Mormon church’s real estate arm drops $174M for Beacon industrial park in Hialeah

The Church of Jesus Christ of Latter-day Saints’ commercial real estate arm dropped $174.3 million for the Beacon Logistics Park in Hialeah. Property Reserve, which invests the LDS church’s reserve funds, bought the majority of the 1.3 million-square-foot industrial campus on the northeast corner of Northwest 107th Avenue and Northwest 145th Place from Codina Partners…

8-Story Mixed-Use Development Is Proposed For 24735 S Dixie Highway in Miami-Dade’s Princeton Area

M&R Enterprizes 1 L.L.C, led by Rosa A Garcia and based in Homestead, Florida, has submitted an application for administrative site plan review (ASPR) for a new mixed-use development. This project is located at 24735 South Dixie Highway, at the northwest corner of Southwest 134th Avenue and Southwest 248th Street in Princeton, Miami-Dade County. Designed by Edward Silva…

Berkadia Arranges $36M Refi for Cooper City Senior Housing

A Monterra Commons balcony view of community amenities. Image courtesy of Monterra Residences Monterra MF, LLC has landed a $36 million refinancing loan for its 175-unit active adult community in Cooper City, Fla. A 10-year, fixed-rate loan with full-term interest-only and a 60 percent loan-to-value ratio was provided by an undisclosed major life company on behalf of the property.

More litigation likely over Coconut Grove Playhouse

The long and winding legal road to restore the Coconut Grove Playhouse is expected to take another turn as Miami-Dade County tries to appeal the City of Miami zoning board’s decision to deny its request for a demolition permit. After the City of Miami’s Planning, Zoning and Appeals Board granted an appeal filed by Coconut Grove residents to deny the county’s demotion…

38-story Edgewater residential tower to have a floor of offices

A new mixed-use residential development is planned for a site in the Edgewater neighborhood of Miami. The developer is 2900 Terrace Owner LLC, which plans to build the project at 401 NE 29th St. The plan calls for a 38-story tower containing 324 dwellings, 22,354 square feet of offices, 13,108 square feet of commercial use, and 515 parking spaces. The site plan also shows construction…

Tourist mecca Miami Beach weighs a hotels moratorium

Miami Beach, the county’s visitor magnate for a century, is considering a moratorium on adding hotel rooms. A discussion headed to the city commission’s Land Use and Sustainability Committee is to weigh repeal of floor area ratio incentives for hotel developments, a cap on hotel rooms based on zoning districts, and a recently enacted New York model for addressing the limits…

County floats bonds for Royal Caribbean headquarters

Some $455 million in Miami-Dade County Seaport Revenue Bonds that will help fund new county-owned facilities at PortMiami that include a new office campus for Royal Caribbean Cruise Ltd., the globe’s second-largest cruise carrier, are floating on a high bond rating. Fitch Ratings, one of a handful of firms that rate the strength of municipal bonds, has given the bonds an A…

Developer Seeks Design Approval For 5-Story Condo Project At 1940 Bay Drive In Miami Beach

1940 Apartments LLC, a Sunny Isles Beach-based entity led by Erwin Sredni, Jonatan Sredni, and Scott Albus, has submitted plans for a transformative 5-story multi-family residential project at 1940 Bay Drive in the Normandy Isle area of Miami Beach. Envisioned by Revuelta Architecture International, with Gardner + Semler taking the helm for landscape architecture, the proposed…

Dollar Tree Opens Three New Stores in South Florida

Dollar Tree has opened three new stores in South Florida. The retailer now occupies 13,500 and 14,000 square feet in Hialeah and Miami, respectively. Dollar Tree has also opened a 9,000-square-foot store in West Palm Beach. Additionally, the retailer is currently underway on the development of two stores in Sunny Isles Beach and Lauderhill, Fla. Steve Miller of The Rotella Group…

Melo Group Boosts Density For 1700 Biscayne Property In Miami’s Arts & Entertainment District

Melo Group has recently expanded the development potential of its property at 1700 Biscayne Boulevard in a significant transaction. The developer is now authorized to construct 2,471 residential units on this property, marking a substantial increase from the previously allowed 1,518 units. This enhancement in development capacity comes from acquiring rights for an additional…

Hotel sales still hot: Days Inn near Miami International Airport trades for $18M

A Massachusetts-based hotelier picked up a Days Inn by Wyndham near Miami International Airport for $17.7 million, amid a rash of year-end hotel sales. An affiliate of Global Vision Hotels, a hospitality-focused real estate investment firm in Wellesley Hills, Massachusetts, picked up the 103-room property at 7250 Northwest 11th Street, records show. The deal breaks down…

Menesse Brickell to Offer 300 Luxury Residences at 143 Southwest Ninth Street in Miami

Florida YIMBY has learned that developer Menesee Brickell LLC has refinanced Menesse Brickell, a high-rise venture in Miami. The 39-story project will measure 426 feet tall, offering 400 residences and 415 parking spots. There will also be 19,000 square feet of outdoor space. The Next Miami reports that the luxury housing development will also offer various amenities, although we’re…

Little Treasures in the Gables; The Enduring Charms of the City’s Small-Scale Historic Buildings

Coral Gables has its share of grand architectural showstoppers: The Biltmore Hotel and City Hall, certainly, but also the Colonnade Building, Coral Gables Congregational Church, Coral Gables Preparatory Academy, and others too numerous to mention here. But what of the lesser-known architectural gems, the “little treasures” that are essentially hiding in plain sight on some…

Developer Proposes AMC Park Apartments for 12501 SW 236th Street in Homestead

AMC Development Group has submitted revised plans for an apartment complex in southern Miami-Dade County. Originally, AMC Park apartments was to comprise 512 units. However, the developer is requesting fewer units after getting feedback from county officials. The new proposal calls for 248 apartments, ranging from 682 square feet to 944 square feet each. There would be…

Century Homebuilders, Treo buy 12-acre Homestead mixed-use dev site

Century Homebuilders Group and Treo Group bought an 11.6-acre development site in Homestead. The developers paid $10.5 million, or nearly $906,000 per acre, for the land between South Homestead Boulevard and South Krome Avenue, and between Southeast Fourth and Sixth streets, according to records and real estate database Vizzda. The site’s address is 503 South Krome…

1st Phase of ANF Group’s Affordable Goulds Project Tops Out

The topping out ceremony for Southpointe Vista. Image courtesy of ANF Group ANF Group has topped out a 10-story, 124-unit multifamily building at Southpointe Vista, a 332-unit, two-phase affordable housing project being developed by McDowell Housing Partners in the Goulds section of Miami. Construction on the building began in the first quarter of 2023…

Ben Mandell’s Tricera, partners buy Doral office building for $29M

ricera Capital bought The Offices at Doral Square for $28.5 million, The Real Deal has learned. Tricera, led by Ben Mandell, and its partners purchased the eight-story office building at 8600 Northwest 36th Street and adjacent three-story garage in Doral from Bridge Investment Group, according to a memo Tricera sent to its investors, obtained by TRD. Salt Lake City, Utah-based Bridge…

Ares buys self-storage facility near Aventura for $20M

An affiliate of Los Angeles-based Ares acquired a two-story building at 19301 West Dixie Highway, records and Vizzda show. The deal breaks down to $176 per square foot. Sitting on 2 acres, the 100,588-square-foot facility was completed in 2019 and is currently leased to Storage King. The seller, an affiliate of Hallandale Beach-based Snapbox Self Storage, paid $18 million…

Yair Levy’s failed heist of Miami’s jewelry district crown

After 50 years in the same spot inside the Seybold Building, the premier gemstone retail center in downtown Miami, jeweler Howard Steinlauf was ready to venture into a new space. Yair Levy, a developer banned for life from selling condos and co-ops in New York, was also looking for a fresh start. In 2018, he and his partners paid $14.5 million for Metro Mall at 1 Northeast 1st Street…

Frito-Lay sells Medley distribution facility for $17M

The Easton Group bought a Medley distribution center used by Frito-Lay, which will temporarily remain a tenant at the building. Doral-based Easton paid $16.8 million for the property at 12850 Northwest 113th Court, according to a company news release and records. Plano, Texas-based Frito-Lay, a subsidiary of PepsiCo, was the seller. Easton borrowed $9 million from Grove…

Bizzi+Bilgili, partners score $47M construction loan for office building in Miami Beach’s South of Fifth

A pair of development firms scored a $47.3 million construction loan for a five-story office building in Miami Beach’s South of Fifth neighborhood. Bizzi+Bilgili — a partnership between Bizzi & Partners and Turkish investor Serdar Bilgili — and Sumaida + Khurana are developing The Fifth Miami Beach. Former Google CEO Eric Schmidt is a partner in the project. The 60,200 sf…

Lease roundup: Mini-golf venue in Wynwood, Dollar Store seal retail deals

Puttery, a mini-golf provider backed by professional golfer Rory McIlroy, will open an outpost in Miami’s Wynwood. Puttery will offer three nine-hole golf courses across 17,800 square feet at 239 Northwest 28th Street, according to the company’s website and a news release. The outpost, which is expected to open this month, will include two bars and dining options. Records show New York…

Biggest South Florida real estate news of 2023

Soccer superstar Lionel Messi and Amazon founder Jeff Bezos moved to Miami in 2023, creating two major stories that dominated headlines around the world. The real estate market was somewhat insulated from headwinds facing other parts of the U.S. But higher interest rates, construction costs and insurance premiums kept deal volume low across sectors. Still, a number…

Faropoint drops $25M for Opa-locka industrial portfolio

Faropoint picked up an Opa-locka industrial portfolio for $24.6 million. An affiliate of Hoboken, New Jersey-based Faropoint acquired three single-story buildings spanning 142,415 square feet at 12900-13001 Northwest 38th Avenue, records and Vizzda show. The deal breaks down to $173 per square foot. The seller, an affiliate of Newport Beach, California-based The O’Donnell Group…

How South Florida Developer David Martin plans to deliver the biggest project of his career

Developer David Martin is good at a lot of things. Time management, however, is something he’s still working on. During an interview with The Real Deal, Martin took a conference call from Douglas Elliman Florida CEO Jay Parker and four others. Elliman needed to have its commissions paid before the end of the year. “Get that processed fast,” Martin urged an employee.

Miami Shores Home Rule Under Fire

Miami Shores Village is once again struggling to fend off high-density developments from entering its boundaries, although this time the will of the voters may not be enough to stop the clock. Mayor George Burch has grown increasingly concerned over higher governments preempting the village’s local zoning regulations. The state’s Live Local Act took effect in July 2023, right on the…

New York hospitality group pushes opening date for Catch Miami Beach

A fine dining restaurant that was originally slated to open in Miami Beach this fall will likely get its debut next year. New York-based Catch Hospitality Group updated its website to notify customers that the company’s seafood restaurant Catch is coming in 2024. When ready, Catch Miami Beach will open in the city’s affluent South of Fifth neighborhood at 200 South Pointe Drive.

Waterfront Food and Drink Venue Pier 5 Coming to Bayside Marketplace

Listen, we know you miss The Wharf Miami, and although the beloved spot is closed, Pier 5 is set to bring back the waterfront entertainment vibe to downtown Miami at Bayside Marketplace. The venue will host a weekend-long official grand opening starting Thursday, January 11. Pier 5, a new outdoor entertainment and food venue, is the brainchild of Breakwater Hospitality…

SEC Freezes Assets Of Developer Rishi Kapoor, Says He Defrauded Investors Of Millions

Embattled developer Rishi Kapoor, whose growing list of controversies ensnared Miami Mayor Francis Suarez, swindled investors and bankrolled a lavish lifestyle with misappropriated funds, according to a lawsuit filed by the Securities and Exchange Commission and unsealed in federal court this week. The SEC alleges that Kapoor committed seven violations of securities laws…

SEC charges: Rishi Kapoor and Location Ventures defrauded investors

Rishi Kapoor is in deeper trouble. Last week, the U.S. Securities and Exchange Commission sued Kapoor, his former firm, Location Ventures, and its subsidiaries and affiliates, for allegedly defrauding more than 50 investors who contributed $93 million for his real estate projects. The civil lawsuit, filed Dec. 26 in Miami federal court, is the culmination of a year-long SEC investigation…

Bank OZK Provides $220M Construction Loan for Phase I of FAT Village Mixed-Use Project in Fort Lauderdale

Bank OZK has provided a $220 million construction loan for Phase I of FAT Village, an 835,000-square-foot mixed-use development in Fort Lauderdale’s Flagler Village neighborhood. Plans for Phase I include 601 multifamily units, 180,000 square feet of creative office space and more than 70,000 square feet of retail space, including food-and-beverage offerings, shopping, entertainment…

Hines Lands $220 Million Construction Loan For First Phase Of FAT Village In Fort Lauderdale

In a landmark development for Fort Lauderdale’s urban fabric, a groundbreaking mixed-use project in the downtown area has recently obtained a substantial $220 million construction loan. This crucial funding, provided by Little Rock, Arkansas-based Bank OZK on December 26, is set to support FAT Village Project LLC, a Houston-based real estate development company…

Hines Lands $220M To Build Fort Lauderdale’s First New Office Since 2021

A joint venture led by Hines secured a $220M loan to build a mixed-use project that will include the only office space under development in Fort Lauderdale. The mortgage from Arkansas-based Bank OZK will finance the first phase of FAT Village, a 5.6-acre development in Flagler Village. The project from Houston-based Hines and Urban Street Development will include a 180K SF office…

Hines, Urban Street snag $220M construction loan for Fort Lauderdale mixed-use project

Hines and Urban Street Development scored a $220 million construction loan to build the first phase of a mixed-use project in downtown Fort Lauderdale. Little Rock, Arkansas-based Bank OZK provided the financing for FAT Village, a planned three-building complex on 5.6 acres at 545 North Andrews Avenue and 501 Northwest First Avenue, records show. The project is within the city’s…

Prashkovsky’s US arm sells Deerfield Beach apartment complex for $25M

Multifamily investment firm Category Five Real Estate bought a Deerfield Beach apartment complex for $24.6 million. Aventura-based Category Five, led by brothers Mike and Leon Peisach, bought the six two-story buildings at 311-601 Northwest 42nd Court from Prashkovsky USA, according to records and real estate database Vizzda. The deal breaks down to $157,692 per…

Category Five Real Estate Acquires Deerfield Beach Multifamily for $25M

Prashkovsky acquired a portfolio which included the Luna at Hollywood Condominium property in 2019. Image courtesy of Aztec Group Category Five Real Estate has expanded its multifamily presence in the Miami metro with the acquisition of a 156-unit community in Deerfield Beach, Fla. The South Florida-based firm acquired San Marco 1 from Prashkovsky USA for $24.6 million.

Related, Pebb and BH plot Boca’s Office Depot campus redevelopment

The Related Group is teaming up with Pebb Enterprises and BH Group to redevelop a slice of the Office Depot campus in Boca Raton. The joint venture this week submitted a site plan to the city of Boca Raton that shows one of three office buildings on the 29-acre site would be replaced by a nine-story, mixed-use building with 500 residential units and 42,000 square feet of retail.

Meyers Accesso Acquires Boca Raton Office Building

The Atrium at Broken Sound. Image courtesy of CommercialEdge data Meyers Accesso has acquired The Atrium at Broken Sound, an almost 100,000-square-foot, three-story Class A office property at 6111 Broken Sound Parkway N.W., in Boca Raton, Fla. The property is within The Park at Broken Sound, a 700-acre mixed-use development that offers walkable proximity to…

Meyers Accesso Acquires ‘The Atrium at Broken Sound’ Office Property In Boca Raton

Meyers Accesso, a leading developer of high-quality mixed-use and residential properties, recently announced the acquisition of The Atrium at Broken Sound, a nearly 100,000-square-foot, Class-A office property located at 6111 Broken Sound Parkway NW, within The Park at Broken Sound mixed-use development in Boca Raton, Florida. The Park at Broken Sound is a robust…

YMCA Of The Palm Beaches Breaks Ground On $45 Million Community Center In West Palm Beach

The YMCA of the Palm Beaches recently initiated the construction of a $45 million sports and community gathering facility in West Palm Beach. This flagship YMCA branch, situated in Lake Lytal Park at 3645 Gun Club Road, near Palm Beach International Airport’s south side, is set to encompass 55,000 square feet. The YMCA, a nonprofit organization, has already secured 60% of the $35 million…

Activate Hospitality buys West Palm Beach Holiday Inn and dev site for $24M

Activate Hospitality purchased a West Palm Beach Holiday Inn and an adjacent development site for $23.8 million in a bankruptcy sale. An affiliate of Miami-based Activate Hospitality acquired the 199-key hotel at 1301 Belvedere Road and a vacant 2.5-acre parcel approved for another hotel with 120 rooms, court records show. Bridgeinvest financed Activate Hospitality’s purchase with an…

Developer picks up 314-unit multifamily dev site at Palm Beach County’s Ag Reserve

A multifamily firm scooped up a development site approved for a 314-unit apartment complex in Palm Beach County’s Agricultural Reserve. An entity tied to Scottsdale, Arizona-based BB Living bought the 39.2-acre vacant site at 11275 Acme Dairy Road in unincorporated Palm Beach County for $24 million from three family trusts, according to records and real estate…

What’s on tap for property insurance in Florida’s upcoming legislative session

The Florida Legislature’s upcoming session could include a vote on bills tied to property insurance, including one that would make it less expensive for condominium associations to obtain coverage. Lawmakers aren’t expected to pass any sweeping changes, a year after Gov. Ron DeSantis signed major insurance reform into law that was meant to entice insurers to expand in the state.

For 2024, Prologis Forecasts Growing Freight Traffic

It’s that time of year again, when logistics development powerhouse Prologis takes a shot at predicting what the new year will bring for global supply chains—and reviews its own predictions from 12 months earlier. In Seven Supply Chain Predictions for 2024, the company makes some appropriately large-scale forecasts. Number one, Prologis says, “The global freight recession will reverse…”

Risks in commercial real estate financing : New insights from the Research Division

The FRED Blog has discussed the stress in the rental industry during the COVID 19-induced recession and the recent tightening in lending standards. Today, we focus on a broad change in the commercial real estate market brought about by the pandemic and its downside risks for the financial sector. The FRED graph above shows data from the Board of Governors of the Federal Reserve…

Video: KC Conway of KCnomics Discusses 2024 Economic & Real Estate Outlook

Economist K.C. Conway with KCnomics, LLC shares his outlook for various commercial real estate sectors, banks, interest rates, and the economy overall. Discussions include forecasts for office, retail, industrial, multifamily, build-to-rent, senior housing, and self-storage property. He begins by noting his concern about lending environment given repricing of commercial real estate…

Here are South Florida’s priciest industrial sales of 2023

Institutional buyers seeking massive warehouse portfolios dominated the top five largest industrial deals in South Florida in 2023. National industrial players primarily gobbled up complexes and business parks in Miami-Dade and Broward counties, which are much larger industrial submarkets than Palm Beach County. Overall, 2023’s top five industrial deals combined for $590 million.

