Key International Reveals Plans For A New 50-Story Office Tower At 848 Brickell Avenue In Miami’s Financial District

Key International, led by Inigo and Diego Ardid, has proposed concepts to redevelop the firm’s 848 Brickell office building into “Miami’s most iconic class-A office tower.” As the long-time owners of the existing building, Miami-based Key International enlisted the acclaimed and lauded architectural firm, Skidmore, Owings & Merrill (SOM), known worldwide for their peerless designs…

Revealed: ‘Most Iconic’ 756-Foot Office Tower Planned On Brickell Avenue

A developer has unveiled plans for what it says will be Miami’s “most iconic class-A office tower.” A smaller office building at 848 Brickell Avenue will be demolished to make way for the new tower. According to a filing last week, the new office tower is planned to rise 50 stories, or 756 feet above sea level at the top parapet and include: 750,901 square feet of Class A office,,,

Another One: Developer Announces Plans For 750K SF Brickell Office Tower

Another huge office tower has entered the pipeline in Brickell as developers look to capitalize on the neighborhood’s roaring growth as Miami’s business epicenter. Key International is planning a 50-story, 750K SF office tower at 848 Brickell Ave. to replace the existing 13-story building where Key International has its headquarters. The new tower would include two amenity decks…

Miami Worldcenter Rise Coincides With Surge of Development, Tourism, Population Growth

Juvia, the celebrated restaurant and lounge known for its panoramic vistas and diverse culinary offerings, is the latest addition to the Miami Worldcenter. Departing from its iconic Miami Beach location on Lincoln Road, the culinary gem will find its new home at the $6 billion, 27-acre mixed use development transforming the heart of Downtown Miami. Anticipated to open…

WPH Properties LLC Proposes 7-Story Project at 1000 Washington Avenue in Miami Beach

More and more wealthy people are moving to Miami Beach, and they want more office space. Enter a new proposal from WPH Properties LLC. The California-based company hopes to get approval for a seven-story building that would offer 33,640 square feet of office space, along with 4,065 square feet of ground floor commercial space. The plans for the mixed-use venture are flexible…

Jobs Boost Miami, Orlando Office Performance

The Florida office markets are mostly healthy through Q3 2023, taking advantage of booming job markets, especially in Miami and Orlando, according to the Q3 2023 Florida Office Market Report by Avison Young. As of the end of August, Miami’s unemployment rate decreased by 100 basis points compared to August 2022, reaching 1.9%, which is notably lower than the…

Affordable housing planned for Miami Beach school site

Jewish Community Services is continuing to work toward an affordable housing development on the grounds of Fienberg-Fisher K8 School in Miami Beach. Miami Today reported in February Jewish Community Services was waiting to have the area conveyed to the county. Today, the wait goes on. “At this point, it [the land] has not been conveyed,” said Miriam Singer…

Miami-Dade county putting Metromover in shape to expand

While the Miami-Dade County Department of Transportation and Public Works is actively working on upgrading the fare-free Metromover at the Omni and Brickell stations, the county has set up free bus shuttle service loops between the two stations. The estimated $152.9 million project is projected to be completed by May 2025. Renovations include enhancements to the…

Brazilian Billionaire Backing 69-Story Brickell Tower

Brazilian billionaire Daniel Dantas is backing plans for an 843-foot tower in Brickell, according to Bloomberg. Dantas is a founder of the Opportunity investment firm, which has around $11 billion in assets. The company is partnering with Leste Group to form Lore Development Group, which is planning the 69-story Summit Brickell tower. Summit Brickell will be one of the…

975 apartments coming near Dolphin Station

Upland Park, a $1 billion transit-focused development near the park-and-ride station at Dolphin Mall is progressing with phase one as a utilities deal was signed earlier this summer. The developer, Terra International Services LLC, entered an agreement with Miami-Dade County to supply water and sewer to the site in June. Background documents show 531 apartments will be…

67-Story Condo Tower At Miami Worldcenter Officially Announced

Naftali Group has announced plans for the JEM Private Residences condos at Miami Worldcenter. The private condos will be located starting on level 43 and up in a tower that will rise 67 stories. The tower will rise over 700 feet, the developer said. A total of 259 condominiums are being sold, with studios to four-bedroom units ranging from 469 to 2,052 square feet.

