalez, president of REG Architects in West Palm Beach. “You can now work in downtown Miami and live in Fort Lauderdale or West Palm Beach.” Brightline, which has been under construction for almost three years…

There’s No Affordable Housing in Miami Because Developers Block It, Study Says

Florida lawmakers have, over the past ten years, quietly siphoned $1.3 billion away from a $1.8 billion, statewide fund for affordable housing, the Miami Herald/Tampa Bay Times Tallahassee Bureau reported Friday. Asked whether this is a problem, Miami Republican state Rep. Carlos Trujillo basically flipped his hometown — which is trapped in an unprecedented affordability crisis — the bird. “Housing is definitely a problem, but the issue is we aren’t going to just throw more affordable housing into South Florida,” he…

Chile a steady, growing factor in Miami real estate

Over the past decade, as South American investment in Miami real estate has flowed and ebbed dramatically, Chile’s impact has been comparable to the Miami Dolphins in the NFL: good enough to be mentioned, but not enough to outshine the influence of neighbors like Brazil, Argentina or Venezuela. However, just like the Dolphins team from last season, Chile has taken big steps forward over the past few years, earning much-deserved respect and attention in this unique market. Last October’s inaugural Chile Week USA…

Miamians spend up to 58% of income on rent in minority neighborhoods: report

In Miami, residents can expect to spend more of their paychecks on rent if they live in a mostly black or Hispanic neighborhood than if they live in a predominantly white neighborhood, according to a new report. The share of income needed to pay rent in black communities in Miami is 58.2 percent, higher than the national average of 43.7 percent. In Miami’s predominantly Hispanic neighborhoods, it’s 55.1 percent, also higher than the national average of 48.1 percent. In Miami’s white neighborhoods, residents…

U.S. rental market hits resistance in first quarter

The U.S. multifamily market reportedly took a beating in the first three months of 2017, with rents falling in a slew of major metropolitan areas nationwide amid a jump in supply.
The Wall Street Journal reported that rents either stagnated or fell in 28 of 79 metros studied in the first quarter by real estate research firm Reis, most notably in the nation’s priciest rental markets: New York City and San Francisco, which saw dips of 0.6 percent and 1.3 percent, respectively. Overall rent growth for the country was also declining…

One Of China’s Largest Logistics Firms Sets Up Shop At Beacon Centre Business Park

One of the largest logistics firms in China, Apex Global Logistics’ new office will help it ship products to and from South America.

Commercial real estate is the surprising winner from the ‘Trumpcare’ debacle

When the effort in Congress to pass a health-care bill – the American Health Care Act, designed to replace the much maligned Affordable Care Act – failed on Friday, the thing that wasn’t supposed to happen happened: The industry that had whined for years about this, that, and the other in the Obamacare law, breathed a huge sigh of relief. On Monday, despite the general unease in the stock market, heath care stocks rallied. Well, they didn’t exactly rally, they edged up. But it made them the best-performing sector among…

Apollo Commercial Real Estate Finance, Inc. Completes $34 Million First Mortgage Loan for South Beach Hotel, More…

ARI closed a $34.0 million first mortgage loan secured by a recently renovated 163-key boutique hotel located on South Beach in Miami, FL. The floating rate loan has a two-year initial term, with three one-year extension options and an appraised loan-to-value (“LTV”) of approximately 56%. ARI closed a $77.0 million first mortgage loan ($72.2 million of which was funded at closing) secured by a recently renovated 763-key hotel located in downtown Atlanta, Georgia. The floating rate loan has a three-year initial term…

There’s A New Trend Among Office Tenants

Developers expect strong leasing momentum in Coconut Grove with the pent up demand for innovative office projects.