Sumaida + Khurana And Bizzi+Bilgili Secure $47.25 Million In Construction Financing For ‘The Fifth Miami Beach’

Sumaida + Khurana and Bizzi+Bilgili, two internationally renowned real estate development firms, announced closing $47.25 million in construction financing from Cain International for The Fifth Miami Beach. This new Class A+ office building at 950 5th Street is the first commercial building in Miami’s South of Fifth neighborhood in 20 years. Designed by Alberto Campo Baeza…

Miami OKs 59-story Miami River tower on ‘a really small site’ at 99 SW 7th Street

A new skyscraper is planned for a small riverfront lot in the Brickell neighborhood of Miami. Developer Newgard Development Group plans a 59-story tower at 99 SW Seventh St., a home to 169 residential units and ground floor retail of about 1,200 square feet. The project is on the same property as the One Riverside project, which will provide the required vehicle and bike…

UrbanX aims to land electric vertical aircraft in Miami by 2027

Rolling into the new year, UrbanX is actively working together with its partners at Eve Air Mobility as well as local and state officials, infrastructure, energy and technology providers to establish the necessary framework for launching eVTOL aircraft in Miami-Dade County. UrbanX is committed to operating a social enterprise business model and public-private partnerships to ensure…

State probes 16 Miami-Dade county sites for freight truck parking lots

A freight truck parking shortage in Miami-Dade County continues to be an issue, but plans are rolling as the Florida Department of Transportation (FDOT) District 6 runs a truck parking site feasibility study. “This [truck parking site feasibility] study is a study that we’re performing to actually have a truck parking site,” said Daniel Lameck, District 6 freight and federal grants coordinator.

Miami-Dade shatters all historic jobs records

Miami-Dade’s ultra-tight employment market tightened even further in November as the county smashed employment records on three fronts. The county registered its lowest unemployment rate ever with the most people ever working in Miami-Dade despite a spurt in the civilian labor force to a record total. As Florida’s unemployment rate overall inched up to 2.9% in November…

ANF Group Tops Off Phase One Of ‘Southpointe Vista’ Affordable Housing Community In Goulds, Miami-Dade County

ANF Group, Inc. recently celebrated the topping out of the first phase of Southpointe Vista, a two-phase affordable housing development developed by McDowell Housing Partners located at Southwest 117th Court and Southwest 214th Street in Miami-Dade County’s Goulds community. This phase introduces a 10-story high-rise reserved for those earning up to 70% of the area median…

Miami-Dade warehouse could be replaced with 6-story self storage

A warehouse near Tropical Park in Miami-Dade County could be replaced with a self-storage facility. Sweet ELG Properties, managed by Gardo Gomez in Miami, filed a pre-application with county officials for the 0.95-acre site at 4300 SW 75th Avenue. It currently has a 12,042-square-foot warehouse that was built in 1965. The property is on the east side of State Road 826/Palmetto…

International Bank Provides $21 Million Loan For Doral Warehouse Project

Miami-based Banco do Brasil Americas provided the mortgage to Flightway Ten. It covers the five-acre site at 6175 N.W. 102nd Ave. The developer purchased the property for $3.9 million in 2014 and was approved for 60,941 square feet of warehouses and 10,689 square feet of retail. The post International Bank Provides $21 Million Loan For Doral Warehouse Project appeared first on…

Urban Network, Vertical land $25M construction loan for Brickell condo-hotel

Urban Network Capital Group and Vertical Developments secured a $24.5 million construction loan to build a $45 million condo-hotel in Miami’s Brickell. Aventura-based Rok Lending provided the financing for the joint venture’s Visions at Brickell Station, a planned eight-story building with 111 units at 1120, 1130 and 1136 Southwest Third Avenue, according to a press release.

Lennar pays $68M for its Miami headquarters property

Lennar purchased 5505 Waterford, an eight-story building in Miami’s Blue Lagoon business district that serves as the national homebuilder’s headquarters. A Lennar affiliate paid $68 million for the office building at 5505 Blue Lagoon Drive, records and Vizzda show. A CBRE team led by Christian Lee and Sean Kelly brokered the deal on behalf of the seller, an affiliate…

Miami Developers Close 2023 With A Flurry Of Construction Loans

Christmas came early for developers looking to break ground on new projects in Miami, with lenders gifting more than $125M in construction loans to five projects in late December. The largest deal was a $47.3M construction loan from Cain International for The Fifth Miami Beach, a 60K SF office building at 950 5th St. in South Beach. The project is a joint venture between Sumaida…

Constellation, Boschetti land $33M construction loan for Coral Gables mixed-use project

Constellation Group and the Boschetti Group snagged a $33 million construction loan for a mixed-use project in Coral Gables. Miami-based Banesco USA and Spain-based Abanca provided the financing for the joint venture’s planned development at 4225 and 4311 Ponce de Leon Boulevard, according to a press release. Miami-based Constellation and South Miami-based Boschetti…

Sentral Wynwood Announces New Retail Tenants: maman and The NOW

Brand Urban, a real estate brokerage and advisory company based in Manhattan, has announced that Sentral Wynwood, a resort-style residential community located in the heart of Miami’s arts district, has signed leases with maman and The NOW for ground-floor retail spaces at 51 Northwest 26th Street. As Sentral’s dedicated national placemaking consultant, Brand Urban…

Urban Network Capital Group & Vertical Developments Secure $24.5M Construction Loan for Visions at Brickell Station

Miami-based developer Urban Network Capital Group (UNCG), in partnership with Vertical Developments, has secured a $24.5 million construction loan from Rok Lending for the Visions at Brickell Station development. This wellness-forward condo-hotel project, designed by DTI Architects with interiors by Concepto Taller de Arquitectura, is located in Miami’s Brickell neighborhood.

Miami International Airport Records Busiest Day Ever, Again

Once again, MIA has broken its own record for passengers this week – and more records are expected shortly. On Sunday, December 17, a total of 171,371 passengers flew in and out of the airport. That is the most ever in airport history. The airport is also expected to break its annual passenger record, set just last year at 50.6 million passengers. MIA’s peak travel period begins today…

Edgewater Tower Resubmitted To FAA At 433 Feet

An application has been filed with the Federal Aviation Administration for approval to build a tower in Edgewater. The December 18 filing states the tower will rise 430 feet above ground, or 433 feet above sea level. In 2020, the FAA issued approval for a tower at the exact same height on the property. The approval was issued to Meridian TC Real Estate Group LLC, and is scheduled…

$115M Refinancing Arranged for Metro Edgewater Apartments in Miami

JLL has arranged a $115 million loan for the refinancing of Metro Edgewater, a new 32-story apartment tower in Miami’s Edgewater neighborhood. Jesse Wright, Elliott Throne, Kenny Cutler, Joshua Odessky and J.J. Hovenden of JLL arranged the financing through MF1 Capital on behalf of the borrower, a consortium between Lujeni Corp., Camino Capital Management and Building Block…

Edgewater 279-unit multifamily tower scores $115M refi

A consortium of three developers scored a $115 million refinancing for their recently completed 279-unit apartment tower in Miami’s Edgewater neighborhood. Camino Capital Management, Lujeni and Building Block Realty obtained the debt for the 32-story Metro Edgewater from MF1 Capital, according to a news release from the borrower’s brokers.

After ‘Throwaway Year’ In 2023, South Florida CRE Leaders Say 2024 Is Comeback Time

Despite an undeniable slowdown in 2023, optimism still permeates Miami’s commercial real estate sector — buoyed by the Federal Reserve’s recent signaling that rate cuts are on the horizon. “The problem is not South Florida real estate,” said Arnaud Karsenti, managing principal at 13th Floor Investments. “We’re probably way better off than our peers around the rest of the country.”

Here are the biggest South Florida retail leases of 2023

Despite slowdowns in other sectors, South Florida’s retail market held strong through 2023. Asking rents held steady, and vacancies remained low. Fitness-focused businesses dominated the region’s biggest retail leases. Gyms, sporting goods stores and sports entertainment spaces took hundreds of thousands of square feet across the tri-county area. Home goods stores…

Here are South Florida’s biggest office leases of 2023

South Florida’s office leasing party came to an end this year. Case in point: The majority of this year’s nine biggest leases were renewals, though some of the tenants also expanded their spaces, and two were new signings. The slowdown marks a turnaround from the leasing frenzy from late 2020 to last year. In the two year period, South Florida became a magnet for out-of-state…

Lease roundup: Soulfly Chicken opens at MIA Market in Miami Design District, new Oakland Park project scores five tenants

Chef Troy Tingling opened his second Soulfly Chicken in Miami. The restaurant leased at the MIA Market food hall at 140 Northeast 39th Street, according to a Soulfly news release. The opening marks the second brick-and-mortar outpost for Soulfly, a homegrown concept that Tingling started as a food truck in 2021. Records show Craig Robins’ Dacra owns the building where MIA Market…

The doctor is in: How medical amenities sell South Florida condos

As the adage goes, health is wealth. And it’s for sale at South Florida residential projects. Condo developers are in a perpetual race to offer the most cutting edge and appealing amenities to set their projects above all the rest. Movie theaters, libraries, spa facilities, pickleball courts and private restaurants are all standard fare for South Florida projects. Now, medical care on demand…

Juiciest South Florida real estate lawsuits of 2023

Some of the biggest players in South Florida’s real estate industry found themselves in court battling nasty allegations in 2023. In some cases, plaintiffs sought to expose the dark nexus between developers and Miami elected officials with an alleged penchant for skirting ethical boundaries. Among the most prominent: Rishi Kapoor, the disgraced founder of Coral Gables-based…

The Miami Area’s Office Market as 2023 Ends: Cooling, But Still Hot

Most metropolitan office markets across the nation are sagging under double-digit vacancy rates amid a slow post-pandemic decline in working from home. Yet, the Miami area continues to be a lively outlier where some of the best office space commands rents upward of $100 per square foot. Not every part of this Florida postcard is pretty, though. As it has elsewhere, the volume…

Latin American Wealth Flocking to Miami, Boosting Real Estate Investments

Latin America’s wealthiest investors are taking their fortunes to Miami at one of the fastest clips in history, with some fleeing regional turmoil and others lured by yields higher than they can find at home. For JPMorgan Chase & Co. and Brazil’s biggest banks, the exodus has generated asset and client growth. For Morgan Stanley, not so much. Wealth under management in Miami…

Edgardo Defortuna’s Fortune, Ricardo Dunin’s Oak Capital nab $259M construction loan for Ritz-Carlton Residences, Pompano Beach

Edgardo Defortuna’s Fortune International Group and Ricardo Dunin’s Oak Capital landed a $259 million construction loan for The Ritz-Carlton Residences, Pompano Beach. Fortune and Oak Capital are developing the two-building, 205-unit condo project between the Atlantic Ocean and the Intracoastal Waterway. The 4.6-acre site is at 1380 South Ocean Boulevard. Bank OZK…

Delray Beach Mixed-Use Project Lands $173M Loan

The 7-acre Sundy Village development’s total cost reaches $240 million. Rendering courtesy of Pebb Capital Pebb Capital has secured a $173 million construction loan from Monroe Capital and J.P. Morgan for its $240 million Sundy Village office and retail development in the heart of downtown Delray Beach, Fla. The mixed-use project broke ground in early 2023 at 22 W. Atlantic Ave…

Pebb Capital Secures $173M Construction Loan For ‘Sundy Village’ at 22 W. Atlantic Avenue In Downtown Delray Beach

Pebb Capital has secured a $173 million construction loan from Monroe Capital & J.P. Morgan for Sundy Village, a mixed-use development spanning approximately seven acres in the heart of Downtown Delray Beach. Following its groundbreaking in early 2023 and with delivery anticipated for summer 2024, this announcement marks another milestone for what will be the most…

Pebb Capital scores $173M construction loan for mixed-use project in Delray Beach

Pebb Capital scored a $173 million construction loan for the mixed-use Sundy Village project in Delray Beach. The firm is developing 180,000 square feet of offices and more than 28,000 square feet of retail on the southwest corner of West Atlantic and South Swinton avenues, according to a Pebb news release. Sundy Village will include the preservation and restoration of six historic…

Related Group Dealt Setback On Plan For West Palm Beach Condo Tower

West Palm Beach officials pushed back Tuesday on a plan from Related Group to build a 25-story condo tower on a waterfront parcel near a historic neighborhood. The city’s planning board voted Tuesday to recommend that the city commission reject the Miami-based developer’s proposal to build a 287-foot-tall condo tower at 4906 N. Flagler Drive. Related Group is seeking…

West Palm board recommends denial of Related Group’s rezoning for Apogee tower

A West Palm Beach board rejected Related Group’s rezoning proposal that would have allowed the Pérez family’s development firm to build a 25-story waterfront condo tower. The city’s planning board voted to recommend that the commission deny the developer’s request to rezone the property to residential planned development and deny a set of waivers the Miami-based…

West Palm Beach board approves Steve Ross, Jeff Greene projects

Developers Steve Ross and Jeff Greene passed a major hurdle for their separate projects in West Palm Beach. On Tuesday, the city planning board greenlit the site plans for Ross’ Related Companies’ East and West office towers planned at The Square mixed-use complex and Greene’s pair of condo buildings near Currie Park. The board also OK’d land-use and zoning…

Village Place MXU to Replace Defunct Mall at 101 U.S. Highway 1 in North Palm Beach

The Twin City Mall in South Florida could get redeveloped into a mixed-use project. The struggling mall opened in 1971, and since then, many plans have been discussed to replace it. Now, our sources indicate that Village Place could soon come to fruition. The 14-story project would reach completion in three phases, offering 947 multifamily units and 206 senior living residences.

Florida Adding 1000 Residents Per Day In 2023: Census

Florida’s population grew by 365,205 over a 12 month period ending in 2023, according to newly released Census estimates. The growth rate for Florida in 2023 was 1.6%. Only South Carolina grew faster on a percentage basis. On a numeric basis, Texas was the only state that added more residents, with 473,453 people added. Florida now has 3 million more residents than New York…

Video: KC Conway of KCnomics Discusses 2024 Economic & Real Estate Outlook

Economist K.C. Conway with KCnomics, LLC shares his outlook for various commercial real estate sectors, banks, interest rates, and the economy overall. Discussions include forecasts for office, retail, industrial, multifamily, build-to-rent, senior housing, and self-storage property. He begins by noting his concern about lending environment given repricing of commercial real estate…

Amancio Ortega’s Pontegadea pays $113M for Hialeah cold storage

Spanish billionaire Amancio Ortega’s real estate family office is expanding its cold storage business, acquiring its second Hialeah freezer facility in seven months. An affiliate of Ortega’s Pontegadea paid a cool $113 million for Bridge Point Cold Logistics Center, a 312,000-square-foot warehouse at 3995 West 108th Street, records and Vizzda show. The deal breaks down to just over…

Zara Billionaire Founder Buys Cold-Storage Facility in Miami-Dade

Zara’s billionaire founder Amancio Ortega is expanding his Miami portfolio to include industrial properties. Ortega’s family office, Pontegadea, paid $113 million for a cold-storage facility in Hialeah at 3995 W 108th Street, according to property records. Called Bridge Point Cold Logistics Center, the 312,103-square-foot facility, which sits on 20 acres, is leased to food logistics…

Petroleum mogul pays $29M for hotel near Miami International Airport

George Nediyakalayil, a petroleum distributor and real estate investor from Chicago, paid $29 million for a 190-room hotel near Miami International Airport. An entity managed by Nediyakalayil acquired Even Hotel Miami – Airport at 3499 Northwest 25th Street, records and Vizzda show. The deal breaks down to about $153,000 per room. Nediyakalayil financed the purchase with an…

Melo Buys More Density For Omni Project at 1700 Biscayne Where It Can Now Build 2,471 Units

Melo Group has acquired additional density rights for its property at 1700 Biscayne. Records show that Melo is now permitted to build 2,471 residential units on the property after it closed the transaction. The transaction was first reported by Traded. The developer was previously permitted to build 1,518 units. Records show it acquired rights for 955 additional units from an affiliate…

Melo picks up density for 950 units for planned multi-tower downtown Miami development, one of largest transfers in Florida

Melo Group picked up density to add nearly 1,000 more residential units in Greater Downtown Miami, The Real Deal has learned. Fort Lauderdale-based Stiles transferred density for about 950 units from its site at 1776 Biscayne Boulevard to Miami-based Melo, for its nearby property at 1700 Biscayne Boulevard, for $16.3 million. It marks one of the largest density transfers…

Photos: 645-Foot Miami River Tower With Rooftop Crown

Some of the final architectural features of the 54-story Miami River apartment tower under construction in Brickell can now be seen, photos by Phillip Pessar show. The tower stands at 645 feet – one of the tallest apartment buildings in the city, and the tallest that far west When complete, it will have 632 apartments, along with retail space and a riverfront promenade open to the public.

32-Story Metro Edgewater Gets $115M In Financing Following Completion

Metro Edgewater has reached completion and obtained refinancing. The 31-story tower broke ground in summer 2021, rising vertically a few months later. It had its first glass installed by July 2022, and topped off by fall 2022. A total of 279 apartments were built. According to the Metro Edgewater website, units are now available for immediate move in. The least expensive unit listed on…

Works paves way for Miami Beach convention center hotel groundbreaking

The Miami Beach Convention Center welcomes some of the community’s most anticipated events such as Art Basel and the Discover Boating Miami International Boat Show. Complementing the center’s impact is the Grand Hyatt Miami Beach Convention Center Hotel, expected to break ground next door in 2024 at 17th Street and Convention Center Drive. “We currently are doing…”

Miami-Dade approves Resia’s workforce housing project in Medley

Miami-Dade planning and zoning officials are on board with Resia’s plan to add 948 workforce housing units on a county-owned development site in Medley under Florida’s Live Local Act. The new state law allowed the Miami-based developer to bypass public hearings and receive administrative approval this week for its planned complex of four 12-story buildings…

Here are South Florida’s top multifamily deals of 2023

South Florida’s multifamily market wasn’t spared from elevated interest rates this year. The biggest deal was Air Communities’ purchase of a pair of apartment buildings in Miami Beach for $223.5 million, a price far below last year’s biggest sale of $440 million and runner-up of $429.4 million. The drop in prices is mainly due to the Federal Reserve’s aggressive interest rate hikes that started…

Here are South Florida’s biggest retail sales of 2023

Not a single retail sales in South Florida in 2023 surpassed the $100 million mark. Last year, three deals in the top five hit the nine-figure mark, including the top purchase: New York-based RPT Realty’s $216 million purchase of Mary Brickell Village. In fact, this year’s biggest retail trade, the $88.4 million sale of Shadowood Square in Boca Raton, barely beat last year’s fifth largest retail…

Here are South Florida’s top office sales of 2023

South Florida’s office market felt the sting of elevated interest rates, skittish lenders and remote work in 2023. Only two deals this year clocked in at more than $100 million, a drop from last year, when four deals surpassed that figure. The top sale this year was $250 million in Miami’s Brickell Financial District, marking a continuation of investment appetite for the neighborhood.