Photos: Aston Martin Residences Nears Completion As Miami’s Second Tallest Tower

In downtown Miami, the 66-story Aston Martin Residences at 300 Biscayne Boulevard Way is moving closer to completion, new photos by Phillip Pessar show. The tower is now the second tallest in Miami, at 816 feet above ground (that also makes it the second tallest in the State of Florida). Photos were taken on October 17 by Phillip Pessar.

Fortune International Group Breaks Ground On ‘Nexo Residences’ At 13899 Biscayne Boulevard In North Miami Beach

Fortune International Group, in collaboration with Blue Road, has officially announced the groundbreaking of Nexo Residences, a 15-story condominium project offering full home-sharing capabilities at 13899 Biscayne Boulevard in North Miami Beach. Designed by Frankel Benayoun Architects Inc. with consultation from internationally-renowned architect Carlos Ott, and common…

FAA Approves Brickell Tower To Be Built At 733 Feet

The Federal Aviation Administration has granted approval for another tower in Brickell. According to the determination letter issued October 12, the proposed tower height of 731 feet above ground, or 733 feet above sea level does not present a hazard to air navigation in the area. Renderings for the tower have not yet been revealed. According to a description on the FAA application…

Report: Miami Traffic Up 30% Since Pre-Covid Times

Traffic in Miami rose sharply last year, making the city one of the top 10 in the world for congestion, according to a new report from Inrix. Overall, Miami traffic rose 59% between 2021 and 2022. In 2021 Miami ranked 32nd worldwide for congestion. In 2022, Miami ranked 8th worldwide, the report said. Miami traffic has also increased 30% from pre-Covid times. By comparison, traffic…

Construction Underway for NoMad Residences Wynwood at 2700 NW Second Ave

Construction is officially underway for the NoMad Residences Wynwood, a nine-story building offering 329 condos. The condos, which are expected to be completed by 2025, start at a price point of $600,000 for a studio, and they come fully furnished. These condos will allow short-term rentals on home-sharing platforms, catering to investors seeking flexibility and potential revenue streams.

Related, partners sell 29 Wyn apartment project in Miami for $135M

Berkshire Residential Investments bought the recently completed 29 Wyn apartment complex in Miami’s Wynwood neighborhood for $135 million. The Pérez family’s Related Group and Bob Zangrillo’s Dragon Global Management sold the pair of buildings with 248 units, combined, at 2918 and 2828 Northwest First Avenue to Boston-based Berkshire Residential, according…

One Thousand Group Files Plans For 47-Story Miami Office Tower Designed By Kohn Pedersen Fox And ODP Architects

One Thousand Group, the developers behind the illustrious One Thousand Museum and the highly anticipated Villa Miami, led by principals Louis Birdman, Michael Konig, and Kevin Venger, have submitted plans for a 47-story, 635-foot-tall Class-A ultra-luxury office tower to the City of Miami. The tower is designed by the renowned architectural firm Kohn Pederson Fox…

One Thousand Museum developers propose 47-story office tower in Edgewater

The developers of One Thousand Museum condo tower propose a 47-story office project in Miami’s Edgewater. One Thousand Group, led by Louis Birdman, Kevin Venger, and Michael Konig, want to build the tower on a 1.6-acre site they have under contract on the northeast corner of Biscayne Boulevard and Northeast 36th Street, according to a city board meeting’s agenda. The purchase…

Ex-WeWork exec, partners pay $22M for 76-unit rental portfolio in Bay Harbor Islands

Former WeWork executive for real estate Arash Gohari and his partners bought a 76-unit multifamily portfolio in Bay Harbor Islands for $21.5 million. Investment firm 27 Capital, founded and led by Gohari, and Adam and Josh Sasouness, bought five two-story buildings at 9200, 9270, 10190 and 10150 East Bay Harbor Drive, as well as at 1075 101st Street from Sentinel Real Estate…

Coastline-Nakash Capital Group Proposes the Eden for 3550 NW South River Drive in Miami

Coastline-Nakash Capital Group hopes to move forward with the Eden, a multifamily apartment complex near Miami International Airport. Under the proposal, the Eden would have 720 units, with homes ranging from 491 to 1,483 square feet in size. Among these, 578 are meticulously designed as studio apartments, while an additional 142 units are crafted as one-bedroom apartments.