H&M opening at 763 Collins in South Beach on April 27

H&M is opening a second store in Miami Beach on April 27, in the former Kenneth Cole space at the corner of Collins Avenue and Eighth Street. The store will span 15,000 square feet at 763 Collins Avenue, marking the 32nd H&M (Hennes & Moritz) in Florida, according to a release. RKF Executive Vice President Drew Schaul represented H&M in the deal. Property records show Tiffany 3/8 Assoc. Ltd., linked to Goldman Properties’ Senior Managing Director Marlo Courtney, bought the…

Miami’s Giralda Place tops off in Coral Gables

Giralda Place, at 2222 Ponce de Leon Boulevard, has topped off at nine stories in Coral Gables, moving a step closer to adding 33 luxury residences to the popular and historic Miami neighborhood upon completion, which is estimated for early 2018. The mixed-use development by Heidi Eckes-Chantré includes 13,390 square feet of ground-floor retail, a 419-space parking garage, and 101,300 square feet of Class A office space. There are 23 condos and 10 townhomes, with the project currently 24 percent under contract.

Deco Capital and RWN pay $7.4 million for Alton Road retail building

A joint venture between Deco Capital Group, led by Bradley Colmer, and New York-based private equity firm RWN Real Estate Partners, just paid $7.425 million for a retail building on Alton Road. The sale marks the latest deal on a redeveloping stretch of the major Miami Beach north-south artery, near the intersection of Lincoln Road. Miami Beach-based Deco Capital and RWN, led by Ari Shalam, bought 1671-1673 Alton Road…

Flurry of Dept. Store Closures Forcing Mall Owners to Adapt, Reinvest or Die

Part 1: Sears Discloses for First Time it May Not Survive, Marks Latest Blow to Dept. Store/Mall Sector. Part: 2: Investors Still Willing to Bet Big on Mall Turnarounds, Even Those Hit by Triple Anchor Closures. In this two-part news report by Senior Editor Mark Heschmeyer, CoStar analyzed the stores being closed by the…

Video: Lisa Pendegrast of CRE Finance Council Discusses Recent Market Outlook Survey

Lisa Pendergast, Executive Director with the Commercial Real Estate Finance Council, joins The Commercial Real Estate Show to Michael to discuss this year’s survey. Highlights of the discussion include: Fed has been good about benchmarking where rates are headed; 80% of respondents expect 25 to 100 bp increase in interest rates; Seeing better signs of economic growth ;Business investment is picking up; The post Video: Lisa Pendegrast of CRE Finance Council Discusses Recent Market Outlook Survey…

Video: Center for Realtor® Technology Labs Managing Director Chad Curry Discusses Newer Office Lighting Technologies for Productivity, Other New Developments

Chad Curry, Managing Director at the Center for Realtor® Technology, joins The Commercial Real Estate Show to discuss how new types of lighting can improve productivity, as well as other technologies that are changing the environment of office buildings, and for that matter, all buildings. This is a must watch video for commercial real estate investors as it has tips for saving money and enhancing a buildings environment relatively inexpensively, likely leading to more rent and net income.

Vacant Hialeah Industrial Warehouse Gets Purchased And Leased On Same Day

Sharpe Properties is please to announce the purchase of a 3,600 square foot street-level industrial warehouse property by SP33 Warehouse, LLC (SP33 Warehouse).  With the help of Sharpe Properties, the new owner of the vacant warehouse was also able to have it fully leased out to a tenant on the same day as the purchase. The warehouse is located at 1040 East 33rd Street, Hialeah, Florida 33013 (birdseye 45° aerial), and Sharpe Properties will provide the property management and leasing.Hialeah Warehouse…

Proposed Wynwood Square site hits the market, could fetch upwards of $30 million

The developer of the proposed Wynwood Square mixed-use project has put the site on the market rather than proceed with building it, The Real Deal has learned. Jeronimo Hirschfeld, founder and CEO of Miami-based One Real Estate Investment, planned the 12-story Wynwood Square at 2201 North Miami Avenue to have 241 apartments, 60,290 square feet of office space, 27,212 square feet of retail, and 481 parking spaces. “My take in the beginning was to develop it, but I have created a lot of value…,” Hirschfeld…