Here are South Florida’s biggest hotel sales of 2023

Nine South Florida hotels sold for a combined half-billion dollars this year. But even cobbled together, those deals fell far short of 2023’s top hotel sale, the $835 million trade of the Diplomat Beach Resort in Hollywood. That top sale was more than three times last year’s No. 1 hotel deal: the $232 million sale of the Confidante Miami Beach. It’s also proof that hospitality investors gravitated…

Here are South Florida’s largest industrial leases of 2023

Although leasing across asset classes took a hit this year, partly due to inflation and escalating interest rates that paused tenants’ plans, warehouses, distribution centers and manufacturing facilities felt none of the pain. The market “is at an all-time high for the last 35 years,” said George Pino, who has been an industrial broker for that long. Landlords responded to demand by…

The “worst is over”: Fed’s planned rate cuts boost confidence for South Florida real estate

Commercial broker Jaret Turkell is ready to rock and roll. Turkell posted a GIF of Minions dancing with the tagline: “It’s time to PARTYYYYYY!” shortly after Federal Reserve Chairman Jerome Powell announced on Wednesday that the Fed was keeping interest rates unchanged, and signaled it would make three 0.25 percentage point rate cuts next year. “We are back baby…”

Mayor vows to restore three historic Miami venues: Miami Marine Stadium; Olympia Theater; Coconut Grove Playhouse

Three historic facilities in Miami that have long languished will get a burst of his attention in the year ahead, Miami Mayor Francis Suarez vows as he looks at his aims for the final two years of his administration. In his sights for restoration are the city-owned Miami Marine Stadium and the Olympia Theater as well as the state-owned Coconut Grove Playhouse. “These three cultural…”

36-story Miami River with 345 residences wins city OK

The evolving and expanding Nexus development on a bend in the Miami River downtown is ready with the next phase. Owner-developer Lancelot Miami River LLC plans a new 36-story tower, home to 345 multi-family residential units, 393 parking spaces, a full suite of amenities including rooftop pool deck, and some ground level retail. This phase of the overall project is called Nexus…

Terreno Realty Corporation Announces Development Completion in Hialeah, FL

Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, announced today that it has completed the development of Countyline Corporate Park Phase IV Building 41 in Hialeah, Florida and leased 100% of the building to an international logistics services provider. Building 41 of Terreno Realty Corporation’s…

Kaseya moving more employees into 800 Brickell

IT powerhouse Kaseya continues to expand its headquarters after occupying three floors of office at 800 Brickell Ave. earlier this year. Now that construction is completed, more personnel are to be moving into the 14th and 15th floors by the end of this year. The 42,870 square feet across the three floors in that building is expected to house more than 400 employees, according to Kaseya…

Southplace City Center replacing sleepy Southland mall

Southland mall in Cutler Bay is on track to its $1.5 billion renovation as active leases from stores in the mall are moved in order to continue demolition. In place of the mall will stand the Southplace City Center. This project will include housing, dining and medical buildings. The idea of creating a walkable community that would include jobs first began in 2005. “Back in 2005…”

Starbucks Signs Lease At Miami Worldcenter’s Jewel Box

Starbucks has signed a lease to open at Miami Worldcenter. The development’s retail space is now nearly fully leased. Starbucks will occupy 2,824 square feet of space on the ground floor Worldcenter’s ‘Jewel Box’ retail building at 150 NE 8th Street. Opening is planned in 2024. Other tenants at the Jewel Box will include Earls Kitchen + Bar, Sports & Social, Sixty Vines and Bowlero.

Latin American Wealth Moving To Miami ‘At One Of The Fastest Clips In History’

Wealth management companies have been growing rapidly in Miami this year, thanks to Latin American investors and changes in the city brought about by the pandemic, according to Bloomberg. The movement of wealth to Miami-based management is happening at “at one of the fastest clips in history,” the report said. Among the companies growing here is JPMorgan Chase, which…

Continuum Cos. Plans 267-Unit Condo for 12000 N Bayshore Drive in North Miami

Mariners Bay Condo, a 46-unit complex in North Miami, could be replaced with a 489,179-square-foot condo. The unnamed development would measure 20 stories above grade and offer 267 units total. Per the Real Deal, there would be 12 townhomes, along with one-bedroom to three-bedroom condos. Along with 422 parking spots, the community would offer a host of amenities…

$68M Sale of 5505 Waterford Office Building Brokered

CBRE has brokered the $68 million sale of 5505 Waterford, an office building located in the Waterford Business District of Miami. The property totals 213,182 square feet and recently underwent a renovation that includes a new grand lobby, tenant lounge, 5,000-square-foot fitness center and the addition of a new level to the parking structure. Christian Lee, Sean Kelly, Amy Julian…

T.D. Jakes, New Urban to Develop Two Affordable Housing Communities in South Florida Totaling 350 Units

T.D. Jakes Real Estate Ventures (TDJREV) and New Urban Development will build two affordable housing communities in South Florida. Located in Hallandale Beach, the first property will comprise 200 mixed-income multifamily units on five acres. The groundbreaking is scheduled for the first quarter of 2024. The second community will be located in Miami Gardens, adjacent…

The Diocese Of Southeast Florida And Key International To Develop 42-Story Residential Tower At Trinity Cathedral Property In Miami

A pre-application for a 42-story tower, designed by Sieger Suarez Architects, was submitted last week on December 13 for development at the Trinity Cathedral property, located at 515 Northeast 15th Street and 464 Northeast 16th Street, on the border between downtown Miami and Edgewater neighborhoods. This project, a collaboration between The Diocese of Southeast Florida…

Revealed: 42-Story Tower Planned At Trinity Episcopal Cathedral Property in Miami

A pre-application has been filed with Miami-Dade planners for a 42-story tower at the Trinity Cathedral property. According to a letter sent to planners, the highest and best use of the property “is transit-oriented mixed-use development in the downtown Miami urban core.” Miami-Dade commissioners voted in October to add the property to the Metromover Subzone of the Rapid…

Calta plans $47M in Allapattah dev site purchases for workforce housing

The Calta Group is targeting workforce-priced housing in Miami’s Allapattah neighborhood. The Coral Gables-based firm plans roughly $47.2 million in purchases for development sites in Allapattah, where it wants to build multifamily projects with workforce units in two parts of the neighborhood, company co-founder Gaetano Caltagirone told The Real Deal. For the first two phases…

Newgard Development Group Appoints G.T. McDonald Enterprises, Inc. As General Contractor For 44-Story LOFTY Brickell

Newgard Development Group has selected G.T. McDonald Enterprises, Inc. as the general contractor for LOFTY Brickell, a high-end condominium project at 99 Southwest 7th Street. This 540-foot-tall, 44-story building, designed by Arquitectonica, features interiors by INC and landscaping by Urban Robot Associates. Following Newgard’s recent procurement of a foundation work…

Lofty Brickell Announces General Contractor: Foundation Work Starts January 1

Newgard Development Group has announced the hiring of a general contractor for the 44-story Lofty Brickell and the start of foundation work. G.T. McDonald Enterprises, Inc. has been appointed as the general contractor for the project. The company has secured a permit to begin pouring the building’s foundation, and is scheduled to start on the first of the year. Newgard previously…

Pacific Star Capital Proposes 18-Story Tower for 3600 Biscayne Boulevard in Miami

A Denny’s in Miami could soon be demolished and make way for a high-rise mixed-use building. Our sources indicate that the 18-story tower would offer 175 apartments, ranging from one-bedroom to two-bedroom units. There will also be seven penthouses. The South Florida Business Journal notes that homes would measure about 680 square feet to 2,290 square feet each.

Bye, Denny’s: Pacific Star plans 18-story mixed-use project in Miami’s Edgewater

Late night runs for pancakes, omelets and other comfort food in Miami’s Edgewater could soon end. Pacific Star Capital is charging ahead with plans to redevelop a Denny’s restaurant and parking lot at 3600 Biscayne Boulevard. The Santa Monica, California-based development firm is seeking design approval this week for 3600 Biscayne, a proposed 18-story mixed-use building…

Multi-Family Tower Proposed At 3600 Biscayne Blvd With Potential Grocery Store

Plans have been filed with Miami’s Urban Development Review Board for a multi-family tower at 3600 Biscayne Boulevard called Design District Gateway. According to a letter from the developer, the important crossroad property is a perfect location for a development that promotes a 15-minute city. The project may include a grocery store, the developer said. 3600 Biscayne…

Mast Capital And Rockpoint Mark Topping Off Of 3900 Alton Road In Miami Beach

Mast Capital, in partnership with Rockpoint, has achieved a notable construction milestone by topping off 3900 Alton Road. This nine-story residential building in Miami Beach, designed by the esteemed Arquitectonica with landscape architecture by Within Hults + Partners, adds 178 new units to the city’s housing market, establishing it as a premier location for upscale…

Developer Proposes 316-Unit Complex for  Homestead at 15200 SW 272nd Street

In December 2022, Florida YIMBY learned that Miami-based developer DEI Family Holdings hoped to move forward with a residential housing development. It requested a rezoning change and proposed an unspecified number of apartments for its upcoming project. Now, that venture is one step closer to becoming a reality. The Gertrude Pointe apartments could offer 316 apartments…

A Portrait of the Artist as a Builder; Modular Contractors’ Shaun Nowrouzi

As a child, Shaun Nowrouzi was fascinated with assembling objects, and he dreamed of being an artist. That curiosity with building things took him down another path, however, leading to a successful career as a contractor specializing in niche markets with a focus on high-end buildouts and educational and healthcare facilities. The commercial clients of his local company Modular Contractors have included Mt. Sinai Hospital, St. Thomas University, Baptist Hospital, Carrollton School of the Sacred…

39-Story Menesse Brickell Lot Refinanced, Construction To Begin Q2 2024

The developer of the 39-story Menesse Brickell have refinanced the property as construction nears. LV Lending closed a $16 million refinancing for a .69-acre development site. The development is planned to include 400 luxury rental apartments with an extensive array of amenities, in a tower designed by Behar Font. The refinancing was arranged by Camilo Niño, Ricardo Uribe…

Miami To Aventura Train Service Gets Important Environmental Approval

A key environmental permit has been granted for Miami-Dade’s northeast corridor commuter rail train service. NEPA environmental permitting approval for the project was obtained by Miami-Dade in November, Brightline told investors yesterday Miami-Dade now has $294 million of the estimated $578 million project cost now committed from the County and the State.

Renovation Plans Submitted For Brickell’s 36-Story One Broadway: ‘Improving The Miami Skyline’

A developer has filed plans with Miami’s Urban Development Review Board for renovation of Brickell’s 36-story One Broadway tower. Extensive exterior and interior renovations are planned at the 13-year-old tower which will improve the Miami skyline, a letter from the developer said. The renovation will include converting the existing 371 residential units to 123 hotel suites…

How sea rise could reshape South Florida neighborhoods: Retreat here, growth there

As sea levels push ever higher, the question of when — and where — it will affect South Florida’s real estate market is a big one. Research suggests people aren’t interested in paying a lot of money for a home that floods, and the number of properties at risk of flooding is only expected to rise in the coming decades. For an economy that relies on a booming real estate market to function…

Big Switch: Miami Traffic Changes Make Way for $840 Million Highway Project

Beginning Thursday morning, December 21, commuters will notice major changes in downtown Miami’s traffic pattern as foundation construction ramps up on a $840 million highway project to redesign I-95 and I-395, according to the Florida Department of Transportation. Transportation authorities have rearranged several high-volume central Miami routes as part…

A Mountain Of Trash Could Halt Development Around Miami. The Race Is On For Solutions

The outgoing director of Miami-Dade County’s Department of Solid Waste Management had a stark warning for county officials when he resigned in July: Find a place for the county’s growing pile of garbage, or you’ll be forced to stop approving new development across a broad swath of the region. The county will run afoul next year of rules requiring it to have five years’ worth…

Lease roundup: Sriracha House opening in South Miami, Asian food hall in Pembroke Pines

Husband-and-wife duo Emilio Benzadon and Jessica Knopf will open their third Sriracha House. The restaurant leased 3,000 square feet at 5966 South Dixie Highway in South Miami, according to a Sriracha House news release. The outpost will open this month with capacity for 80 guests in indoor and outdoor seating, including in a more private corner that’s a short walk along a graffiti…

How JRM Construction Management Successfully Expanded to South Florida

Three years ago, JRM Construction Management embarked on a journey to the sunshine state—Florida. Originally home-grown in the bustling headquarters of NYC, it wasn’t until JRM’s reputation for delivering high-quality spaces on budget as well as on schedule earned them many repeat clients. According to Joseph P. Romano, President of JRM, “At JRM, our fundamental principle…”

WSJ: Florida’s Live Local Act Sparks New Wave of Housing

Less than six months after Florida enacted legislation to encourage more workforce housing, dozens of developers are rushing ahead with projects that qualify for tax breaks under the new law. The legislation, known as the Live Local Act, offers developers tax breaks and allows them to bypass local zoning rules if enough workforce housing is built. The act is meant to create more housing…

Pinnacle at La Cabana to Offer Affordable Housing for Seniors at 8911 Miramar Parkway

Construction on Pinnacle at La Cabana could start in January 2024. The affordable five-story housing complex will offer 110 units, with 65 one-bedroom units and 45 two-bedroom units. Per the South Florida Business Journal, the community is aimed at seniors. Eleven units will be for people making 28 percent of the area median income, and the remaining 99 for those making…

Pinnacle Secures $61M for Affordable Senior Housing Community in Miramar

Upon completion, Pinnacle at La Cabaña will comprise one- and two-bedroom floorplans. Image courtesy of Pinnacle Pinnacle has secured $60.6 million in financing for the development of Pinnacle at La Cabaña, a 110-unit fully affordable and age-restricted housing community in Miramar, Fla. The Pinnacle at La Cabaña project represents a years-long strategic public-private…

Pinnacle scores $41M in construction financing for Miramar senior housing project

Pinnacle landed $41 million in construction financing for a senior housing project in Miramar. Bank of America provided a $27.3 million housing tax credit to build Pinnacle at La Cabaña, a proposed 110-unit apartment complex at 8911 Miramar Parkway, according to a press release. Pinnacle, a Miami-based affordable housing developer, also obtained a $5.6 million mortgage…

Related, BH pay $22M for second Diplomat Landings dev site in Hollywood

Related Group and BH Group are in full control of two waterfront development sites in Hollywood, after paying $21.5 million for the second parcel. The joint venture acquired a 5-acre site at 3451 South Ocean Drive, adjacent to the oceanfront Diplomat Beach Resort, according to a source familiar with the deal. The purchase also includes a marina and 62,000 square feet of existing…

Blackstone sells apartment complex in Margate for $93M

Blackstone sold an apartment complex in Margate for $93 million. The New York-based firm’s real estate arm sold the 394-unit Pinebrook Pointe at 3495 Pinewalk Drive to an affiliate of Coral Gables-based Bar Invest Group, according to records and real estate database Vizzda. Bar Invest took out a $50 million loan from BankUnited for the purchase. The sale breaks down to $236,041 per…

Walmart-anchored shopping center in Coral Springs trades for $21M

Q.V.H. Corporation picked up a grocery store-anchored shopping center in Coral Springs for $21.3 million. An affiliate of Q.V.H., a Miami-based commercial real estate firm led by president Rolando Hernandez, acquired Cypress Run Marketplace at 10599-10667 West Atlantic Boulevard, records and Vizzda show. The buyer obtained an $8 million mortgage with U.S. Century Bank to partially…

Newgard Development Group Acquires 1.08-Acre Development Site At 200 W Broward Boulevard in Downtown Fort Lauderdale

Newgard Development Group recently acquired a 1.08-acre site at 200 West Broward Boulevard in downtown Fort Lauderdale from a joint venture between Aimco and Kushner Companies for $31.24 million. The site, zoned for substantial residential development, has received approvals for a 49-story building comprising 381 residential units, 8,256 square feet of commercial space…

Kushner, Aimco sell upzoned Fort Lauderdale dev site to Newgard for $31M

Kushner Companies and Aimco sold a portion of an assemblage in Fort Lauderdale to condo developer Harvey Hernandez. Hernandez’s Newgard Development Group paid $31.2 million for the 1-acre property at 200 West Broward Boulevard, near the Brightline station. The sale was finalized on Friday. Kushner acquired the site as part of a larger assemblage, and brought in Aimco…

Fort Lauderdale Approves 936 Apartments In Two Towers

A developer received approval December 5 for two Fort Lauderdale towers rising nearly 50 stories each, according to the Sun Sentinel. There development will include: West Tower (47 stories, 523 feet) East Tower (45 stories, 493 feet) Combined, the project will include 936 luxury apartments, along with ground floor commercial. Arquitectonica is the architect Naftali Group is the developer.

13th Floor Investments Proposes 340-Unit Boca Village for 680 W Yamato Road in Boca Raton

A vacant 17.24-acre site in Boca Raton could find new life as a residential housing development. 13th Floor Investments has proposed Boca Village, an eight-story building requiring 414,566 square feet of new construction. The venture could offer 340 apartments, ranging from 500 to 1,488 square feet. Layout plans include studios to three-bedroom apartments, offering modern…

Developer Seeks Planning Board Approval For Herzog & de Meuron-Designed 32-Story Condo Project In West Palm Beach

Palm Beach billionaire Jeff Greene is advancing plans for a high-end condominium project situated across from the waterfront Currie Park in West Palm Beach. The city’s Planning Board is slated to review the project, crafted by the esteemed Swiss architecture firm Herzog & de Meuron in partnership with the local Spina O’Rourke + Partners and Enea Garden Design for landscape architecture.