Terra Group Breaks Ground on Bay Harbor Islands Mixed-Use Project

Terra Group’s Chief Creative Officer, Kane Sarhan, and Chief Executive Officer, David Martin. Image courtesy of Michal Bobrowski, via Luxhunters Productions Terra Group has commenced construction on THE WELL Bay Harbor Islands, a luxury condo and office development in Miami’s Bay Harbor Islands. Plans call for an eight-story residential building with 54 condominiums…

Twin 40-Story Shoma One Towers Planned At Douglas Road Metrorail Station

Shoma Group has filed revised plans with Miami-Dade planners for Shoma One, with two 40-story towers near the Douglas Road Metrorail station, according to the SFBJ. Shoma One is planned on a site that is just a few minutes walk to the Metrorail station, with Brickell just 8 minutes away by train. The new development will also be directly integrated to The Underline.

Chicago Developer Plans 191-Unit Little River Project With ‘Unique Architectural Identity’

Plans have been submitted to Miami’s Urban Development Review Board for a residential project in Little River that the developer says will have a unique architectural identity. Inspiration for the colorful, pink-toned project comes from typologies found across the Caribbean, and notably in Haiti and Cuba, the developer said. The unnamed project is proposed to rise 12 stories and include…

2200 Brickell Announces Q4 Groundbreaking After Developer Gets Construction Loan

The developers of 2200 Brickell have obtained construction financing and announced a timeframe for groundbreaking. Developers Aria Development Group, Largo and Place Projects obtained $77 million in construction financing for the project. Groundbreaking will take place in the fourth quarter of 2023, the developers said. 2200 Brickell is planned to include 105 luxury condos…

Trio Of Miami Industrial Buildings Trades

The property, spanning 45,481 square feet, comprises three buildings situated on a generous 77,753 square foot lot located at 7455 NW 32nd Ave, 7420 NW 31st Ave, and 3090 NW 75th St in Miami. Within this property are 14 grade-level loading doors, with varying ceiling heights ranging from 16 to 20 feet clear. Airport East Industrial Center has functioned as a single-user facility…

Miami-Dade farmlands’ critical mass in danger zone, University of Florida finds

Miami-Dade’s agricultural industry, which a century ago fed the nation in winter with vegetables and fruit, is in danger of hitting a critical point where it doesn’t have enough farmland to remain viable, a county-commissioned report by the University of Florida warns. The county, which still had 120,000 acres of farmland in 1959, had only 58,606 acres identified as agriculture…

Kendall transit can’t get started until report due in 2026 is analyzed

The Kendall corridor of the county’s program for new rapid transit remains on hold as data from a Flagler demonstration project is awaited to continue, and that data isn’t estimated to be ready until late 2026. The Flagler demonstration project isn’t even due to begin construction until July 2024. The Kendall corridor is one of six that make up the Strategic Miami Area Rapid Transit…

More than a dozen developers fuel Alex Diaz de la Portilla PAC

If Alex Diaz de la Portilla gets re-elected, Miami developers will have helped propel the suspended city commissioner back into office. Nearly a third of the $1.6 million raised since January by Proven Leadership for Miami-Dade County, a political action committee controlled by Diaz de la Portilla, came from 13 builders, most with active projects in the city, campaign finance…

Appeals court upholds $5M judgment against Shore Club developers in Miami Beach

An appeals court upheld a $5 million judgment against the developers of the Shore Club project in Miami Beach. The latest decision reinforces a judge’s order from more than a year ago to award about $5 million to watch mogul Benny Shabtai in his lawsuit against the current and former developers of the Art Deco hotel. Shabtai sued HFZ Capital Group, Ziel Feldman, the Shore Club…

Bridge Industrial Lands 1st Tenant at 2.6 MSF Miami-Area Project

Bridge Industrial has signed its first tenant at Bridge Point Doral, a Class A master-planned industrial development that will total 2.6 million square feet in Doral, Fla. The tenant, a Fortune 50 food distributor, will occupy 131,411 square feet at the project’s Building 6—scheduled to be delivered in mid-2024. Cushman & Wakefield is the exclusive leasing agent in charge of the…