Vacation rental bill advances over Miami-Dade, beach cities’ objections

Despite opposition from Miami and Miami-Dade and a group of beach communities, a Florida House subcommittee on Tuesday passed a bill that prevents cities and counties from passing any new ordinances that restrict vacation rentals of private homes. The 9 to 6 vote by the Careers & Competition Subcommittee sends the controversial bill to the 30-member Commerce Committee, which is top heavy with lawmakers from South Florida where opposition to short-term vacation rentals has been most intense. The bill…

Spat over law firm delays City of Miami multi-million-dollar deal

A multi-million-dollar deal to gain new offices for the City of Miami and open choice riverfront downtown to private development has been delayed. It involves the lease or sale of the city’s riverfront offices – requiring voter approval – and any hope of having the deal ready for November’s ballot may be lost, said City Manager Daniel Alfonso. Last week the city commission refused to hire law firm Shutts & Bowen as special real estate counsel to work in consultation with the city attorney on the sale/lease of the Miami Riverside…

The Keys To Implementing An Effective Surveillance System

Whether you have a surveillance system in place or are looking to develop a new one, the world of cameras and security equipment can be daunting to those who aren’t experts in the industry. When working properly, a surveillance system can improve your response to crimes or other issues that arise. “If an organization has an on-site security force and a security monitoring center, a camera system can be used to leverage their capabilities,” says Michael Silva, Principal at Silva Consultant…

Miami Beach’s latest food hall, The Lincoln Eatery, unveils renderings

Featuring a rooftop deck Food halls continue to sprout across Miami, with the latest being The Lincoln Eatery, a Terranova project opening at 723 Lincoln Lane (aerial) in South Beach, just off Lincoln Road. Expected to debut Fall 2018, the building is already anchored by Marshalls on the upper floors. The open culinary concept will focus on fast and affordable dining options within spaces ranging in size from 119 to 500 square feet at ground level and a rooftop terrace with nearly 5,000 square feet of…

Florida questionably ranks 17th among ‘best states to retire’

Huh? Florida is not the best state to retire, or even among the Top 15, according to a study by Bankrate. The methodology used was cost of living, weather, health care quality, crime, tax, culture, seniors (prevalence of other seniors), and well-being. Somehow, Florida ranked 17th overall, questionably placing 18th in weather, the latter due to high air conditioning bills and a “relatively small number of clear days.” Florida fared especially poor in Crime (39th). New Hampshire topped the…

Trump presidency to have a positive impact on SoFla real estate investment: panel

As Donald Trump inches closer to his 100th day in office, the pivotal moment most U.S. presidents are judged as to whether their agendas are moving forward, the commander-in-chief remains mired in a never-ending storm of controversy. Yet, having the New York billionaire developer at the country’s helm will only bode well for South Florida’s real estate market in the next four years, real estate panelists said on Wednesday…

Thor Equities leases Lincoln Road spots to Steve Madden, Haagen-Dazs

Thor Equities has signed leases with Steve Madden and Haagen-Dazs for two adjacent spaces on Lincoln Road, bringing its holdings on the pedestrian promenade to fully leased, The Real Deal has learned. Steve Madden is taking 2,300 square feet at 663 Lincoln Road and Haagen-Dazs will be next door, with 1,000 square feet at 665 Lincoln Road, according to a New York-based Thor Equities spokesperson. Asking rents for both spaces were $300, the spokesperson…

Bayview Financial Renews 88,000-SF Lease in Coral Gables

Bayview Financial, a full-service mortgage finance company, renewed its lease for 88,047 square feet in the office building at 4425 Ponce De Leon Boulevard in Coral Gables, FL. The six-story The VIllage of Merrick Park building totals 135,000 square feet. Rouse Coral Gables LLC developed the property in 2002, at which time Bayview initially leased approximately 52,000 square feet of office space there. Matthew Cheezem of JLL represented the tenant……

Boats Group Sailing Into Miami Office Space at 1221 Brickell

Boats Group, a global leader in boat sales, has signed a 16,529-square-foot office lease at 1221 Brickell Ave. in the heart of downtown Miami, FL. The 27-story 408,423-square-foot, 4-Star office building was built in 1986 on 2.1 acres in the financial district of Miami/Dade County’s Brickell submarket. Dale Karrh with Newmark Grubb Knight Frank represented the tenant. Eric Groffman and Josh Gibbons with JLL represented the landlord, Equity…