Billionaire Jeff Greene Proposes ‘Mansions In The Sky’ In West Palm Beach

Jeff Greene, a billionaire and fixture in West Palm Beach who ran for governor in 2018, is moving ahead on a luxury condo project in West Palm Beach. Greene is looking to build a 152-condo project with 678K SF of sellable space on land he owns in West Palm Beach across from Currie Park. Greene is planning a pair of 350-foot-tall towers on a vacant 4.5-acre lot at 2175 N. Flagler Drive…

Jeff Greene advances plan for 30-story condo project near West Palm’s Currie Park

Jeff Greene is advancing a plan for a 152-unit condo project near Currie Park, marking development progress for his vast land holdings north of downtown West Palm Beach. The developer proposes a pair of 350-foot tall buildings on 4.5 acres between North Flagler Drive and Ponce De Leon Avenue, and between Piccadilly and 23rd streets, according to city records. The site is at 2175…

BGI Companies Selects Moss Construction As The Construction Management Firm For Alba Palm Beach

Miami-based real estate development firm BGI Companies has appointed Moss Construction as the construction management firm to complete Alba Palm Beach, a 22-story, 262-foot residential… at 4714 North Flagler Dr… on the Intracoastal waterways in the emerging Northwood neighborhood of West Palm Beach. Designed by Spina O’Rourke + Partners with Schmidt Nichols…

Richman plans 23-story apartment tower in downtown West Palm

The Richman Group is planning to redevelop a downtown West Palm Beach parking lot into a 23-story tower with 231 apartments. A Richman affiliate filed plans with the city of West Palm Beach for the high-rise project at 500 Clearwater Park Road. The proposed building, called 500 Clearwater, will also have a seven-story parking garage with 261 spaces. Richman, based in Greenwich…

Video: Deloitte Real Estate Solution Leader John D’Angelo Presents 2024 CRE Outlook Survey Results

John D’Angelo, Real Estate Solution Leader at Deloitte, joins America’s Commercial Real Estate Show host Michael Bull to share highlights from their (Deloitte’s) 2024 Outlook Survey. He notes that commercial real estate players tend to be optimistic by nature, but that they were not so much this time, with revenue growth expectations the most pessimistic ever. About 40% plan to cut…

Truck parking in Florida could soon get boost

Florida Gov. Ron DeSantis has unveiled his transportation budget for the coming fiscal year. The budget includes $25 million for truck parking. Dubbed Focus on Florida’s Future budget proposal for fiscal year 2024-2025, the plan includes $15.6 billion for transportation to target critical congestion relief and safety projects. The governor’s administration says the proposal allows…

Office Occupancy Hits New Pandemic-Era High As More Employers Plan To Add Space

Office usage hit an average 51.6% during the week of Dec. 6 in the 10 metro areas tracked by Kastle Systems’ Back to Work Barometer, the highest level since the beginning of the pandemic. “For most of 2023, the five-day weekly average has hovered around 50% of pre-pandemic occupancy, but the high day each week has been closer to 60% and the low day around…”

Hedge Fund, Developers Buying Up, Shutting Down Greyhound Bus Terminals

Many of America’s urban bus terminals are disappearing as more investors buy centrally located transit hubs and sell them for redevelopment. Greyhound has shifted much of its operations to curbside pickup after its former owner, FirstGroup, began selling its bus terminals. Greyhound bus terminals across the U.S. are being shuttered, including dozens that were bought…

Lennar’s Multifamily Arm Posts Loss, Reportedly Puts Big Portfolio Up for Sale

Lennar’s multifamily segment posted a loss in the fourth quarter and the unit is projected to weaken further at a time when a media report says the national homebuilder has hired JLL to sell a portfolio of 11,000 luxury apartments in its Quarterra arm for an estimated price of $4.5 billion. The proposed sale, reported earlier by Bloomberg Law, would amount to roughly a quarter…

JP Morgan: Navigating interest rate uncertainty

The ongoing saga of interest rates continues. The Federal Open Market Committee (FOMC) held interest rates steady for the third consecutive meeting, keeping the target range for the federal-funds rate at 5.25%-5.50%. “While it will still take a while to bring inflation to its long term 2% target, the Fed now appears ready to pivot and to begin lowering the Fed funds target range…

Gindi family’s ASG sells Miami Design District retail building for $22M

The Gindi Family’s ASG Equities sold a retail building in the Miami Design District for $22 million. Alo Yoga, the property’s current tenant, acquired the nearly 5,000-square-foot single-story store at 101 Northeast 40th Street, according to records and Vizzda. The seller, an ASG affiliate, paid $10.5 million for the building in 2013. ASG is a New York-based real estate investment firm led…

Downtown Miami dev site previously listed for $125M and approved for 80-story tower hits market

A downtown Miami development site that was previously listed for $125 million five years ago is back on the market. The 2.5-acre assemblage at 251 East Flagler Street, 244 Northeast First Street and 40 Northeast Third Avenue is currently listed without an asking price, according to an emailed brochure. Virgilio Fernandez and Pablo Camposano with Colliers, which has the listing…

Developers Announce Renovation Plans For The ‘Shelborne South Beach’ Hotel In Miami Beach

Westdale Properties, King Street Capital Management, and Cedar Capital Partners announced plans for “Shelborne South Beach by Proper,” located at Collins Avenue and 18th Street in South Beach. This significant renovation and redesign of the hotel’s guestrooms, food and beverage venues, pool deck, cabanas, and meeting and event spaces have begun. Following the renovation…

Shelborne hotel owners begin $85M gut renovation

Demolition is underway at the Shelborne South Beach hotel, as the owners work on restoring its Art Deco and MiMo design as part of an $85 million renovation project. Toronto-based Westdale Properties, New York-based King Street Capital Management and Cedar Capital Partners acquired a majority of the condo-hotel at 1801 Collins Avenue three years ago for $120 million.

Ian Bruce Eichner proposes 267-unit condo project in North Miami

Developer Ian Bruce Eichner wants to redevelop an aging waterfront complex in North Miami into a 267-unit luxury condo project. Eichner, founder and CEO of Continuum Company, proposes a 20-story development on the Mariners Bay Condo site at 12000 North Bayshore Drive, according to an application filed by an Eichner affiliate to Miami-Dade County in late…

Miami-Dade To Vote On Buying Fontainebleau Office Building For $205M

Miami-Dade County could spend $269M to purchase and upgrade an office building in the Fontainebleau neighborhood south of Doral. Miami-Dade County commissioners will consider purchasing the 625K SF office building for $205M and spending $63M on capital improvements. County commissioners will vote on a resolution on Dec. 12 that would authorize the purchase…

Miami-Dade mayor backpedals on controversial plan to overpay $133M for aging offices

Miami-Dade Mayor Daniella Levine Cava’s administration will rethink a controversial proposal to pay $133 million more than market value for aging office buildings. Commissioners were slated to vote on the plan on Tuesday, but instead allowed for Levine Cava’s 11th-hour request to defer the item to a future meeting, the Miami Herald reported. The pair of proposals were postponed…

Pella buys Medley warehouse for $45M

Pella Windows & Doors paid $45 million for a warehouse in Medley, as part of the acquisition of another manufacturer. An affiliate of Pella, a national windows and doors maker based in Pella, Iowa, purchased the roughly 270,000-square-foot industrial building at 8401 and 8501 Northwest 90th Street, records and Vizzda show. It’s occupied by the seller, Lawson Industries…

Boston Market Evicted Across South Florida As Legal Troubles Mount

The rotisserie chickens have stopped spinning at South Florida’s Boston Market locations. All of the brand’s remaining locations in the region — more than a dozen restaurants — have closed since November, the South Florida Sun Sentinel reports. The closures come as the brand faces legal tumult in the region and around the country as eviction notices pile up, federal and local authorities…

Following Renovations, South Florida Office Complex Attracts New Tenants, Lease Renewals

JLL announced it has completed several office deals at Westside Plaza in the northwest Miami-Dade County suburb of Doral, Florida. All told, 40,000 square feet in deals and renewals were recently completed in the Doral office complex, consisting of three four-story office buildings totaling more than 360,000 square feet. Among the new tenants that will move into or expand…

Prospera Real Estate Collective Plans to Build Community with 40 Townhomes at 10401 NW 8th Avenue, Miami, FL

Developer Prospera Real Estate Collective is in the process of securing a two-acre parcel where it hopes to build a townhome community. Its project, dubbed “Faith Place,” will offer 40 townhomes, measuring 866 to 1,100 square feet each. The South Florida Business Journal notes that while layout plans don’t come with garages, there will be 69 parking spots. The goal is to increase…

The Mike Eidson Factor: How one person can make a difference in both historic preservation and the arts

It had been raining for several days before we met attorney Mike Eidson and his wife Margaret for a tour of St. Mary’s First Missionary Baptist Church, the 1924 house of worship that for much of the past century served the black community of Coral Gables’ MacFarlane District. The church, which Eidson purchased and restored, felt like the safe oasis he intended it become…

Treo Group Breaks Ground on 400-Bed Student Housing Community Near University of Miami

The Treo Group has broken ground on VOX Miami Phase II, a 13-story student housing development located adjacent to the South Miami Metrorail station near the University of Miami campus. The project will offer 400 beds in 163 units, alongside 10,000 square feet of ground floor retail space. Together with Phase I of the development, the community will offer 726 beds and 15,000 sf…

Apartment wars: Miami-Dade ranks as nation’s “most competitive” multifamily market this year

Miami-Dade County continued to lead the nation this year as the “most competitive” apartment market, with the highest number of prospective tenants vying for an available unit, according to a new report by RentCafe. On average, 22 renters competed for the same apartment, much more than the national average of nine renters vying for a unit. A vacant unit in Miami-Dade…

Vivian Dimond plans nearly 900-unit workforce housing project near Allapattah

Developer and investor Vivian Dimond took over a land lease near Allapattah where she plans a nearly 900-unit workforce housing project, The Real Deal has learned. Dimond, a principal at the Coconut Grove-based private equity firm Bayshore Grove Capital, said the project will cost an estimated $175 million to develop. It’s expected to include two 15-story buildings constructed…

PortMiami Breaks Cruise Passenger Record, Now World’s Busiest

PortMiami has regained the title of the world’s busiest cruise port with a record-breaking year. There were a total of 7,299,294 passengers at the port in the Fiscal Year 2023, which started October 1, 2022 and ended September 30, 2023, according to Miami-Dade. That is 7% higher than the previous record of 6,823,816 passengers in Fiscal Year 2019. The 2023 passenger count is enough…

Updated contract for a new City of Miami administration building

City officials are revisiting an agreement with the development company Adler, paving the way for a modern city administration building to rise next to the future Miami Freedom Park. Today (12/14), the Miami City Commission will vote on a resolution authorizing the city manager to execute the agreements for the development. If approved, Adler Development Manager LLC will…

Vacancies rise in Miami-Dade luxury residential rentals

Miami-Dade County’s residential rental industry remains in demand, according to local real estate experts. The one and two stars, and even three stars, which are more entry-level rentals, remain a very tight inventory, according to Carlos Villanueva, a managing broker for The Keyes Company. “Overall, we’re seeing on average vacancy rates around 5.1% across the board,” he said.

Passenger rail service on track for CSX in South Dade

The Transportation Planning Organization has chugged ahead by one station on its long journey to bring shared passenger-freight rail service to South Dade as it cemented the aim into its long-range plan. The hunt for commuter rail transit in the southern part of the county has been long and was sidetracked for years as freight railroad CSX sought a high price to sell the routes…

Pedro Garcia: Miami-Dade Property appraiser offers his agenda for legislative reforms

In 2008, Pedro Garcia became the first elected Miami-Dade County Property Appraiser in more than five decades. He was subsequently re-elected in 2014 and was unopposed in the 2016 election. Mr. Garcia has worked in the Florida real estate industry since 1970. He is a state certified General Real Estate Appraiser and a real estate broker. For more than 35 years, he owned a real estate…

Construction Permits Submitted For Mandarin Oriental, Including 826-Foot Tower

Construction permit applications have been submitted to Miami’s Building Department for two Mandarin Oriental towers on Brickell Key. The project is quickly moving to the permitting phase, even before condo sales have been launched (that is expected in early 2024). Earlier this year, a letter from the city confirmed that the development was exempt from UDRB review. There are two…

Competition Launched To Improve Miami International Airport

The Miami-Dade Innovation Authority has launched a competition to improve MIA. The goal is to improve accessibility, navigation, and sustainability at the existing airport buildings. Three companies will be selected, with each to provided $100,000 to test their ideas at MIA. The idea is to scale those concepts worldwide following testing. The Miami-Dade Innovation Authority was launched…

Longpoint Acquires 1.4 MSF Florida Portfolio

Assets in the portfolio include buildings in Davie (pictured), Deerfield Beach and Lauderhill. Image courtesy of CBRE Longpoint Partners has purchased a 25-building industrial portfolio totaling roughly 1.4 million square feet. Seagis Property Group sold the properties, located across Miami and Broward counties in South Florida. At the time of the transaction, the portfolio…

Sale Negotiated of 1.4 MSF Industrial Portfolio in South Florida

CBRE has arranged the sale of a 25-building, 1.4 million-square-foot industrial portfolio located in the Miami-Dade and Broward Counties of South Florida. Boston-based Longpoint Partners acquired the properties from Pennsylvania-based Seagis Property Group for an undisclosed price. The portfolio was 97 percent leased to 77 tenants at the time of sale. Jose Lobón, Frank Fallon…

Longpoint drops $116M for Broward industrial portfolio

Longpoint Partners paid a combined $115.6 million for a Broward County industrial portfolio that is part of a larger deal also involving warehouses in Miami-Dade. Affiliates of Boston-based Longpoint acquired nine buildings spanning nearly 605,000 square feet in Davie, Deerfield Beach, Fort Lauderdale and Lauderhill, according to records. The deeds showing the sales prices for the…

1.4M SF Industrial Portfolio Changes Hands

Pennsylvania-based Seagis Property Group sold a 25-building industrial portfolio of buildings across Broward and Miami-Dade counties to Boston-based Longpoint Partners. The 1.4M SF portfolio was 97% leased by 77 tenants at the time of sale, according to a release. The complete list of the properties wasn’t disclosed, but six transactions totaling $116M have been reflected in…

The Weekly Dirt: South Florida office distress on the horizon

Trouble is on the horizon for office landlords in South Florida, unlike the glitzy skyscrapers found on Brickell Avenue and other popular office submarkets. Owners who secured loans at historically low rates are challenged by the current lending environment. And older buildings in suburban areas are already suffering as tenants abandon those properties when their leases…

Two Roads Development Files Permit Application For Vertical Construction Of EDITION Residences, Miami Edgewater

A permit application for vertical construction has been filed for EDITION Residences, a 56-story bayfront luxury condominium building poised to rise at 2121 North Bayshore Drive in Edgewater, Miami. Designed by Arquitectonica and featuring acclaimed interiors by Studio Munge, the striking 649-foot-tall sleek glass tower will house bespoke condominium units and will boast over…

UDRB Approves Updated Design For ODP Architects’ 12-Story Mixed-Use Development At 7737 NE 2nd Avenue In Miami

Miami’s Urban Development Review Board has unanimously approved 7737 Northeast 2nd Avenue, an unnamed 12-story mixed-use development in the city’s Little River neighborhood. Designed by ODP Architecture & Design, with Kimley-Horn serving as both the landscape architect and civil engineer, and developed by Little River Cedar Property Owner, LLC, an affiliate…

$150M Penthouse Planned At Raleigh’s New Condo Tower

A penthouse planned at a new condo tower next to the Raleigh in South Beach could become the most expensive residential property in Miami history, according to Bloomberg. Developer Michael Shvo said that the 13,000 square foot penthouse was priced at over $150 million. The new building is being designed by Peter Marino. A total of 40 condos are planned in the 13-story tower…

Mast Capital’s Camilo Miguel Jr. Shares His Insights Into The Future of Miami Real Estate

At the heart of Mast Capital (mastcapital.com) lies its CEO and founder, Camilo Miguel Jr. Since creating the company, Miguel has worn every hat imaginable, immersing himself in each role to ensure his team’s success. Since its inception in 2006, Mast Capital has played a crucial role in Miami’s growth and evolution while working to transform the city as a whole. “ At the heart of…

Lease roundup: Argentine Football Association, Turkish firm Ege Yapi open Miami offices

The Argentine Football Association opened an office in Miami’s Wynwood. AFA leased 5,100 square feet on the top floor at 128 Northwest 28th Street for the association’s U.S. headquarters, according to a news release and the Miami Herald. Claudio “Chiqui” Tapia is president of AFA, or Association del Futbol Argentino. The AFA office marks Miami’s growth as a soccer town, a reputation…

T.D. Jakes Real Estate Ventures Partners with New Urban Development to Address Housing Crisis in South Florida

The strategic partnership signifies a concerted effort to provide affordable housing for in-need areas of South Florida while also helping to revitalize and stabilize the communities. This project is the continuation of Chairman T.D. Jakes’ push to create affordable, accessible housing nationwide for those who need it most. T.D. Jakes REV to Build Two Mixed-Use Housing Developments…

City Officials Approve 21 Hollywood for 2100 N. Federal Highway in Hollywood

Hollywood officials have given the green light for a residential complex across from South Broward High School in Hollywood, FL. 21 Hollywood will measure 13 stories above grade and offer 200 apartments. Per the South Florida Business Journal, those units would include 18 penthouse that would come with rooftop terraces. Communal amenities include a fifth-floor amenity…

Hudson News heir Robert B. Cohen II buys out Tequesta condos for $15M

Hudson News heir Robert B. Cohen II bought a 16-unit Tequesta condominium complex for $15 million. Records show Cohen’s Vox Real Estate Holdings LLC, a Florida entity, bought the Bella Villaggio complex at 3770 County Line Road from an entity named for the address, managed by Menachem Light and Levi Tennehaus. Cohen financed the purchase with a $12.5 million loan from…

Thrive Hospitality, Mid America Lodging scoop up Plantation La Quinta Inn for $15M

Thrive Hospitality Group and Mid America Lodging Group bought a La Quinta Inn in Plantation for $14.5 million, marking at least their third South Florida hotel investment this year. The firms, both of which are led by members of the Abdulnoor family, bought the 104-key La Quinta Inn & Suites by Wyndham Plantation at 7901 Southwest Sixth Street from an affiliate of hospitality…

TM Real Estate Delivers Plantation Luxury Community Shalimar West

The 240-unit community is part of Shalimar at Plantation. Image courtesy of ANF Group ANF Group has completed the construction of Shalimar West, a 240-unit luxury project that is part of Shalimar at Plantation, a two-building development in Plantation, Fla. The 616,164-square-foot multifamily community was developed by TM Real Estate Group and designed by MSA Architects.