Brookfield’s $260M Pembroke Lakes Mall loan watchlisted, credit rating downgraded

Brookfield Property Partners’ loan for the Pembroke Lakes Mall in Pembroke Pines was downgraded and watchlisted, raising doubts over the firm’s ability to pay off or refinance the debt maturing in 2025. Bond rating agency KBRA downgraded the $260 million commercial mortgage-backed securities debt, citing a “continued decline in operating performance,” according to a KBRA…

New Aldi store coming to Deerfield Beach shopping center

A new Aldi grocery store will replace a commercial building at Crossroads Shopping Center in Deerfield Beach, amid redevelopment of the retail property. Following demolition of the 25,000-square-foot commercial building that has office and retail tenants, construction of the 19,432-square-foot Aldi store should be completed by June 2024, said Clifford Stein, who runs Pathway Ventures…

The Main Street at Tuttle Royale Underway for Royal Palm Beach, FL

In March 2023, we reported on the Villas at Royale Tuttle, a residential complex. Now, the developer of the larger Main Street at Tuttle Royale mixed-use center in Royal Palm Beach has unveiled a lineup of high-end tenants as the project nears final approval. Spanning 41 acres within the Tuttle Royale project on Southern Boulevard and U.S. 441, the development is estimated to cost…

Walgreens Looks To Close Stores, Exit Markets In Bid To Save $1B

As Walgreens Boots Alliance prepares for a new CEO, the pharmacy chain plans to shutter 60 clinics and exit five markets entirely in an effort to shore up costs. Walgreens officials plan to alter store hours based on local market conditions and are focusing on closing unprofitable drugstores, interim CEO Ginger Graham said during a Thursday morning earnings call.

U.S. Apartment Demand Normalizes Nationally as Regional Split Widens

Apartment demand is normalizing after a period of uncertainty and low consumer confidence, but demand distribution has not been evenly balanced across the country. Over the last three quarters, the U.S. apartment market has enjoyed positive apartment demand, with net gains in apartment renter households coming after a similar time period of net move-outs. Roughly 91,000…

Sobering Outlook for Office Values: Global Investor Survey

Commercial real estate investors from around the world are forecasting a deep decline in office values, coupled with a surge in conversion projects to multifamily. The latest survey from the Association for Foreign Investment in Real Estate reveals that a majority of commercial real estate investors from around the world anticipate asset value declines in nearly all of their U.S.-based office…

Hot Miami Properties Get $1 Billion Bet From Brazilian Financier

Billionaire Daniel Dantas has spent the past 30 years increasing his fortune through the Opportunity firm he helped found in Brazil. Now it’s investing directly in US real estate for the first time. Opportunity oversees about 58 billion reais ($11.5 billion) in assets, from rural land holdings to port operators to palm oil producers, making it one of the biggest independent asset managers in Brazil…

Monarch Alternative Capital Buys 412,000 SF 801 Brickell Office Building in Miami

Monarch Alternative Capital, an investment firm with offices in New York City, London and South Florida, has purchased 801 Brickell, a 412,000-square-foot office building in Miami. The 28-story high rise is located just a block from Biscayne Bay in downtown Miami’s Brickell neighborhood, two blocks from a Metromover station. Monarch Alternative Capital will operate…

Qatari royals sell SLS Brickell hotel for $55M

Members of Qatar’s ruling royal family, the Al Thanis, sold the SLS Brickell hotel in Miami for $55 million. The Albanian conglomerate Kastrati Group purchased the property. Kastrati, through an entity listing Miami attorney Charles Ratner as its president, bought the 124-key hotel at 1300 South Miami Avenue in Miami’s Brickell neighborhood, Ratner said. The deal breaks down…

Renderings Reveal Planned 55-Story Tower Designed By Fogarty Finger At 419 NE 19th Street In Edgewater

Renderings have been unveiled for 419 Northeast 19th Street, a 55-story multifamily residential project slated for a 14,190-square-foot triangular plot in Miami’s Edgewater neighborhood, near Margaret Pace Park and Biscayne Bay, precisely where North Bayshore Boulevard and Northeast 4th Avenue converge. The project is designed by the acclaimed New York-based architectural firm…