Having More than Halved Since 2009, Miami-Dade Unemployment Rate Extends Decline

Miami-Dade County, Florida, Unemployment Rate 1990 to 2017. The unemployment rate in the Florida county of Miami-Dade County continued its steady decline that began in late 2009. Since its peak in August of that year, the unemployment rate has more than halved from 12.4% to 5.1% at the end of 2016 (January 1, 2017). The extent of this improvement can be appreciated in the accompanying chart (Unemployment Rate in Miami-Dade County, Florida for the period January 1, 1990 to January 1, 2017…

Miami commissioner goes after large-scale developments

A second Miami city commissioner is going after a provision in the zoning code that allows for large-scale developments with relaxed conditions called Special Area Plans, or SAPs. Commission Chairman Keon Hardemon proposes a moratorium on SAPs near Biscayne Bay to give planning staff more time to review current regulations and adopt revisions. His proposal is on today’s (3/23) commission agenda for a first reading. The ordinance would establish a 240-day moratorium on the acceptance of new applications…

Triple Five, Developer of American Dream Miami mega mall, halts its New Jersey mall project

The developer of the American Dream mall in north Miami-Dade County is still struggling to finish a mall with the same name in New Jersey. Triple Five, the developer, suspended construction of the American Dream mall in the Meadowlands area of northeastern New Jersey on December 23 for what it called a “planned holiday slowdown.” Triple Five told NorthJersey.com that work on the mall would resume this year. But construction has not resumed. The stalled construction work may derail plans to open the mall by 2018.

Vote soon on Genting plan for 300-room Miami hotel

Miami-Dade commissioners should soon vote on a joint development at the county’s Omni Bus terminal and access to the Adrienne Arsht Center Metromover station in which Malaysian casino giant Genting plans a 300-room hotel over the bus terminal. Miami-Dade’s Transportation and Public Works Committee on Thursday unanimously approved the concept from Genting subsidiary Resorts World Miami LLC and forwarded it to the full commission. It was a late addition to the agenda. Mayor Carlos Gimenez wrote…

Here’s a parking space with your ribs: Flanigan’s expands North Miami footprint with $7 million assemblage

Flanigan’s Enterprises is making sure that its customers always have parking. The publicly traded Fort Lauderdale-based restaurant group paid $2.5 million for a 20,000-square-foot lot adjacent to its North Miami location on Biscayne Boulevard, broker Jonathan Molano told The Real Deal. Jimmy Flanigan, president and CEO of the company, said Flanigan’s Seafood Bar and Grill has been at that spot, at 13205 Biscayne Boulevard, for about 40 years. “We endeavor to own all of our properties and the corridor…”

Miami’s spectacular condo-flipping market is in turmoil

In February, existing home sales of all types fell 10% year-over-year, to 1,835 homes. These sales “do not include Miami’s multi-billion dollar new construction condo market,” the Miami Association of Realtors clarified in its report on March 23. And this new construction market that is not included has become distressed. Sales of single-family homes fell 10% in February, to 881 houses. The report blamed the shortage of properties “in popular price points.” Prices have been rising sharply, and at the price points where people…

Frustration builds on Flagler Street renovation

Frustrated with on-again, off-again progress on Flagler Street’s renovation from the Dade County Courthouse to Biscayne Boulevard, Miami’s Downtown Development Authority might consider hiring its own project manager. The idea was one of many discussed at the authority’s Friday meeting. Though Miami’s Capital Improvement Program (CIP) is running the project, the downtown authority, stakeholders on the street, and Miami-Dade County – not the city – are footing most of the cost. Yet authority members say they…