ANF Group Marks Completion Of Multifamily Project ‘Shalimar West’ Within The Plantation Midtown District

ANF Group, Inc. has announced the completion of Shalimar West, a 240-unit luxury multifamily and mixed-use development located within the Plantation Midtown District at 8500 Cleary Boulevard in Plantation, Florida. This upscale living community, developed by TM Real Estate Group LLC and thoughtfully designed by MSA Architects, is housed in a five-story, mid-rise garden…

Raanan Katz’s firm bags grocery-anchored Fort Lauderdale shopping center for $38M

Raanan Katz’s RK Centers paid $38 million for a Fort Lauderdale shopping center, buying 1600 Commons for $11 million less than the previous sale price six years ago. An affiliate of Sunny Isles Beach-based RK acquired the 65,338-shopping center completed in 2016, records and Vizzda show. The deal breaks down to $589 per square foot. The seller, an affiliate of Newark…

115-Key Hotel “The Element by Westin” Proposed for Dania Beach, FL

FLL Airport Lodging LLC, an affiliate of Baywood Hotels, is seeking approval for a hotel in Dania Beach. If the City Commission approves the venture at the December 12 hearing, it will be the second Element hotel in Broward County (the second one is located in Fort Lauderdale). FLL Airport Lodging LLC has proposed a six-story hotel that will require just over 79,000 square feet…

Baywood Hotels wins approval for 115-room Element in Dania Beach

Baywood Hotels won site plan approval for a six-story, 115-room Element Hotel in Dania Beach near a Bass Pro Shops just west of I-95. The Dania Beach City Commission voted unanimously Tuesday night to also approve variances from the city’s design requirements for the hotel project and a related plat amendment. Columbia, Maryland-based Baywood Hotels, led by President Al Patel…

MHG buys Marriott-branded West Palm Beach hotel for $21M

Midwest Hospitality Group, also known as MHG Hotels, snagged a Marriott-branded hotel in West Palm Beach for $20.5 million, netting the seller a $5.2 million gain six months after purchasing the 2.5-acre property. An affiliate of Indianapolis-based MHG acquired Courtyard by Marriott – West Palm Beach Airport at 1800 Centrepark Drive East, records and Vizzda show. Midwest Hospitality…

Kenco buys 104 homesites at Avenir in Palm Beach Gardens for $18M

Kenco Communities purchased 104 homesites at the Avenir mixed-use development in Palm Beach Gardens for $17.9 million. The West Palm Beach-based homebuilder bought the Pod 18 development site that spans nearly 51 acres from an affiliate of Avenir master developer Landstar Development Group, according to records and real estate deals database Vizzda.

Mattamy acquires Lake Worth Beach golf course approved for resi project

Mattamy Homes acquired a Lake Worth Beach golf course that the company intends to redevelop into a 450-unit residential community. Canada’s largest homebuilder is proposing Forest Oaks, a development consisting of 100 single-family houses and 350 townhomes within the Lucerne Lakes master-planned community in Lake Worth Beach. Last year, the Palm Beach…

How Lifestyle Offices Are Redefining Work-Life Balance

In the dynamic landscape of modern workplaces, the concept of lifestyle offices has emerged as a transformative approach, tailored to meet the evolving needs of today’s workforce. These properties represent a unique evolution in commercial real estate, blurring the lines between work and lifestyle by mixing workspaces with leisure, amenities and community elements.

Video: PwC’s Tim Bodner & Andrew Alperstein Discuss PwC’s Emerging Trends in Real Estate 2024

Highlights from the 45th edition of PwC and ULI’s Real Estate Outlook Survey of industry participants on investments, capital markets, development, property sectors, top markets, and the economic factors impacting the real estate market are discussed by Real Estate Deals Leader, PwC US Tim Bodner and Andrew Alperstein, as a partner in PwC’s Financial Markets & Real Estate Group.

Contrarian View: InterFace Lending Panel Explains Why Multifamily Borrowers Should Refinance Today

Depending on the era in which you came of age and the general experiences you’ve had in life, the notion that “things can always get worse” can be easy to endorse. As it pertains to commercial lending and borrowing, the consensus narratives that have prevailed ever since the Federal Reserve began jacking up interest rates in early 2022 has largely followed the same script…

Ghost Kitchens Begin To Fail As ‘Pandemic Buzz’ Wears Off

Ghost kitchens, the commercial kitchens with no dine-in option that became pandemic-era darlings, are beginning to fail, raising questions about whether the industry’s projected boom was a collective CRE hallucination. Kitchen United, a startup that ran delivery-only restaurants and raised $175M in funding, announced last week it would sell or close all of its locations…

Cap Rates on the Rise at Dollar Stores

What might seem to an outsider to be odd times in the dollar store industry is actually what an insider would expect, according to a new B+E report. Even as the Federal Reserve had kept the benchmark federal funds rate through the third quarter, the average cap rate for dollar stores grew from 6.34% to 6.51%. The increase is well-aligned with market norms, as sellers recalibrate…

MSCI: 2024 Trends to Watch in Real Assets

The year 2023 was an especially tough one for real estate. Declines in asset valuations, which had begun in the second half of 2022 in many markets, proliferated across a broader range of markets through the rest of 2023. Transaction volume also continued to fall through the year, with dealmaking often paralyzed by the standoff between potential buyers and sellers on pricing.

JP Morgan: 2024 commercial real estate outlook

“Overall, the outlook for commercial real estate next year is muted in terms of capital and space market performance, with a continued recalibration of sorts across all sectors,” Ermengarde Jabir, Senior Economist at Moody’s Analytics. Commercial real estate trends across asset classes: While uncertainty around interest rates and office remain top of mind, performance varies…

Blackstone, Starwood Among Real Estate Giants Lobbying Against Florida’s Foreign Investment Law

Some of the largest U.S. real estate investors are pushing back against the recently enacted law in Florida banning most Chinese investors, as well as investors of other nationalities, from acquiring real estate in almost all cases. A group that includes Blackstone, Starwood Capital and Related Cos. wants the state to roll back the law, Bloomberg reports, as does major home builder Lennar Corp…

Tourmaline’s CEO on investing in offices amid remote work, debt woes

Many real estate players steered clear of the office market during the past three years. Remote work and a difficult lending climate led to leasing and debt woes across the U.S., cooling investment appetite. Yet, in 2021, amid abounding uncertainty over the future of workspace, Tourmaline Capital Partners formed, aiming to target an unlikely asset class: offices.

New Renderings Reveal Changes To Facade For HUB Miami At 525 NW 2nd Avenue In Downtown Miami

Updated renderings have been revealed for HUB Miami, a 41-story mixed-use building at 525 Northwest 2nd Avenue in Downtown Miami. Designed by ODP Architecture & Design with interiors by One Line Design Studio, and developed by a joint venture between The John Buck Company, Florida Value Partners, BH Group, and PEBB Enterprises, the 523-foot-tall structure will span…

4241 Aurora Planned for 2024 Groundbreaking at 4241 Aurora Street in Coral Gables

Two developers have secured approval for a 16-story tower in Coral Gables. Tentatively known as “4241 Aurora,” the high-rise would offer 60 to 80 condos, along with 15,000 square feet of office space and 10,000 square feet of retail. The Constellation Group, one of the co-developers, told the South Florida Business Journal that the final plans hinged on the housing market in Miami…

Edgewater Apartment Towers Submitted To FAA

Height have been filed with the Federal Aviation Administration for two apartment buildings planned in Edgewater. The filings were submitted on November 14, and are for the properties where the 36-story Residence 23 and 20-story Residence 27 buildings are planned. The tower on the Residence 23 property is planned to rise 370 feet above ground, or 383 feet above sea level…

Edgewater Luxury Apartment Tower Submitted To FAA At 399 Feet

A filing for height approval was submitted to the Federal Aviation Administration on December 1 for a tower in Edgewater. The proposed structure is planned to have a permanent height of 390 feet above ground, or 399 feet above sea level. In November, developers filed plans for the 2900 Terrace luxury apartment tower on the site with Miami’s Urban Development Review Board.

Another: Transit-Oriented Development Breaks Ground At Metrorail Station

A transit-oriented development broke ground yesterday on its second phase next to a Metrorail station. Vox Miami Phase 2 is planned to rise 13 stories, and include: 163 student housing units 13,284 square feet ground floor retail rooftop pool and other amenities Phase 1 of the project was completed in 2021 with 99 student housing units and 326 beds. Parking required by zoning…

FDOT To Begin Downtown Miami Biscayne Boulevard Roadway Construction In October 2024

Roadway construction on Biscayne Boulevard through parts of downtown Miami is set to begin in October 2024, according to FDOT’s website. Work will take place between Bayside Marketplace and the entrance to Museum Park and the Signature Bridge. The project is expected to cost $5 million, with construction to take 8 months. The job is to include: Improving existing stormwater…

Apartment Building With 237 Units Tops Off Two Blocks From Allapattah Metrorail

Neology Development Group has topped off Fourteen Allapattah Residences, just two blocks from a Metrorail station. A top off ceremony took place on November 10. The building will include 237 apartments, with completion expected in summer of 2024. Fourteen Allapattah Residences is a two building project. It includes a 14-story building with 180 apartments, and an adjacent five-story…

Massive Sunset Place redevelopment moving forward

Midtown Miami developer Alex Vadia is moving forward with plans to redevelop the Shops at Sunset Place, a shopping center in South Miami. British design and architecture firm Heatherwick Studio and ODP Architecture & Design will be working on the master plan and timeline for the 10-plus-acre property at 5701 Southwest 72nd Street. Vadia’s Midtown Opportunities paid $65.5 million…

Eight Retailers Join 2.2 MSF River Landing Shops & Residences Development in Miami

Eight new retail tenants have signed leases totaling 15,000 square feet at River Landing Shops & Residences, a mixed-use development spanning 2.2 million square feet in Miami. Located at 1400 N.W. North River Drive, River Landing comprises approximately 360,000 square feet of retail/commercial space, 135,000 square feet of Class A offices, 528 market-rate apartments, more than…

Constellation Group And Boschetti Group Receive Approval From the City Of Coral Gables for New Mixed-Use Residential Project At 4241 Aurora Street

Following a recent City Commission meeting, Miami-based real estate development firms Constellation Group and The Boschetti Group have announced the approval of their latest landmark project, 4241 Aurora. This Mediterranean-style mixed-use development, designed by the world-renowned Arquitectonica, is located at 4241 Aurora Street within the Design and Innovation District…

Even In South Florida’s Booming Market, CRE Investors Smell ‘Blood in The Water’

A wave of new arrivals helped insulate South Florida from much of the pressures facing the commercial real estate sector, but an influx of wealth and people to the region hasn’t been enough to overcome the weight of interest rates. Citrin Cooperman’s Brian Torres, Capital One Commercial Real Estate’s Maggie Burke, Slate Asset Management’s Anthony Candela and Forman Capital’s Ben Jacobson…

New Rendering Shows Glass Façade Planned At 41-Story HUB Miami

A new rendering of the 41-story HUB Miami tower has been released by the developer. The rendering shows a partial glass façade is planned to extend down towards ground level at the northwest corner of the tower. The developer has said they plan to begin demolition before the end of 2023 to allow for construction to begin. As of this morning, a demolition permit to clear…

Construction Update Released On One Of Biggest Hotels In Miami Beach History

Miami Beach has released on update on the Grand Hyatt convention center hotel, which will become one of the biggest ever built in city history. According to a November 17 letter to city commissioners, developer MB Mixed Use Investment, LLC notified the city that it was extending the date of possession of the property. The developer has already spent $20 million in the project.

Amazon: No Comment On Plans To Increase Miami Employee Count

Amazon recently confirmed that it is planning to directly lease office space in Miami for the first time, but will it be adding new employees here? According to the Seattle Times, an Amazon spokesperson would not comment on its future plans to increase its employee count in Miami. The spokesperson told the paper that the search for office space in Miami began prior to Jeff Bezos announced…

BNP Paribas, Europe’s largest bank, returns to Miami

Europe’s largest bank, BNP Paribas, returns to Miami this week after a two-decade absence. French banks BNP and Paribas merged in 2000. Both had offices in Miami before the merger and had an office together here for a short time before leaving the city in the early 2000s as numbers of international banks here declined from their peak. BNP Paribas’ new Miami office was…

Tri-Rail tweaks schedules for new downtown Miami service

As Tri-Rail use continues to rebound from its pandemic plunge, the long-awaited plan to send trains to downtown Miami has rolled a few feet closer to its end-of-the-year launch target. “Starting Monday,” explains Victor Garcia, public information officer for the South Florida Regional Transportation Authority (SFRTA), “we will operate as if downtown service were in place, without the actual…

Developer Jorge Pérez Reveals His Predictions For Miami’s Residential Market

Related Group founder Jorge Pérez has revealed how he feels about the future of Miami’s apartment and condo markets, in an interview with the FT. According to Pérez, Miami is no longer a seasonal city. It is also not subject to the booms and busts of the past. He cited an influx of new residents and major businesses during the pandemic. “We’ve become a center of culture, a center of business…”

Robert Finvarb Companies Plans 116-Key Hotel At 160 NW 28th Street In Wynwood

Robert Finvarb Companies, a renowned name in the hospitality industry, in partnership with New York-based Hidrock Realty, is gearing up to introduce an exciting new hotel venture in Miami’s bustling Wynwood Arts District. The Wynwood Design Review Committee is poised to review the project plans on December 5 for the 11,250-square-foot site at 160 Northwest 28th Street.

Turkish real estate firm opens U.S. headquarters in Miami

A Turkish real estate investment, development and construction firm has opened a regional headquarters office in the Miami Design District. Egeyapi Global, an affiliate of Istanbul-based Egeyapi, leased a 2,000-square-foot space at 4141 N.E. Second Ave. The office will serve as Egeyapi’s headquarters in the U.S. and employ up to eight real estate professionals in development…

Map: Nearly 5K resi units in the pipeline along US 1 in Miami-Dade

Developers have rushed to build new residential towers along Miami-Dade Metrorail stations on U.S. 1, in many cases taking advantage of the density and height that the transit-oriented sites provide. Nearly 5,000 units, mostly apartments, are in the development pipeline, according to The Real Deal’s analysis of recently completed, under construction and proposed projects from…

Continuum Company Unveils Continuum 2.0 – Continuum Club & Residences in North Bay Village

National real estate development firm Continuum Company, in partnership with Aksoy Holdings, the Turkish developer behind The Ritz-Carlton Residences, Bodrum, has unveiled the Continuum Club & Residences. This new luxury bayfront condominium is in Miami’s North Bay Village and is set to rise at 1755 79th Street Causeway. The project marks the introduction of Continuum 2.0…

Fourteen Allapattah Residences Tops Off at 1470 NW 36th Street

After topping off Fourteen Allapattah Residences in Miami, Neology Development Group is one step closer to completing its latest project. The $70 million venture started construction in November 2022, with JAXI Builders, Behar Font Architects, and designBAR on the development team. Upon completion, the community will offer two buildings: one tower measuring 14 stories…

Major Food Group to open new restaurant concept at historic Brickell château

Major Food Group plans to open a new Mexican restaurant and private club at a historic Brickell château in Miami that developer Yamal Yidios’ Ytech acquired last year. Chateau ZZ’s is expected to open later this month. Major Food Group, led by co-founders Jeff Zalaznick, Mario Carbone and Rich Torrisi, tapped Ken Fulk to restore and design the 6,400-sf space at 1500 Brickell Avenue…

Swerdlow sues Arquitectonica for $16M in alleged design errors

Developer Michael Swerdlow insists he has no beef with Arquitectonica, but he was forced to sue the award-winning Miami-based architecture firm for eight figures in damages. In a civil lawsuit filed last week, the development entity for Swerdlow’s Block 55 mixed-use project in Miami’s Overtown alleges Arquitectonica is responsible for design errors that led to 170 change orders…

Lionheart Capital, Leviathan and Well Duo to Develop 56,500 SF Mixed-Use Project in Miami

Lionheart Capital, Leviathan Development and Well Duo will develop a new mixed-use project in Miami. Dubbed MIRAI Design District, the development is designed by Kengo Kuma and Associates (KKAA), marking the first mixed-use project in the country for the architectural firm. Upon completion, the property will comprise 15,500 square feet of ground-floor retail space…

MIRAI Design District Set To Break Ground In The Summer Of 2024 At 4200 NE Second Avenue In Miami

A consortium of three visionary developers, Lionheart Capital, Leviathan Development, and Well Duo, is set to further transform the Miami Design District by introducing MIRAI Design District at 4200 NE 2nd Avenue. This groundbreaking mixed-use development, designed by super-star Architect Kengo Kuma and called the ‘inimitable Japanese architect” by Architectural Digest, promises…

Brand Urban Secures Fourth South Florida Location For ‘maman’ With 2,590-Square-Foot Storefront Coming To 55-Story ‘830 Brickell’ Office Tower

Brand Urban, a Manhattan-based retail real estate brokerage and advisory firm, has announced that maman, the acclaimed French-inspired café and bakery from co-founders Elisa Marshall and Benjamin Sormonte, will open a new 2,590-square-foot location at 830 Brickell. This 55-story, 640,000-square-foot Class A+ office tower in Downtown Miami’s Brickell Financial District…

Lease roundup: Montauk Lobster House opens in Coral Gables, Citigroup Center scores eight tenant deals

Montauk Lobster House opened its first restaurant outside of New York in Coral Gables. The Flores family’s Montauk Lobster House leased 3,500 square feet of dining and kitchen space, and a 1,500-square-foot outdoor patio at 1549 Sunset Road, according to a news release from the tenant’s broker. The Flores family opened the first Montauk Lobster House in 2018 in Montauk. Two other…

Kushner Companies Propose Luxury Housing Complex for 9300 Collins Avenue in Surfside

Kushner Companies hopes to get the green light for a luxury housing complex in Surfside. The New York-based firm secured the 2.23-acre build site for $40 million back in September. Plans call for a 140,637-square-foot apartment building that would measure three stories above grade and offer 87 units. The South Florida Business Journal reports that homes will measure 1,128 square feet…

Multiple High-Profile Soccer Players Buy At Aria Reserve; Completion 2024

The developer of the twin 62-story tower Aria Reserve project says multiple high-profile soccer players have purchased units there. Alexis Mac Allister, Juan Pablo Angel, Paul Pogba and James Rodríguez are among the players said to have purchased premium units. “This trend is part of the growing excitement around soccer in Miami, which has been fueled by Messi’s move to the city,” said…

Miami-Based Firms Raise Over $500M For 2 Multifamily Investment Funds

Two Miami-based firms are planning more than $500M in combined investment in U.S. residential properties. Eagle Property Capital Investments announced it had closed a $309M fund aimed at acquiring value-add multifamily properties across the Sun Belt, while BEO Investments announced a $200M capital allocation to invest in condo development across the country.