Venezuelan investors list 105-unit Miami-Dade portfolio for $45M

Venezuelan investors put a Miami-Dade County portfolio on the market for $44.9 million. GLG Investments, led by José Luis Pereira, Roger Prunhuber and Augusto Granja, is listing the properties, consisting of 105 units, according to listing broker Houselab Realty. Nathalie Azoubel and Sofia Silberman of Houselab are representing GLG. The majority of the portfolio, or 103 units…

Developer Updates Plans for Shoma One at 3650 Bird Road in Miami

In May 2021, Florida YIMBY reported on Shoma One, a residential complex featuring two high-rise towers. Now, our sources indicate that the developer, Shoma Group, has filed updated plans with Miami-Dade County officials. Previously, plans called for a 17-story and 18-story tower, set to offer 391 units. Expanded plans call for 748 apartments in two 40-story towers, with homes…

Revealed: 47-Story Office Tower Designed By KPF Planned Near Midtown

Plans have been submitted to Miami’s Urban Development Review Board for an office tower called Tower 36. A Shell gas station is currently on the site where the new tower is proposed. Vacant land and a multifamily building behind the station are proposed to be unified with the gas station for a larger project site. The new tower is proposed to rise 47 stories, or 635 feet…

Revealed: 55-Story Residential Tower Planned In Edgewater

Plans have been submitted to Miami’s Urban Development Review Board for a 55-story multifamily tower in Edgewater. An older condo building is currently on the site, bought by the developers proposing the new tower. A demolition permit is pending for the older building. The new tower is proposed to rise 55 stories, or 641 feet above ground and 650 feet above sea level…

Revealed: Office Tower Planned Across From Midtown Miami

Plans have been submitted to Miami’s Urban Development Review Board for an office tower across from Midtown Miami. The Triptych development was formerly proposed on the site, before it was cancelled and sold. The new tower is proposed to rise 20 stories, or 315 feet above ground and 330 feet above sea level and include: 199,048 square feet of Office Use 11,438 square feet…

New Renderings Released Of $1B Highland Park

New renderings have been released for the $1B Highland Park development planned near a Metrorail station just south of Miami’s Health District. The project site is at the northern end of Overtown. According to developer Allen Morris Company, the project will include 1,130 multifamily units in four phases. In addition, the development is also said to include 500,000 square feet of medical…

Michael Shvo’s office, apartment project on Miami Beach’s Alton Road scores approval

Michael Shvo is a step closer to building an office and apartment project on Alton Road in Miami Beach, on the former site of Epicure Gourmet Market & Café. The Miami Beach Design Review Board voted 7-0 on Wednesday in favor of the six-story The Alton, which would consist of roughly 170,000 square feet of offices and five apartments on the northwest corner of Alton…

“It’s a complete miss”: Miami Beach delays vote on Galbuts, Navarros and Lefferts North Beach condo project

Citing the style and scope of the project, the Miami Beach Design Review Board delayed a vote on the Galbuts, Navarros and Mendy Chudaitov’s Lefferts’ proposed North Beach condominium. The 19-story building would have 125 condos and 16,300 square feet of retail space at 600 72nd Street, and would mark the latest in a packed pipeline of North Beach development.

Miami Beach board approves Lionestone Development’s condo building at Sagamore, Ritz-Carlton

A proposal to develop a luxury condo building at the Sagamore and Ritz-Carlton in South Beach is moving forward. The Lowensteins’ Lionstone Development, the Kanavos family’s Flag Luxury Group and the Ben-Josefs’ Ben-Josef Group plan the 30-unit, 15-story building behind the existing Sagamore Hotel South Beach and cantilevered over the existing Ritz-Carlton, South Beach…

UDRB Votes To Approve New Towers With 2,043 Apartments At Miami Worldcenter

Miami’s Urban Development Review Board voted last month to approve a proposal for multiple new towers at Miami Worldcenter. The proposal includes three new towers at the Miami World Tower site, where a 53-story tower is nearing completion, bringing the total to four on the property. Two of the three new towers are proposed to rise 68 stories each, with a shorter one…