Miami Commissioner Wants to Replace Godforsaken Brickell Bridge With a Tunnel

Maurice Ferre served as the mayor of Miami from 1973 to 1985. During that time, his administration noticed that the Brickell Bridge, which spans the Miami River downtown, had been mucking up traffic on Biscayne Boulevard. The structure is a drawbridge, and every time a boat passed into the bay, traffic on both sides of U.S. 1 ground to a halt. So Ferre’s administration proposed digging a tunnel under the river. But Ferre’s fellow city officials shot down the idea down. And in the decades since, traffic around the bridge has gone…

Topshop Topman, Zara and more heading to Aventura Mall’s new wing

Topshop Topman and Zara will open flagship stores in Aventura Mall’s new three-level wing in November, as the shopping center aims to boost its experiential offerings with more food, art and a VIP lounge, The Real Deal has learned. Topshop Topman’s two-level store at the mall owned by Turnberry Associates and Simon Property Group will mark the British brand’s first standalone store in Florida. The retailer’s offerings will include Topshop for women and Topman for men. Zara, which previously operated a store at Aventura Mall…

Company says bill could block extension of train service to Orlando

Executives of All Aboard Florida, the company developing a passenger train service in South Florida, say a bill in the Florida Legislature could derail plans to extend the service to Orlando. Michael Reininger, chief executive officer of All Aboard Florida, criticized a legislative proposal called the Florida High Speed Passenger Rail Safety bill, sponsored by Senator Debbie Mayfield (R-Melbourne). Reininger said in a conference call with the Miami Herald and El Nuevo Herald that the bill is a “thinly veiled” attempt to block…

Too much time in permitting is too little money for Miami

We used to learn by the grapevine that getting a building permit was slower in one city than another. For example, we always heard that Coral Gables could take seemingly forever to get a small project permitted. But thanks to the Internet, we can now read officially what virtually every community tells us about how long a building permit for a single-family home or a small renovation is going to take and plan accordingly. One of the longest waits nationally is San Diego, where such a permit…

Ten Business Practices To Manage Risk And Avoid Litigation

We see litigation in our daily lives, whether it is depicted in movies and television shows or blasted all over the news, but most business owners don’t stop to think about what it really means for them when they get into a legal situation. Typically, litigation is settled by agreement between the two parties but it may also be resolved by a jury or judge in court. Litigation is often necessary in some cases where attorneys fight hard to get the best results for their clients. However, litigation…

Five Companies Open New Locations In Doral

In addition, another Doral tenant increased its square footage by 9,800 square feet.

Coconut Grove Sees A New 30-Year First In Commercial Development

The Grove is coming alive with new condos, restaurants and shops, and the development of new Class A office space is the final ingredient that will complete the neighborhood’s comeback.

Everything You Need To Know About Florida Deficiency Judgments – Part II

A foreclosure judgment, followed by sale of the mortgaged property, doesn’t necessarily end a foreclosure case.  If the sale proceeds don’t fully pay the debt, the next step is a money judgment against the borrower for the difference (a “deficiency judgment”). “The amount for which a mortgaged property sells at foreclosure sale, whether to the mortgagee or to a stranger, is (less such costs and expenditures as provided in the final judgment of foreclosure) applied to the debt as fixed…

New York to Miami was 2016’s most popular long-distance move

Estimated to cost $5K The move from New York City to Miami was the most popular long-distance move of 2016, according to a study by SpareFoot in collaboration with Moving.com which looked at the most searched moves of 2016. The estimated cost for that move from the Big Apple to the Magic City based on a two-to-three-bedroom home without packing was $5,000. Among the 20 most popular long-distance routes was also Miami to Los Angeles (No. 17), Miami to Atlanta (No. 11), Miami to New York (No. 9)…

Poll: Should the Miami Open move to Hard Rock Stadium?