Miami-Mexico City joint venture raises $309M for multifamily acquisitions

Eagle Property Capital Investments and Promecap have completed raising $309 million for an investment fund targeting multifamily properties in Sun Belt states. Miami-based Eagle Property and Mexico City-based Promecap will use the fund to provide equity for the acquisition of about $883 million in apartment complexes, buildings and communities, according to a press release.

“Tough decisions”: South Florida to feel sting as office debt matures

In a suburb west of Miami International Airport, far from the glitz and bustle of the urban core, sits a collection of nine brick-red, beige and off-white office buildings from the 1980s. In October, the Florida Department of Revenue vacated its 41,000-square-foot space at the low-rise campus, called the Office Park at MICC. The debt on the property was soon placed on a watchlist…

South Florida developer Alberto Vadia dies at 76

Alberto Francisco Vadia, who was involved in the development of the village of Wellington, Midtown Miami and more recently South Miami, died at the age of 76. The under-the-radar developer worked closely with his younger son Alex Vadia of Midtown Opportunities, including on the planned Shops at Sunset Place redevelopment. The elder Cuban-born developer apprenticed…

BAM Property Development Files Plans For 14-Story Mixed-Used Project At 650 N Andrews Avenue in Fort Lauderdale

New York-based BAM Property Development has submitted plans to Fort Lauderdale’s Development Review Committee for a 14-story mixed-use building in the city’s Flagler Village neighborhood. Situated at 650 North Andrews Avenue and bordered by North Flagler Drive to the northwest, Northeast 7th Avenue to the north, and Northeast 1st Avenue to the east, the proposed 175-foot…

Investors pay $21M for Fort Lauderdale boat facility and dev site

A trio of investors, including a parking executive entangled in a 2018 Miami fraud case, paid a combined $21 million for a waterfront boat sales and repair facility and a development site near the beach in Fort Lauderdale. An entity managed by Andrew Beachler, president of Miami-based Beachler Capital Corp., acquired the Marina Mar Building at 3100 East Oakland Park Boulevard and…

Galleria Fort Lauderdale mall hits market, brokers expect it sell “above $100M”

Galleria Fort Lauderdale is hitting the market as a redevelopment opportunity, and the team listing the former luxury shopping mall is targeting a sale price north of $100 million. A CBRE team led by Robert Given and Brad Capas is marketing the 800,000-square-foot indoor shopping center at 2442 East Sunrise Boulevard in Fort Lauderdale. There is no asking price, but Capas said…

Naftali wins approval for 936-unit apartment project in Fort Lauderdale

New York-based Naftali Group won site plan approval for a two-tower, 47-story and 45-story apartment development with 936 units near downtown Fort Lauderdale, despite objections from the owner of an adjacent hotel. The Fort Lauderdale City Commission on Tuesday voted 4-1 for the site plan proposed by Naftali, after the owner of the Dalmar hotel complained the apartment…

Benderson buys Linton Commons retail complex in Delray Beach for $28M

Benderson Development bought a shopping center in Delray Beach for $28 million, marking the firm’s continued investment in South Florida retail properties. Sarasota-based Benderson purchased Linton Commons at 500, 510 and 520 West Linton Boulevard from Menin Development, according to records and real estate database Vizzda. The 85,000-square-foot Linton consists of three…

State considers easing Florida Keys development regulations

The state of Florida is reconsidering development regulations in the 113-mile Florida Keys archipelago. Population growth and updated analysis on hurricane evacuation needs are paving the way for a possible increase in building permits granted across Monroe County, the Miami Herald reported. Owners of the many undeveloped properties in the Keys are expected to support easing…

Investment-Grade CRE Assets Nationally Hit Biggest YoY Price Decline Since March 2010

October was another bad months for CRE sales. November’s CoStar Value-Weighted U.S. Composite Index — big property sales in large metro areas — with data through October, was down 1.4% over September. The number was also down 8.7% year over year. “Meanwhile, the Equal-Weighted U.S. Composite Index, which shows the more numerous, lower-priced property deals more…

Investors Are Underweight in Retail. Here’s Why That’s a Mistake

The retail asset class is gaining more attention because of its strong fundamentals — low vacancies, limited new development, and rising rents — not to mention higher going-in cap rates, according to a new report from Colliers. Retail drove 18% of all sales volume in Q3, the highest share since 2018, Colliers said. But perhaps that share should have been higher. “Investors are likely ‘underweight’ to…

FDIC Increasingly Concerned About CRE Loans Nationally That are Falling Behind

The third quarter saw a significant increase in the number of noncurrent bank loans, according to the Federal Deposit Insurance Corporation’s Quarterly Banking Profile for Q3 2023. “Looking more closely at commercial real estate portfolios, we are beginning to see concerning trends in non–owner–occupied property loans,” said FDIC Chairman Martin Gruenberg in prepared remarks.

Industrial Sector Maintains Momentum Despite Uptick in Vacancy Rates

Despite challenges in the macroeconomic environment, industrial properties remained one of the most sought-after commercial real estate asset classes nationwide. According to our latest industrial market report, investors closed $44.4 billion in industrial deals year-to-date through October, compared to the $27.9 billion recorded in office sales over the same period. And while heavy…

Amazon Cites Warehouse Changes in Tripling Profit, Slashing Shipping Costs

E-commerce giant Amazon said streamlining its distribution network with changes in its warehouses and delivery centers over the past year fueled higher third-quarter profit and led to increased sales. The move to a regional shipping network from a national hub-and-spoke model allowed Amazon to cut its national warehouse footprint as well as delivery times and shipping costs…

Yellow’s Trucking Terminals Sell To Multiple Buyers For $1.9B At Bankruptcy Auction

As the saga of Yellow’s bankruptcy nears a close, its auction of assets has netted $1.9B in commitments for 130 owned properties so far, according to FreightWaves. The largest bid was XPO’s $870M offer for 28 properties, including two that are leased. Estes, the stalking horse bidder, scored 24 truck terminals for $250M, and Knight-Swift Transportation drove away with 13 terminals…

Top 20 Warehouses Nationally 2023: Demand soars, mergers slow

The U.S. economy may have taken a breather in 2023, but demand for warehouse and industrial space remained high throughout the year. This had a positive impact on North American third-party logistics (3PL) companies that offer storage, logistics, fulfillment and/or transportation solutions to a range of different organizations. Cold chain 3PL providers that…

USA Apartment Rents Remain Flat, and Could Be for a While

Apartment rent growth has been rapidly cooling off since peaking in March 2022. But that trend could be leveling off – at least for now. Effective asking rents inched up 0.16% year-over-year nationally as of November 2023, compared to 0.08% in October, with change measured on a same-store basis. That marked the first time in 20 months that the pace of rent change did not…

What’s driving neighborhood retail’s success

Retail is evolving. And not just because of e-commerce. Hybrid work is driving the evolution of brick-and-mortar retail—especially urban retail properties and neighborhood shopping centers. While many retailers in central business districts are adjusting to hybrid work schedules, consumers are still making purchases seven days a week. They’re just shopping in different places…

Holidays Network pays $27M for Miami Beach hotel development site

Holidays Network Group paid $27 million for a Miami Beach redevelopment site that has approvals for a 107-room hotel. An affiliate of Winter Park, Florida-based Holidays Network acquired an 88-unit apartment complex at 2618 Collins Avenue, records and Vizzda show. The firm obtained a $35.3 million loan from Western Alliance Bank. The deal breaks down to about $307,000 per room.

City defunds Miami Marine Stadium

New appropriations have been made for a mooring field and boat launch at the Miami Marine Stadium, but the future of the historic landmark itself awaits a financial feasibility study to identify the ultimate operating cost. The Miami City Commission passed a budget amendment Nov. 16 to update capital projects for the 2023-2024 fiscal year, in which $6 million was appropriated…

Miami Wilds aim for a water park faces county showdown

A mid-December showdown looms. Environmentalists are fighting for what they claim are endangered plants and animals threatened by a water park that developers seek to build next to Zoo Miami. Both sides are armed to the teeth with studies, reports and lots of opinion. Called Miami Wilds, the name brings smiles to those thinking of a water park surrounded by restaurants and shops…

Related, Alta score $240M loan for Casa Bella condo tower in Miami

Related Group and Alta Developers closed on a $240 million construction loan for a B&B Italia-branded condo tower in downtown Miami. Cain International is providing the financing for the 56-story, 319-unit development at 1400 Biscayne Boulevard, according to a press release. Construction began earlier this month and it’s expected to be delivered in 2026. Despite the challenging…

Miami v. NYC: Ken Griffin says Magic City could topple Big Apple as financial hub

Hedge funder Ken Griffin says Miami could unseat New York as a global finance capital. Over the past three years, South Florida became a magnet for financial firms due to the tri-county region’s early reopening from the pandemic lockdown, lack of a state income tax and overall business-friendly environment. Griffin’s wager on Miami is largely seen as the biggest indicator of…

Fortune plans Gables Waterway luxury condo project

Developer Edgardo Defortuna’s Fortune International Group plans to redevelop an aging residential and commercial complex in Coral Gables into a luxury condo project. Fortune is in contract to acquire Gables Waterway, a 4.8-acre property on South Alhambra Circle, Caballero Boulevard and U.S. 1, Defortuna confirmed. The low-rise development fronts the Coral Gables Waterway…

Codina Partners lands $115M construction loan for Coral Gables apartments

Armando Codina’s Codina Partners scored a $115 million construction loan for its planned 18-story luxury apartment building in Coral Gables. Goldman Sachs is providing Codina’s financing for the project, a spokesman for Codina confirmed. The Coral Gables-based developer received approval for the 124-unit project at 2601 Salzedo Street in June of last year.

Lumer, Goldberg plan 700-unit apartment complex near Brightline’s Ojus station

Lumer Real Estate and Goldberg Companies plan a 700-unit apartment complex in Ojus, marking a switch from a previous vision for a mixed-use project with a hotel and offices on the site. Sunny Isles Beach-based Lumer, led by Gustavo Lumer and Marina Kessler, and Ohio-based Goldberg plan the Blue Aventura project with two eight-story buildings on nearly 8 acres at the…

Kolter, BH Group pay $24M for oceanfront Miami Beach hotel

Kolter Hospitality, a division of Kolter Group, and BH Group have teamed up to buy a Miami Beach hotel. The joint venture paid $24 million for the Crystal Beach Suites Miami Oceanfront Hotel, an 84-room asset in the city’s North Beach neighborhood completed in 1950, BH principal Isaac Toledano told The Real Deal. Delray Beach-based Kolter and Aventura-based BH obtained…

Adler scores approval for 36-story multifamily tower near Miami River

Michael and David Adler’s firm will be moving forward on a 36-story multifamily tower near the Miami River. On Nov. 15, the Miami Urban Development Review Board greenlit the Alder Group’s proposal for Nexus Riverside 1B building with 345 apartments atop a 393-space garage at 230 Southwest Third Street. Board members, who have an advisory role, as final approval rests…

Second time’s the charm: Urban-X, Cedar Street score Miami projects approval following design tweaks

Developers Urban-X Group and Cedar Street Companies scored approvals for separate projects in Miami, after the firms made revisions to their original development designs. Urban-X, led by Andrew Hellinger and Coralee Penabad, will add a 28-story apartment building to its River Landing Shops & Residences mixed-use complex on the Miami River. Cedar Street, a Chicago-based firm…

Blanc Kara Hotel in Miami Beach’s South of Fifth asks $18.5M

A boutique hotel in Miami Beach’s South of Fifth neighborhood hit the market for $18.5 million, or $740,000 per key. The Blanc Kara Hotel at 205 Collins Avenue is in an area where new hotel development is restricted. A buyer could continue running the 24-suite adult-only property as the Blanc Kara or redevelop the site into a luxury condominium building, said listing broker Eddy Martinez…

Investor sues Sugar Factory founder Charissa Davidocci and partners

An investor in the Miami Beach outpost of Charissa Davidovici’s Sugar Factory believes he’s gotten a sour deal, according to a recently filed lawsuit in Miami-Dade Circuit Court. An entity managed by John Sullivan is suing Davidovici, founder of the Sugar Factory national chain, entities that own the company’s restaurant at 1575 Alton Road, the restaurant’s manager Blackstar Hospitality…

Lease roundup: Pura Vida opens at 701 Brickell, Simon Property scores 11 tenants in Boca Raton

The restaurant group, founded and led by husband-and-wife team Omer and Jennifer Horev, took 5,000 square feet at 701 Brickell Avenue, according to a news release from Cushman & Wakefield, which leases the tower’s office space. Zach Winkler of JLL represented the landlord. The deal marks Pura Vida’s 19th restaurant in South Florida, with the other Brickell outpost…

Miracle of Miami Runs Headlong Into 7.4% Area Inflation

Talking about the national level of inflation has its place, but so does recognizing that year-over-year increased costs of living vary greatly by region. While interest rates get triggered by national rates, high local inflation could make it difficult for many people to support the types of rent increases that landlords facing the need to support higher financing costs might seek. The Consumer Price…

Subaru dealership bids for 30-year airport lease

An unsolicited offer for more than 14 vacant acres at Miami Executive Airport to build a Subaru auto dealership in a 30-year lease that could net the county nearly $78 million won committee approval last week without comment. The offer from a company fully owned by Craig A. Zinn, who has dealerships in North Dade and Broward County, reached the county in March and has been…

Realterm Acquires 45-Door Truck Terminal On 4.5 Acres In Medley

As a top industrial market in the country, South Florida’s robust demand for trucking terminals and general industrial facilities are driving forces behind this strategic acquisition. The Medley industrial market, the third largest submarket in Miami-Dade, boasts approximately 32.6 million square feet of industrial inventory. The post Realterm Acquires 45-Door Truck Terminal On 4.5 Acres…

Lefferts Secures Approval from Design Review Board for Second North Beach Residential Project

The New York-based real estate development firm Lefferts has secured approval from Miami Beach’s Design Review Board for 72B, a 20-story luxury condominium project. Planned for 600 72nd Street, just south of Surfside, the project, tentatively named 72B, is part of the firm’s initiative to contribute to the Miami Beach neighborhood. It will feature commercial spaces on the ground…

Lefferts JV scores design review approval for Miami Beach condo project

A developer supergroup has struck the right chord to gain a city board’s approval for a 20-story, 125-unit condominium tower. On Nov. 13, the Miami Beach Design Review Board voted 5-0 in favor of the joint venture project 72B, a proposed 239,400-square-foot building including a parking pedestal. The 1.6-acre development site is at 600-650 72nd Street, 7116-7134 Carlyle Ave…

High-Rise 2900 Terrace Planned for 401 NE 29th Terrace in Miami

Miami’s Urban Development Review Board has given the green light to a 38-story mixed-used venture. 2900 Terrace will comprise 324 luxury housing units, ranging from one-bedroom to three-bedroom layout plans. Per Multi-Housing News, homes will average around 1,069 square feet. The Next Miami describes the homes as “oversized units with spacious primary bedrooms…

Onyx Housing Group Proposes Workforce Housing Complex for 16300 SW 296th Street in Homestead

Sunset Country & Western Wear, an 8,686-square-foot business in Miami’s Leisure City neighborhood, could get replaced with a workforce housing complex. The proposed Regatta Pointe would have 159 apartments divided between two four-story buildings. The homes themselves would measure 637 square feet to 1,280 square feet, comprising one-bedroom to three…

Mixed-Use Oasis at Doral Planned for 4090 NW 97th Avenue

After reaching a settlement agreement with city officials, the Apollo Cos. is moving forward with Oasis at Doral. The mixed-use project will rest on an 18-acre site. Per the South Florida Business Journal, the multi-building project would offer 630 multi-family units, with 40 percent (252 homes) set aside as workforce housing. In addition to the residences, Oasis at Doral will also feature…

S2 Development Proposes 22-Story Marina View for 7913 and 7915 West Drive in North Bay Village

North Miami Village’s Planning & Zoning Board will soon consider plans for Marina View, a proposed residential tower in Miami-Dade County. The high-rise development would measure 22 stories above grade and comprise close to 333,000 square feet of new construction. It would feature 94 residential units, including 60 two-bedroom and 34 three-bedroom residences.