Report: Cost Increases To Build Northeast Miami-Dade Corridor Commuter Rail

The cost to build the Northeast Corridor commuter rail project has risen, according to Miami Today. Miami-Dade’s project website now lists the capital cost at $682 million inclusive of track and right-of-way access fees. It isn’t clear from the Miami Today report exactly what the original cost for the project was, or when the cost increase was revealed. Construction is expected to begin…

Neology Lands Refi for High-End Allapattah Asset

Common area space in No. 17. Image courtesy of Neology Neology has landed a $31 million refinancing loan for a luxury apartment community in Miami’s Allapattah neighborhood. Berkadia’s Charles Foschini, Christopher Apone and Shannon Wilson arranged the 10-year Fannie Mae loan with five years of interest-only. Neology’s 192-unit property, No. 17 Residences Allapattah…

Berkadia Arranges $31.5M Refinancing for Apartment Community in Allapattah Neighborhood

Berkadia has arranged a $31.5 million loan for the refinancing of No. 17 Residences Allapattah, a 192-unit apartment community located at 1569 N.W. 17th Ave. in Miami’s Allapattah neighborhood. The borrower, Neology Life Development Group, delivered the property in April 2021. Charles Foschini, Christopher Apone and Shannon Wilson of Berkadia’s South Florida office arranged…

Yair Levy ran out of money to finish downtown Miami building, diamond dealer’s lawsuit alleges

New York-based developer Yair Levy’s grand plan to convert a downtown Miami office and retail building into a premier jewelers’ destination is allegedly turning into shattered glass. Levy, who’s banned for life from selling condos and co-ops in the Empire State, allegedly has run out of funds to complete renovations at Time Century Jewelry Center, a nine-story building…

131,411 SF Industrial Lease Negotiated in Doral

Cushman & Wakefield has negotiated a 131,411-square-foot industrial lease at Bridge Point Doral, a 175-acre industrial park in Doral, a suburb of Miami. The tenant, an unnamed Fortune 50 food distributor, will fully occupy Building 6 upon its completion in mid-2024. Multiple media outlets are reporting that the tenant is snack giant Frito-Lay, a subsidiary of PepsiCo.

Miami Worldcenter developer sent back to drawing board

The final two phases of a block-sized multiple tower development are under review for the heart of the evolving Miami Worldcenter, in the Park West neighborhood. The city’s Urban Development Review Board voted to recommend approval of the latest phases of the massive project but with a condition that the developer consider a redesign of the final phases. The vote on the…

Glass box of penthouses crowns Miami Worldcenter project

A mixed-use development will bring new office space and residential units, including a glass box of penthouses, to the northern boundary of Miami Worldcenter. Abbhi Capital is the owner-developer of the two-tower project for a site at 1001 NE First Ave. The project will help complete the area known as Miami Worldcenter Block A. It includes a 61-story residential tower and 35-story office…

Miami Wilds batted back to December as legal issues swirl

Miami Wilds reared its tumultuous head at last week’s Miami-Dade County Commission meeting when Commissioner Kionne McGhee offered a surprise motion that the county provide a status report on the decades-long water park effort. Ultimately, the commission passed the motion after 16-plus minutes of confusion and uncertainty about the litigation-ridden plans…

E-commerce drives industrial space demand in Miami-Dade

The warehouse space market continues to be solid throughout Miami-Dade County, according to local industrial real estate experts. The underlying cause of demand is still e-commerce, said Dalton Easton, an associate at The Easton Group. “It’s certainly not historic levels that we had in the last 12 to 18 months,” he said. “It’s safe to say the majority of the folks in the industry…

Annexations In Doral: 19 Years Seeking To Expand The Urban Boundary

From the moment the two applications were sent in 2004 to annex Section 6 and a portion of Section 15 that both currently belong to the county as unincorporated areas, several things have happened until today that have delayed the process—a change of Doral administration and the current requirement that only the commissioner of the district in which the area to be…

Elderly Rental Community With 94 Units Proposed For 2015 W Okeechobee Road In Hialeah

A pre-application review request has been submitted for Metro Grande II, an 8-story elderly rental community proposed at 2015 West Okeechobee Road in Hialeah, Florida. This project is designed by the Coral Gables-based architect Behar Font & Partners, with landscape architecture by Witkins Hults + Partners based in Hollywood. Developed by Cornerstone Group, a Coconut Grove…