Miami Dolphins owner Stephen Ross makes a proposal With the Miami Open’s longtime future on Key Biscayne in question, Miami Dolphins owner Stephen Ross has proposed an alternative location: on the grounds of Hard Rock Stadium in Miami Gardens. Ross has proposed building a new tennis complex next to his stadium, according to the Miami Herald, while installing a Stadium Court inside the 65,326-seat stadium for bigger matches. The privately-funded alternative to Key Biscayne, where the tournament…

Miami Ultra Music Festival’s 2017 design and lighting in 15 photos

With a multi-million dollar budget You don’t have to be a hardcore fan of electronic dance music to appreciate Miami’s Ultra Music Festival, which wrapped up its 19th edition last night at downtown Miami’s Bayfront Park. If that heart-rattling music isn’t for you—it’s certainly not for me—one can still become enchanted by the secondary entertainment. This would include the attire, which ranges from Borat thongs to black tape bikinis, as well as the elaborate stage design…

Miami Development: Resorts World’s 36-story downtown tower to include hotel, residential

Part of a proposal to redevelop the Omni transit terminal  Included in Resorts World’s plans to redevelop the Omni transit terminal in downtown Miami is a mixed-use building with retail, restaurants, and entertainment, according to The Next Miami, in addition to a 36-story tower above the station that would encompass hotel rooms and residences.
Arquitectonica is the architect of the estimated $200 million project, which would include 300 rooms in the 162,000-square-foot limited service hotel…

Medical marijuana may push South Florida’s industrial sector to new highs

From the March issue: In early February, two monthly gatherings of real estate professionals hosted by the Realtors Commercial Alliance Miami saw attendance spike three-fold. “We usually get 25 to 30 people showing up to these events,” said Michael Silver, first vice president for CBRE Miami. “But we had about 90 people at the February events because both had to do with medical marijuana.” Silver told The Real Deal that a majority of attendees were interested in how they could cash in…

Judge orders Craig Robins’ Dacra to pay Ugo Colombo’s $1.5M legal tab tied to jet dispute

In the latest step in a seven-year legal battle, a judge ruled that Craig Robins’ Dacra Development must pay $1.5 million for Ugo Colombo’s attorneys’ fees tied to their dispute over a private jet. The judgment brings the total Dacra owes Colombo and his CMC Group to $3 million. Miami-Dade Circuit Court Judge Michael Hanzman’s ruling from Thursday was an agreed amount, and is on top of another $1.5…

Video: Deloitte’s Bob O’Brien Discusses the State of Different Commercial Property Types

Bob O’Brien, Global Real Estate Sector Leader at Deloitte, join The Commercial Real Estate Show to chat about the state of different commercial property sectors. Some highlights include: Rise in one day or same day shipping has caused a rise in industrial space; Global trade disruption is the risk to industrial; In hospitality, excess supply is a risk as added inventory is outpacing demand; Trump initiatives could be positive for commercial real estate; Commercial lending has been suppressed by…

3 Major Changes on the Horizon for Commercial Real Estate

Globalization, new technologies, and mobile applications are accelerating industry innovations. In the last two decades, the residential real estate industry has undergone a radical transformation. Innovations like mobile technology and big data have changed and refined the sales, marketing, financial, and communications methods used to buy and sell homes. Despite these transformations, the commercial real estate sector has remained comparatively unchanged – with many brokers and companies…

US Real Estate Debt Funds Are Flourishing, But Are They Becoming Complacent?

U.S. private fund managers are doubling down on debt, but some observers are worried they might be underestimating the risks. Last year, the total sum raised by real estate debt funds rose to $20.4 billion, from $12.2 billion in 2015, according to research firm Preqin. The appeal of issuing debt is that it protects investors…

Non-compete agreements act as contracts

When two multi-million dollar companies engage in similar business dealings, it can be important for those companies to protect their individual interests. That is why many Florida companies have non-compete agreements in place to protect confidential information and make sure that their business continues to thrive and grow in the community. Many times, employers require employees to sign non-competition agreements to ensure that they do not reveal confidential information to a competitor upon…

Miami Among Top Cities For Millennials

According to a new report from Realtor.com, high job growth in Miami is making it a magnet for millennials, translating into a strong population of home buyers.

Another 70,000 People Are Working In The Miami Area This Year, Setting A Record

The recently released U.S. Bureau of Labor Statistics data showed the county has once again broken employment records in January, after a record-setting December.