Luxury Senior Living Community Opens in Coral Gables

Patricia Will, Founder & CEO of Belmont Village Senior Living, attended the ribbon-cutting ceremony. Image courtesy of Belmont Belmont Village Senior Living and Baptist Health South Florida have celebrated the opening of Belmont Village Senior Living Coral Gables, a 232-unit luxury senior housing community in Coral Gables, Fla. Vince Lago, Mayor of the city of Coral Gables attended…

Oak Row JV to Develop 38-Story Miami Community

A joint venture between LNDMRK Development and Oak Row Equities has received the approval of the Urban Development Review Board for the development of 2900 Terrace, a 324-unit luxury community in Miami. Move-ins are anticipated in 2026. Designed by Arquitectonica, the 38-story tower is set to comprise one-, two- and three-bedroom layouts averaging 1,069…

Oak Row, LNDMRK to Develop 324-Unit 2900 Terrace Apartment Community in Edgewater

Oak Row Equities and LNDMRK Development will develop 2900 Terrace, a 324-unit luxury apartment community in the Edgewater neighborhood of Miami. Final design plans include residences in one-, two- and three-bedroom layouts, many of which will feature wraparound terraces and home offices. Arquitectonica designed the property, which will be situated on 1.5 acres…

2900 Terrace Approved In Edgewater: ‘Will Create New Category Of Luxury Rentals’

Miami’s Urban Development Review Board voted yesterday to approve the 2900 Terrace residential tower in Edgewater. Developers Oak Row Equities and LNDMRK Development said in statement that the new building will “will create a new category of luxury rentals,” with large units and high end details that will rival condos. “We are intentionally delivering oversized units with…

Developer Tzadik Management Accuses Lender Arbor Realty Trust Of Trying To ‘Systematically Destroy’ It

A dispute between Miami-based developer Tzadik Management and lender Arbor Realty Trust has wound up in court, with Tzadik alleging that an Arbor affiliate tried to “systematically destroy Tzadik” by spreading lies. Arbor denied all of the claims made by Tzadik, arguing that the lawsuit provided no specific details about the alleged lies. The suit, filed in New York state court, alleges that…

Luxury Project “the Gables Waterway” Proposed for 6100 Caballero Blvd in Coral Gables

Developers hope to get approval for a luxury housing development across from the University of Miami in Coral Gables. The Gables Waterway would rest on a 4.8-acre lot, offering 251 condos divided between a nine- and 13-story building. The homes themselves would measure 1,000 to 3,569 square feet, offering one-bedroom to five-bedroom floorplans. They’re aimed at wealthy…

3-Story Commercial Building Proposed In Wynwood

Moon Thai has filed plans for a 3-story commercial building in Wynwood. The project is proposed to include 33 tables on the ground floor, 17 tables on level 3/4, and 10 tables on an activated rooftop. No new parking is required or planned due to the small size of the building. The design uses materials that is said to evoke Wynwood’s industrial past, including aluminum window…

Miami Could Replace New York As World’s Financial Center, Ken Griffin Says

Miami could become the financial capital of the world, according to billionaire Ken Griffin. Griffin made his remarks in an interview with Bloomberg. “We’ll see how big Wall Street South becomes,” Griffin said. “Miami I think represents the future of America.” Griffin added. “Incredibly vibrant economy.” He also praised local governments relative to other parts of the country, “particularly at the county and state levels.” Griffin, who is the founder of Citadel, moved his compa…

Redesigned North Beach Building With 221 Residential Units Submitted For Review

Plans for a North Beach residential building have been redesigned and resubmitted. The residential building proposal was previously reviewed and approved in 2020 and 2022. Now the developer wants to build larger units and make other design changes. Plans now call for 221 residential units, with 77 co-living units (below 55o square feet) and 144 traditional 1- and 2- bedroom…

Miami Multifamily Real Estate Report Q3 2023

Market Snapshot for Miami Multifamily Real Estate We’ve compiled key statistics (vacancy rates, absorption rates, and rental rates) and property transactions for Miami multifamily real estate in this report. The Miami multifamily report is updated quarterly by our commercial real estate professionals. We also want to cover the bigger picture and provide some information about…

City team calls 55-story Edgewater tower ‘totally in the wrong place’

A developer planning a 55-story multi-family residential tower in Edgewater met opposition from neighboring condo owners and the city’s Urban Development Review Board. After a very vocal assessment of the proposed tower, board member Robert Behar said he was ready to move to deny the project. Instead, the developer’s team requested a voluntary withdraw of the project…

River Landing to expand with mixed-use residential tower

A major mixed-use development rising on the Miami River near the city’s Health District is preparing for its next major phase of construction. River Landing Shops and Residences, opened in 2020, is to see a new mixed-use residential tower expand the footprint of the overall project. Developer-applicant Notruse Holdings LLC proposes a new 28-story tower called MidRiverVu…

20-story office tower due near Miami Design District

A new 20-story building is set to bring office space and commercial uses to a site adjacent to the southwest corner of the Miami Design District. TIL 3601 Owner LLC is the developer of the project for a site at 3601 N Miami Ave., just north of I-195. The building is designed with 199,048 square feet of offices, 11,438 square feet of commercial uses, a rooftop restaurant, and 642 parking…

The Avenue Hotel & Residences Breaks Ground At 351 San Lorenzo Avenue In Coral Gables

The Avenue Hotel & Residences Coral Gables, a new 8-story Parisian-inspired neo-classically designed boutique condominium and hotel located across the street from the entrance to Merrick Park, has broken ground, announced Oscar Roger, President and CEO of Roger Development Group, a family-owned real estate development and management company….

Residential Complex IQ Lofts Rudy Proposed for 2530 and 2540 NE 192nd Street in Miami

IQ Concept Developments has proposed an 11-story residential building in Miami’s Ojus neighborhood. IQ Lofts Rudy would offer 90 apartments, measuring 702 square feet to 1,862 square feet each. Future residents would have the option of choosing from one-bedroom to four-bedroom floorplans. Samir Dichy of IQ Concept Developments told sources that the above-average…

Brickell City Centre Mall Reaches 97% Leased, Retail Sales Rising

Retail occupancy and sales volume continues to rise at Brickell City Centre’s shopping mall. Publicly traded Swire Properties told investors this month that the shopping mall was 97% occupied as of September 30 (compared to 89% on December 31, 2022). Occupancy figures include space allocated to prospective tenants who have signed letters of intent. Retail sales volume at Brickell City…

Design Unveiled For Slender 59-Story Tower ‘Two Riverside’ At 99 SW 7th Street In Brickell

A recent submission of site plans to Miami’s Urban Development Review Board has revealed the design for Two Riverside, a proposed 59-story mixed-use skyscraper at 99 Southwest 7th Street in Brickell. The design, created by Brandow Haw Architecture with ODP Architecture & Design as the architect of record and developed by Newgard Group, showcases a slender, 730-foot-tall structure.

Aimco Planning To Sell Waterfront Brickell Bay Drive Assemblage

A large waterfront Brickell parcel could soon be sold. Aimco told investors last week that it had initiated plans to market for sale a Brickell Assemblage it owns. According to a previous company presentation, the company is the sole owner of the 1001 Brickell Bay Drive office building and the adjacent Yacht Club Apartments. It previously said it was executing office leases on a relatively…

Plans For New Whole Foods In South Beach Submitted To Review Board

A developer has filed plans with Miami Beach’s Design Review Board to build a large new Whole Foods market in South Beach. In a letter, a representative of the developer wrote that the plans were very similar to plans approved by the same board in 2015. The approval expires 18 months after issuance if a building permit hasn’t been issued, according to a copy of the approval order.

The Container Store And Sweet Paris Crêperie & Café Set To Open At Miami Worldcenter In 2024

Two more national retail and restaurant concepts will be coming to Miami Worldcenter – the $6 billion, 27-acre mixed-use development transforming the heart of Downtown Miami. The development’s ownership group has completed leases with The Container Store and Sweet Paris Crêperie & Café, both slated to open by the end of 2024. The Container Store is the nation’s leading…

The Arbor Residences Aiming for 2024 Release at 3034 Oak Avenue in Coconut Grove

The Arbor Residences is under new management. The five-story venture originally broke ground in 2017, offering 52 units. However, due to delays and financial difficulties, the project came to a halt. Now, the project’s back on track, as 3034 Oak Park LLC has transferred ownership to Arbor Grove Development LLC. The transfer was a deed in lieu of a foreclosure. The build site…

Related Group JV Breaks Ground on Miami Condo Tower

Casa Bella Residences will total 319 units. All images courtesy of Related GroupCasa Bella ResidencesCasa Bella ResidencesCasa Bella ResidencesCasa Bella Residences Related Group, in partnership with Alta Developers, has commenced construction on Casa Bella Residences by B&B Italia, a condominium tower totaling 319 units in downtown Miami’s Arts and Cultural District.

Related Group And Alta Developers Commence Construction On Casa Bella Residences By B&B Italia In Downtown Miami

Leading real estate developer Related Group (Related) and partner Alta Developers have broken ground for Casa Bella Residences by B&B Italia (Casa Bella), a  56-story condominium tower at 1400 Biscayne Boulevard in Downtown Miami’s Arts and Cultural District. Casa Bella marks the first residential partnership for B&B Italia, renowned for collaborations with brands like Rolex, Hermès…

41-Story HUB Miami Planned for 533 NW Second Avenue in Miami

Some big-name developers have big plans for the HUB Miami, a mixed-use development designed by ODP Architecture & Design located in Miami-Dade County. The 41-story tower will offer residences, office space, and retail ventures. Construction’s anticipated to start in the first quarter of 2024, with completion expected to happen more than two years later. Our sources indicate…

444 Brickell Designated Historic, But Can Still Be Developed

A Brickell property was designated historic by a Miami board, but development will still be permitted, according to the Herald. The historic designation approved Tuesday covers only the 444 Brickell property where an office building still stands. The designation does not cover the adjacent property where two towers are already under construction (and where archaeological excavation….

5 Towers Already Planned On One Brickell Block, 6th May Be Coming

Yet another development is in the works for the block of Brickell’s SW 9th Street between SW 1 Avenue and SW 2 Avenue. Five other towers are already in planning for the same block. As with the other towers, the new development could be built under the County’s Rapid Transit Zoning scheme. In a November 9 letter to Miami-Dade planners, a lobbyist for North Development Group…

The Fed: Multi-family construction slows as single-family construction picks up

Immediately after the Federal Reserve began increasing interest rates in March 2022, construction activity in the single-family housing market began to slow. Homebuilders had been facing higher costs and construction delays due to supply chain disruptions. In many cases prospective buyers of these new homes had agreed to purchase in the preceding months; but as mortgage rates rose…

Revealed: 59-Story Two Riverside Planned In Brickell

Plans have been submitted to Miami’s Urban Development Review Board for a residential tower in Brickell called Two Riverside. Two Riverside is proposed to rise 59 stories, or 730 feet above ground and 732 feet above sea level and include: 169 residential units 1,090 square feet ground floor retail 0 new parking spaces (parking will be provided at Lofty Brickell next door)…

Downtown Miami Residential Tower Proposed Where City Scuttled Office Plans

Miami-based Adler Development proposed a 36-story residential tower on a Downtown Miami site that was once slated to be new offices for the city of Miami. The 345-unit project, called Nexus 1B in the proposal, is planned for a vacant site at 230 Southwest Third St. along the Miami River. Adler had originally agreed to build a new administration office on the site as part of a deal…

Amazon Delays Opening Of Biggest Distribution Center In South Florida

Amazon is pushing back the opening of a 1M SF distribution center in Homestead, citing macroeconomic issues that it says have affected its entire warehouse network. The Miami-Dade County Commission unanimously approved a resolution that grants the e-commerce giant a 12-month extension to open the distribution center at 13200 Southwest 272nd Ave. south of Miami.

Revealed: 38-Story Residential Tower Planned In Edgewater

Plans have been submitted to Miami’s Urban Development Review Board for a residential tower in Edgewater. The project is proposed to rise 38 stories, or 380 feet above sea level and include: 324 residential units (average unit size 1,069 square feet); 22,354 square feet of office use; 13,108 square feet of commercial use; park/plaza space in excess of 10,000 square feet in order to…

Revealed: Phase 1B Of Nexus Riverside In Downtown Miami, With Another 36-Story Tower

Plans have been submitted to Miami’s Urban Development Review Board for Phase 1B Of Nexus Riverside. Nexus Riverside Phase 1B is proposed to rise 36 stories, or 400 feet above ground and 412 feet above sea level and include: 345 residential units; 393 parking spaces in a parking garage. Phase 1A of the development, known as Modera Riverside, is already under construction.

Related Group Breaks Ground On 56-Story Casa Bella Residences

Another residential tower has just broken ground in Miami. Related Group, in partnership with Alta Developers, officially broke ground on the Casa Bella Residences by B&B Italia yesterday. More than 80% of residences in the 319-unit project are now in contract. The 56-story tower is being designed by Arquitectonica. Interiors are by Piero Lissoni — who also serves as creative director…

The Container Store, French Restaurant Sign Leases at Miami Worldcenter

The Container Store and Sweet Paris Creperie & Café have signed leases to join the tenant roster at Miami Worldcenter. The Container Store will occupy 15,681 square feet and Sweet Paris will occupy 2,330 square feet at the $6 billion, 27-acre mixed-use development underway in downtown Miami. Both retailers are set to open by the end of 2024. Miami Worldcenter Associates…

Developers On Leveraging Live Local Act With ‘Scared To Death’ City Politicians

The owner of the Clevelander South Beach lost many of its hospitality workers during the height of the pandemic as patrons stopped frequenting the hotel and bar. Jesta Group, the Canadian investment firm that owns the Miami Beach hot spot, tried to bring in new staff as the pandemic waned but found that a wave of migration to the city had pushed rents up and forced many hourly…

SAG Development Proposes 74-Unit Complex for 219 Pembroke Road in Hallandale Beach

Aventura-based SAG Development has proposed a residential complex for a 1.49-acre site in Hallandale Beach. The Green House apartments would offer 74 apartments, requiring 91,940 square feet of new construction and measuring six stories above grade. Our sources indicate that homes would range from 500 to 1,540 square feet each, offering studios, one-bedroom…

Related Group Completes Solemar Residences At 1116 North Ocean Boulevard In Pompano Beach

Related Group announced today the completion of Solemar Residences, a boutique condominium with 105 units located at 1116 North Ocean Boulevard in Pompano Beach. This oceanfront property features architecture by Arquitectonica and interiors by Meyer Davis, marking Related’s inaugural completed condominium in the current real estate cycle with move-ins already…

358-Unit Apartment Building Planned Next To New Brightline Boca Station

Plans have been filed for an apartment building next to Brightline’s new Boca Raton station called Modera Boca Raton, according to the SFBJ. It is the latest example of development planned near the Brightline tracks. Modera Boca Raton is planned to rise 13 stories and include: 358 apartments 6,502 square feet of retail 469 parking spaces in a garage Mill Creek Residential is the…

Woodmont And Butters Complete 252,848-Square-Foot Ground-Up Industrial Development In Palm Beach Park Of Commerce

Woodmont Industrial Partners (Woodmont) and Butters Construction & Development (Butters) recently celebrated the completion of Corporate Logistics Center, a ground-up industrial development at 15791 Corporate Circle in Jupiter, Florida. The much-anticipated property is located within the Palm Beach Park of Commerce and brings 252,848 square feet of Class A industrial…

BGI Capital Announces Closing Of $95 Million Construction Loan For 22-Story ‘Alba Palm Beach’

Miami-based BGI Capital, managed by Kenneth Baboun and Robert Barthelmess, has announced the closure of a $95 million construction loan in partnership with Wexcor Capital, a New York City-based real estate investment, management, and advising firm. The loan was financed by Kriss Capital, a New York City-based direct lender specializing in construction and bridge loans…

Tired Of Traffic, More Miami Office Tenants Seek Shelter In Suburbs

The flow of new residents to Miami has brought job opportunities, spurred development and raised the city’s profile as an international destination. But the increased population has also helped Miami earn a more dubious distinction: Its roads are now among the most congested in the world. The growing gridlock is starting to reshape Miami’s office market, as employers trying…

“Playing with the house’s money”: How commercial buyers, sellers are closing deals

“Seller financing available” and “Major price reduction.” As developers and investors contend with the high cost of financing, insurance and construction, they are increasingly looking for ways to make deals make sense. And sellers are now willing to work with them in the form of short-term seller financing. “For sellers to get their number, they have to offer [financing],” said attorney…

All Top Self Storage Metros Post Negative Growth in October

Self storage is feeling the impact of a sputtering home market, which has seen sales slow due to higher mortgage rates, reducing population mobility, and lesser self-storage demand, according to Yardi Matrix’s October self storage report. The report’s upside for operators is that unemployment remains low (although it is rising) and inflation growth is slowing.

CRE Values Could Fall Another 10% Nationally, CBRE Boss Says

Commercial property values likely aren’t done falling, especially in the office sector, CBRE Group CEO Bob Sulentic said during an event hosted by the Dallas Regional Chamber late last week. “We thought values may come down 15%, 20%. We now think that may be another 10%,” Sulentic said, according to Fortune. Office continues to be hit hard as remote work persists. Workers will spend…

Residences at NoMi to Offer 175 Homes for Seniors at 950 NE 124th Street in North Miami

Developer Horizon at NoMi LLC has secured a $48 million construction loan for the Residences at NoMi, an affordable housing development for seniors in North Miami. Our sources indicate that the three-building complex will require 375,000 square feet of new construction. The tallest building will measure seven stories above grade. The three-building complex will…

New Details On Mandarin Oriental Brickell Key Development: ‘Flagship’

Fortune Development Sales had been appointed as the exclusive sales brokerage for The Residences at Mandarin Oriental, Miami, in partnership with Christie’s International Real Estate. Sales will launch in early 2024. Developer Swire Properties has also released new details on the Mandarin Oriental towers planned on Brickell Key. The Residences at Mandarin Oriental, Miami…

Giant Transit-Oriented Development Nearly Complete At Coconut Grove Metrorail

Right next to the Coconut Grove Metrorail station, a large mixed-use project called Grove Central is getting its finishing touches. The project will be anchored by a Target, which signed a lease for 49,658 square feet of space in 2019. There will also be a Total Wine, Sprouts, CVS, Five Below, and Starbucks. A residential tower is planned to include 400 apartments, with pre-leasing…

Photos: Construction Progress At One Southside Park

Photos by Phillip Pessar show the 1 Southside Park construction site in Brickell on November 1 . 1 Southside Park is planned to rise 64 stories and include: 1,195 rental apartments 165,000 square feet of office 200 hotel rooms (operated by Treehouse Hotels) 86,151 square feet of spa 23,312 square feet of full service restaurant 1,417 square feet of fast food restaurant 5,120 square…

Miami Worldcenter Retail Now Over 90% Leased: New Tenants Announced

Two new tenants have been signed at Miami Worldcenter, bringing the retail space to over 90% leased. The Container Store leased 15,681 square feet of space on the ground floor of Worldcenter’s Block D-East located at 850 NE 2nd Avenue, Unit D-129. Sweet Paris Creperie & Café will occupy 2,330 square feet on the ground floor of Miami Worldcenter’s Block CD-West located at 851…

47-story Biscayne Boulevard office tower unveiled

A new skyscraper planned just south of I-195 will bring Miami more than 300,000 square feet of office space. Developer Tower 36 LLC plans the tower at 3601 Biscayne Blvd. and 345/409 NW 36th St. To be called Tower 36, the 47-story tower is to have 312,058 square feet of offices, 29,109 square feet of commercial uses, and 671 parking spaces. The city’s Urban Development Review…

Miami Beach spring break a two-edge sword for business

As Miami Beach gears up for spring breakers next March, new and old businesses in the area continue to feel the effects of spring break year after year. Naked Taco, a restaurant in the Tudor Hotel on Ocean Drive, opened its doors in 2014 and has lived through nine spring breaks on the well-known street. Staff has witnessed high-impact weekends and felt the repercussions that…

Raising Alton Road to end flooding years from start

A project to raise Alton Road six inches to one foot to alleviate frequent flooding is well on its way as planning efforts reach their final 10%. Construction is projected to run from 2026 to 2029. Planning is estimated to wrap up in February and construction is due to start in the spring of 2026. “The big gap there [between 2024 and 2026] is due to coordination with the City of Miami…”

Vince Lago: Gables mayor pushes for a mobility hub, more open space

For 10 years, Vince Lago has been serving the City of Coral Gables. Elected mayor in April 2021, he had been a commissioner and vice mayor for the prior eight years. A former member of the Coral Gables Planning and Zoning Board, the mayor said he remains committed to preserving Coral Gables’ unique character and history while placing the interests of residents first.