Trinity Cathedral Property Added To Rapid Transit Zoning Area

Miami-Dade commissioners have approved adding Miami’s Trinity Cathedral property to the Rapid Transit Zoning area. The addition was done at the request of the property owner, a resolution states. The move allows the property to be developed under County Jurisdiction, rather than city, and potentially at a higher intensity of development. The property was approved for the…

Reality check: Financial office leasing in South Florida tapers over past three years

Over the past three years, South Florida earned a reputation as a mecca for financial firms fleeing New York, Chicago and San Francisco. The likes of Thoma Bravo, Apollo Capital Management, Founders Fund and, of course, Citadel, leased offices across the tri-county region. Developers and brokers were abuzz over the activity, leading to a collective chorus boasting about the…

Toll Brothers Opens Miami Student Housing Community Near FIU

Lapis is located near Florida International University in Miami. Image courtesy of Toll Brothers Toll Brothers has completed its first multifamily project in Florida with a 293-unit student housing community in Miami. The developer started construction on its Lapis property in July 2021, with plans to open in fall 2023. The developer tapped Humphreys & Partners Architects…

Waldorf Astoria Supertall Developer Acquires Wynwood Site

A 1.1-acre assemblage in Wynwood Norte traded for $20M, with the property set to be developed into condos. A trust led by Ryan Shear, the managing principal of Property Markets Group, acquired the site, which hosts nine apartments and is partially vacant, the South Florida Business Journal reported. The Wynwood 29th Street Land Trust entity acquired the property from…

PMG and Lndmrk partnering on Wynwood Norte condo project

Property Markets Group and Lndmrk Development are teaming up on a Wynwood Norte condo project following a $20 million deal for a seven-property assemblage, The Real Deal has learned. An entity managed by New York and Miami-based PMG’s managing partner, Ryan Shear, acquired the assemblage from an entity managed by Miami-based Lndmrk’s Alex Karakhanian…

Wynwood’s Design Review Committee To Review Waiver Application For 12-Story Mixed-Use Development At 18 NW 23rd Street

On October 10, 2023, the Wynwood Design Review Committee will assess a waiver request for a 12-story mixed-use development at 18 Northwest 23rd Street. Designed by Arquitectonica with interiors by MKDA and developed by Alchemy-ABR-BCP Wynwood LLC (an affiliate of New York-based Alchemy-ABR Investment Partners), this structure will rise 178 feet, comprising 291,767…

Developers Secure $77M Construction Loan From Bank OZK For 2200 Brickell

Aria Development Group, Largo, and Place Projects have secured $77 million in construction financing for 2200 Brickell, a five-story, 105-unit luxury condominium development at 2200 Brickell Avenue, situated along Brickell’s historic Millionaire’s Row. The construction financing was provided by Bank OZK, represented by King & Spalding. Hunton Andrews Kurth and…

Terra Completes Construction On 78,000-Square-Foot Retail Complex ‘Doral Atrium’

Terra has finalized construction on Doral Atrium, a 78,000-square-foot retail space in the City of Doral. Concurrently, the firm has announced a 1,480-square-foot lease with TREMBLE Pilates Studio at the location. This marks TREMBLE’s eighth South Florida branch, adding to an expanding national presence. Located at the intersection of Doral Boulevard and 79th Avenue…

Will a Miami Beach historic block become home to a modern glass tower?

The Miami Beach Historic Preservation Board will soon decide whether a tall luxury condo tower may be built behind the Sagamore hotel in a Miami Beach historic district. In addition to the proposed condominium building, the applicants have pledged to spend $4 million on improvements, including landscaping, to the easternmost end of Lincoln Road. Critics say this gesture is an effort…

New Miami development will rise to dizzying heights — and wipe out their trailer park

Carol Hatchet, 61, stood outside the small office of Miami Soar Mobile Home Park on a blistering hot Saturday evening among around 100 other residents. A familiar face, former park manager Steve Carroll, stood atop a water tank and began to tell the sweaty residents a familiar story: about a new vision for their old neighborhood. That new vision for their trailer park…