Fourth phase of Liberty Square housing gets its start

Ground has been broken to begin the latest phase of the rebirth of an aging public housing project in the heart of Liberty City. Miami-Dade County and Related Urban Development Group (RUDG), the affordable and workforce housing arm of Related Group, celebrated the groundbreaking of Serenity Liberty Square, the fourth phase in the ongoing redevelopment of the city’s…

Rosso Development, Standard International & Midtown Development Secure $45.045 Million Financing From Bank OZK For The Standard Residences, Midtown Miami

Hospitality and real estate pioneers Rosso Development, Standard International, and Midtown Development have closed on a $45,045,000 construction loan from Bank OZK for the highly anticipated The Standard Residences, Midtown Miami, located at 3100 Northeast 1st Avenue. A JLL Capital Markets Debt Advisory team, led by Managing Director Brian Gaswirth and Associate…

Amazon Founder Jeff Bezos Moving To Miami: ‘I Love Miami’

Amazon founder Jeff Bezos said on Instagram last week that he is planning to move from Seattle to Miami. “I love Miami,” Bezos wrote. According to Bloomberg, Bezos has purchased multiple properties on Indian Creek Island recently. Bezos is said to have paid $79 million for one property on the island, after spending $68 million on the property next door, for a combined $147M…

Options Exchange Plans Miami Trading Floor In 2024

Plans are underway to open an options trading floor in Miami. Miami International Holdings and its subsidiary MIAX said in a press release last month that it had filed with the Securities and Exchange Commission to open a new national securities exchange operating both electronically and with a physical trading floor for U.S. options. The exchange is expected to begin…

Apple Store Coming? Construction Permit Issued For Miami Worldcenter Retail Building

A construction permit was issued Friday for a property at the heart of Miami Worldcenter. The newly issued construction permit shows a 1-story building is planned, with 16,629 square feet of retail, adjacent to the development’s World Square. The total hard construction cost for the new building is estimated at $12 million. A photo of the site by Ryan RC Rea last week showed that some…

FAA Filing Submitted For 426-Foot Tower At Menesse Brickell Site

A permanent height filing was submitted to the Federal Aviation Administration last week for a tower in Brickell. The November 2 filing is for a site where a 39-story residential tower called Menesse is planned. According to the filing, the tower is planned to top off at 426 feet above ground, or 439 feet above sea level. That is identical in height to a filing made with Miami-Dade planners…

HTG, AM Affordable Housing Break Ground on $37M Seniors Housing Community in Miami

A joint venture between Housing Trust Group (HTG) and AM Affordable Housing has broken ground on a $37 million affordable seniors housing project located at 18700 NE 25th Ave. in Miami. Dubbed Oasis at Aventura, the development will feature 95 one-bedroom units across eight stories reserved for residents age 62 years or older earning at or below 25, 33 and 60 percent…

Developer Proposes the Valley at 22nd for 5712 NW 22nd Avenue in Miami

Our sources point to an exciting venture proposed for Miami’s Model City. Enter the Valley at 22nd, an eight-story apartment complex hosting 67 apartments. The one-bedroom to three-bedroom units would span from 550 to 1,070 square feet each. The developer, Ballybunion Investments LLC, intends to utilize a workhouse housing density bonus that would allow for an…

PGIM Real Estate Provides $75M Loan to Refinance MXU Asset MiLine Miami

A joint venture of AEW Capital Management and ZOM Living has refinanced MiLine Miami, a 338-unit Class A mixed-use property in Miami’s Glevar Heights neighborhood, with a $75 million fixed-rate loan provided by PGIM Real Estate. The joint venture partners completed the first phase of MiLine Miami in September 2022. Located at 6970 SW 40th St. along the Ludlam…

The Vestcor Companies Proposes 8-Story Mixed-Use Development At 27742 S Dixie Highway in Naranja

Jacksonville-based real estate developer The Vestcor Companies, Inc., under the Ambar Station LLC, has filed an administrative site plan for a mixed-use development designed by Anillo Toledo Lopez Architecture in the Leisure City area of southern Miami-Dade County near Naranja, which is set to incorporate workforce housing. The 7.83-acre site is located at 27742 and 27860 South Dixie…

New Renderings Of St. Regis Residences Planned In Brickell

Developers Related Group and Integra Investments recently released new renderings of the St. Regis Residences tower planned in Brickell. Robert A.M. Stern Architects (RAMSA) is designing the 48-story tower, with interiors by Rockwell Group. The project will include 152 residences, with over 50,000 square feet of indoor and outdoor amenities. A demolition permit to clear the site…

Why Terra’s CEO Remains Confident About Retail’s Health in South Florida

The Florida retail sector has been thriving due to the influx of new residents and businesses moving to the city, according to David Martin. Image courtesy of Terra Over the past few years, South Florida has remained a sought-after destination for both residents and tourists due to, in part, the myriad of entertainment options and year-long outdoor activities. The robust demographic…

Isaac Kodsi to relaunch sales of stalled Coconut Grove condo development

Real estate attorney Isaac Kodsi acquired Arbor Residences, a stalled luxury condo development in Coconut Grove, with plans to relaunch sales in the coming weeks. Kodsi acquired the property at 3034 Oak Avenue in Miami from the developer, a partnership led by Nick Hamann. The project, which is partially completed, was at the center of a foreclosure lawsuit filed by Trez Capital last…

Serenity Liberty Square to Get Fourth 193-Unit Phase at 1310 NW 67th Street

Serenity Liberty Square is getting the fourth of its nine phases. Our sources indicate that the addition will comprise 193 mixed-income housing units, reserved for those making 30 percent to 80 percent of the area median income (AMI). Per city records, this means that single-resident households making $21,700 to $57,800 a year would qualify. Also, the 27 families who lived…

59-Story Tower Planned In Brickell, With New Stretch Of Public Riverwalk

A developer is planning a 59-story tower on the Miami River in Brickell called Two Riverside. The project will be a “signature development,” that will activate the riverfront with a public riverwalk and ground floor commercial space, according to a representative of the developer. Lofty Brickell is already under construction next door at the One Brickell Riverfront site, where…

Demolition To Begin By Year End To Make Way For 41-Story Hub Miami

The developers planning the 41-story HUB Miami have released new renderings and details of the project. Demolition at the site will begin before the end of 2023, the developer said. The new HUB Miami tower will include: 306 condominium residences, ranging in size from 394 to 1,046 square feet (on levels 22 and up) 245,000 square feet of Class-A office space ODP Architects…

Shoma doubles height, expands proposed project on US 1 near Coral Gables

Shoma Group is doubling the height of its planned mixed-use apartment development along U.S. 1 and Bird Road in Miami, near Coral Gables. Called Shoma One, the project is now planned to include 740 rental units in two 40-story towers. The Coral Gables-based firm, led by Masoud and Stephanie Shojaee, last year acquired the 2.5-acre property at 3650 Bird Road from Deel Volvo…

Height Increase To 33 Stories Proposed For Brickell’s Domus Flats II

Revised plans for a Brickell project called Domus Flats II have just been filed with Miami-Dade planners. The tower is now proposed to rise 33 stories, or 370 feet. The design has also been modified. Previously, the tower was proposed at 29 stories, or 336 feet, according to a pre-application meeting request filed in June. The latest filing show the project is now proposed to include…

Related Urban Opens Two Affordable Housing Communities in Miami Totaling 497 Units

Related Urban, the affordable housing and mixed-income division of Related Group, has opened Robert King High and Paseo Del Rio, two newly completed affordable housing communities in Miami’s Little Havana neighborhood. The 315-unit Robert King High project is the substantial rehab of an elderly public housing high-rise built in 1964. The property is reserved for low-income…

Cam Group Acquires 2.05-Acre Site At 760 Ponce de Leon Boulevard In Coral Gables, Slated For Redevelopment

An affiliate of Miami-based Cam Group has acquired an older office building in Coral Gables for $18.5 million with redevelopment plans. B & B Investments Management, managed by Wilfred Braceras in Miami, sold the 2.05-acre site at 760 Ponce de Leon Blvd., along with 112 and 120 Avila Court, to 760 Ponce De Leon LLC, led by Pedro Camejo and Joel Campo of Cam Group. The buyer…

New Details Revealed On 67-Story Miami Worldcenter Tower

The developer planning the 67-story JEM Private Residences at Miami Worldcenter has given an interview to the WSJ where new details were revealed. The project is valued at $580 million, the report said. As previously reported, condos will be located on the top half of the tower, and will have a separate entrance and amenities. Completion of the project will take around four years.

RUDG Breaks Ground on Fourth Phase of 60-Acre Liberty Square Redevelopment in Miami

Related Urban Development Group (RUDG), the affordable housing arm of Related Group, has broken ground on Phase 4 of the 60-acre Liberty Square redevelopment in Miami. Dubbed Serenity Liberty Square, the fourth phase will comprise 193 residential units across three buildings for families and individuals earning 30 to 80 percent of the area median income (AMI). Upon completion…

Notable Retail Leases Signed in South Florida Q3 2023

We’ve compiled a comprehensive list of the top retail leases signed by square footage in South Florida during 2023 and throughout 2022. This past quarter was busy overall, and there were a few big box leases signed and sealed. Despite the sentiment that the traditional retail market is taking a hit due to several factors, particularly e-commerce and several retail store closures…

Wynwood project to include 54 small housing units as bonus

The booming Wynwood Arts District is preparing to welcome yet another mixed-use residential development with ground floor retail. Owner-developer Alchemy-ABR-BCP Wynwood LLC plans the 12-story project at 18 NW 23rd St. The development is to become home to 178 residential units, 13,498 square feet of retail uses, and parking for183 vehicles. The City of Miami’s Urban…

Soccer’s FIFA moving 100 workers from Switzerland to Coral Gables

FIFA, the body that governs soccer internationally, will be opening a permanent office in Coral Gables and will relocate an estimate of 100 jobs from Switzerland to Miami as well as hire locally. Miami’s hot soccer scene continues to gain popularity as the organization plans its move to South Florida. “They’re hiring locally, but they’re also relocating about 100 jobs from Switzerland…

Miami hotel rates, revenues near top in nation

Miami-Dade County’s hotels are booming, third in the nation in both their average daily room rates and revenue per available room in the fiscal year ended Sept. 30, the annual meeting of the Greater Miami Convention & Visitors Bureau was told last week. The county’s hotels were sixth in average occupancy, said David Whitaker, bureau president and CEO, who noted the delicate…

Wynwood retail becomes a little more mainstream

Retailers in Wynwood have experienced changes within the area and are enduring their effects. Smaller independent retailers are frequently replaced with well-known stores as rent costs rise in the area. Wynwood is known for its electric ambiance and artistic safe-space. From construction to new stores, it is constantly in renovation and on the rise to housing restaurants…

Developers Propose 20-Story Tower for 3601 N Miami Avenue

In May 2022, TriStar Capital, Integra Investment, and LNDKMRK Development purchased a 1.03-acre property for $23 million. They purchased the parcel from LV Lending, which seized the property following a bankruptcy filing. Previous owners had plans for it to become “Triptych Miami,” but now, a new project is underway. TriStar Capital, Integra Investment, and LNDKMRK…

Contractor Sign Installed At Site Where 42-Story Hub Miami Planned

Contractor Coastal Construction has installed a sign at the site where the 42-story Hub Miami is planned, according to Ryan RC Rea. The development was previously known as Miami Station. Several brokers are now advertising on their websites that units at Hub Miami will be sold as luxury condos. Buyers will be able to rent the units on a short-term basis on sites such as Airbnb…

Strong Office Sector Helps Propel Miami’s Multifamily Market

While many cities grapple with a declining population, softening rents and a struggling office market, Miami is riding a wave of population growth and apartment demand. This stems from the usual factors — sun, lifestyle and low taxes — as well as something unprecedented: an influx of large office users. New-to-market office tenants are transforming Miami’s economy…

The Altman Companies To Acquire 3.25-Acre Site At 11240 Biscayne Boulevard For 11-Story Apartment Project

The Altman Companies, a multifamily development subsidiary of Fort Lauderdale’s BBX Capital Corp., is acquiring a development site in the Biscayne Shores area of Miami-Dade County. In September, the developer submitted a pre-application to county officials for an 11-story development on a 3.25-acre site at 11240 Biscayne Boulevard, designed by Cohen Freedman Encinosa…

Saber Real Estate Advisors Proposes Project for 9480 S Dixie Highway

In January 2023, International Money Express (also known as Intermex) announced plans to locate its offices to a larger space in Dadeland. Now, Saber Real Estate Advisors has proposed a new project for Intermex’s 1.49-acre former location. The site plan reveals a building comprising more than 294,000 square feet of new construction, offering 373 residential units that would measure…

The Amalfi Llama To Open 9,595-Square-Foot Establishment At Esplanade At Aventura

This December, Eureka! Restaurant Group, in collaboration with Grupo Carolo Hospitality, is set to introduce The Amalfi Llama at Esplanade at Aventura, a destination for retail, entertainment, and culinary experiences. The restaurant draws culinary inspiration from various cultures, from Patagonia to the Italian Mediterranean coast. A distinctive feature of the establishment…

Hawkins Commercial Realty Orchestrates Success with Sale of 16721 Park Centre Blvd in Miami Gardens

In a recent off-market real estate transaction that spotlights the strategic importance of the Golden Glades Interchange, the industrial property located at 16721 Park Center Boulevard in Miami Gardens in zip code 33169 changed hands. This 8,923 square foot industrial condo, nestled within the Park Center Business Park, was successfully acquired for a noteworthy $2,550,000. The completion…

Developers Submit Revised Plans for the Gateway at 2600 and 2630 NE 203rd/Ives Dairy Road

Star Holdings Management LLC has submitted revised site plans for a proposal in the Ojus Urban District in Miami-Dade County. In 2020, the developer proposed the Gateway, a 12-story mixed-use project offering various amenities. Now, our sources indicate that developers want to increase the Gateway to tower 18 stories and offer more than 645,000 square feet of new construction.

Related Group Kicks Off 4th Phase at Miami Redevelopment

Liberty Square Phase IV expects completion in March 2025. Image courtesy of Related Group Related Urban Development Group has broken ground on Serenity Liberty Square, a 193-unit affordable community representing the fourth phase of the Liberty Square redevelopment project in Miami. Delivery is anticipated in March 2025. To finance the project’s construction…..

Wynwood Business Improvement District Recertified For Another Ten Years

Business Improvement Districts (BIDs) have been a go-to tool for neighborhoods wanting to plow investment back into their communities, and improve quality of life. Property owners in the decade old Wynwood BID have recently voted to resoundingly approve its continuation for a second ten years, through 2033. The largest one of its kind in Florida, it covers a 50-city-block neighborhood…

Clara Homes Secures Residential Development Site At 2601 NW 6th Avenue In Wynwood

In a recent real estate development move, Miami-based firm Clara Homes, founded by James Curnin, has entered into a contract for a residential development site in Miami’s Wynwood district. The 17,000-square-foot plot at 2601 Northwest 6th Avenue is set at a price tag of $7.7 million. The acquisition rate stands at approximately $450 per square foot. This figure contrasts…

Hundreds More Residents Incoming: Wynwood Haus Begins Pre-Leasing

Get ready for several hundred more residents in Miami’s urban core: Wynwood Haus has announced pre-leasing. The 20-story apartment tower, which broke ground in June 2021, is set to welcome its first residents by year’s end. Wynwood Haus will include 224 apartments, 5,375 square feet of ground floor commercial space. and 222 parking spaces. Prices listed on the leasing…

World’s Second Largest Asset Manager Vanguard Plans Miami Office

Vanguard Group is planning a new Miami office, according to Bloomberg. It won’t be large – the office is expect to serve 30 financial intermediaries at first, each managing $10M to $50m – but it is a sign of the growing importance of Miami as a financial center. Vanguard Latin America head Juan Hernandez told Bloomberg that Miami “is becoming the wealth-management hub…

Related Group, W5 to Develop 63-Unit Co-Living Project in Miami’s Wynwood District

Related Group and single-family residential investment firm W5 Group plan to develop the first co-living development in Miami’s Wynwood neighborhood. Located at 51 N.W. 28th St., the nine-story property, named i5 Wynwood, will feature 63 fully furnished apartments that comprise 217 private suites that are available for rent. Residents will have shared common areas…

Developers Propose Indigo Pompano Beach in Broward County

The City of Pompano Beach could soon give the green light to Indigo Pompano Beach, a mixed-use project bordering the area formerly known as the Isle Casino Pompano Beach. Our sources note that the first phase could yield 417 residences. The South Florida Business Journal notes that the project would host nine buildings measuring two to five stories above grade. Homes would…

CaraCo buys newly built Tamarac apartment complex for $73M

CaraCo Group of Companies bought a new apartment complex in Tamarac for $73 million.CaraCo purchased the 212-unit complex at 8601 West McNab Road from the developers, Eden Multifamily and Cypress Equity Investments, according to records and real estate database Vizzda. The buyer took out a $50 million loan from Sound Point Capital. The sale equates…

El-Ad National Properties Reaches New Milestones On Second Phase Of ALINA Residences In Boca Raton

El-Ad National Properties, part of the esteemed Elad Group, proudly announces that its second phase of ALINA Residences, ALINA 210 and ALINA 220, has achieved significant construction and sales milestones. With a remarkable 70% sales rate, the recent advancements for ALINA Residences’ second phase encompass the installation of terrace railings, flooring, and glass; the formation…

Forest Development And Royal Palm Companies Tops Off Construction On Nautilus 220 In Lake Park

Forest Development and Royal Palm Companies recently celebrated the topping-off construction milestone for Nautilus 220, a new luxury mixed-use development with condominium residences in two 24-story towers, waterfront restaurants including SeaHawk Prime by Chef David Burke, retail, and office suites alongside a marina at 220 Lake Shore Drive in Lake Park, FL. The traditional…

Boise Cascade Purchases Distribution Facility in West Palm Beach for $31M

Boise Cascade Co., a publicly traded producer of engineered wood products and plywood, has purchased a new 120,000-square-foot distribution facility in West Palm Beach. Locally based Brown Distributing Co. sold the property for $31 million. The buyer’s Building Materials Distribution division will occupy the property, which is situated on an infill site totaling 9.8 acres..