Miami’s Pandemic-Era Office Boom Is Over, But There’s No Sign Of A Bust

Miami’s soaring office market coming out of the pandemic has come back down to earth, but new leasing data shows the city appears to have stuck a soft landing. Miami saw 588K SF of leasing activity in the third quarter, keeping pace with the first half of the year, which saw a total of 1.1M SF of deals signed, according to Cushman & Wakefield data. While the market has maintained…

A ‘Choppy’ South Florida Office Market Sees Sales Volume Fall As Prices Rise

After years of avoiding the swells belting office space across the country, South Florida is starting to see a few whitecaps. The region has mirrored the steep decline in the number of office building sales as the rest of the country, falling 54% through the first three quarters of this year compared to the same period last year, according to Cushman & Wakefield data provided to Bisnow.

Stacy Robins tangles with siblings Craig, Scott and Gina over late father’s estate

Miami Beach broker Stacy Robins is having a hard time trusting her sister, Gina Robins, and her brothers, developers Craig and Scott Robins, concerning their late father Gerald “Jerry” Robins’ estate. Stacy Robins is accusing her three siblings of trying to exclude roughly $6 million from the final tally of their deceased father’s assets. She also alleges that they are attempting to deviate…

Steve Ross’ Related pays $30M for senior affordable apartments in Hollywood

Fresh off buying a Miramar affordable housing complex, Steve Ross’ Related Companies purchased a below-market rental property in Hollywood for $29.7 million. The New York-based firm bought the senior independent living Federation Plaza building at 3081 Taft Street, according to records. Foundation for Affordable Housing (FFAH), through an affiliate, sold the property…

Related Companies Acquires 320-Unit Sorrento Apartments In Miramar

Related Companies has acquired Sorrento, an affordable housing community in Miramar, Florida, from Zom Foxcraft, an entity tied to ZOM Living and NRP Group for $48.2 million, equating to $150,625 per unit. The 320-unit, garden-style apartment community offers LIHTC income-restricted apartments at 8991 and 9577 Southwest 41st Street. The property was completed by ZOM…

Developer Proposes Water’s Edge Multifamily at 1600 S.W. 80th Terrace in Plantation

In a move that could reshape Plantation Corporate Center, a developer has proposed constructing an apartment complex within the existing office park. The city’s Planning & Zoning Board is set to deliberate on the proposed land use amendment for “Water’s Edge” on October 3. This transformative project is earmarked for the 22.4-acre site situated at 1600 S.W. 80th Terrace…

Michigan hoteliers pay $21M for Hampton Inn in Plantation

Michigan-based hoteliers Malik Abdulnoor and Sahir Malki bought the Hampton Inn Fort Lauderdale/Plantation for $21 million, marking at least their second wager on South Florida’s hospitality market this year. Abdulnoor and Malki bought the five-story, 128-key hotel at 7801 Southwest Sixth Street from Atlanta-based Peachtree Hotel Group, according to records and real estate…

BH Group Proposes 14-Story Condo/Hotel at 804 S. Federal Highway in Hallandale Beach

BH Group, an Aventura-based developer, has plans for an exciting venture in Hallandale Beach. According to our sources, BH Group has submitted an application for the development of a condo and hotel tower situated across from Gulfstream Park. BH Group secured the vacant property through a contract with Hallandale Beach-based SMIR 3001 LLC. The envisioned development…

Related Unveils New Renderings From ArX Creative Of 45-Story ‘Andare Residences By Pininfarina’ In Fort Lauderdale

Related Group and Pininfarina have unveiled new renderings for their new residential project named Andare Residences by Pininfarina. This marks a significant development in Fort Lauderdale’s real estate landscape, as it’s the first condominium project to grace Las Olas Boulevard in nearly two decades.  Offering unobstructed ocean views and seamless access to the city’s urban core…

Affiliated wins Fort Lauderdale tax incentive for 400-unit rental project with 140 workforce units

Affiliated Development won a city tax incentive to reserve about a third of its apartments for low- and middle-income tenants at Era, a planned eight-story, 400-unit rental project in Fort Lauderdale. The number of apartments designated as workforce housing could increase from 140 to 210 if the developer wins a similar tax incentive from Broward County. Deed restrictions…

Catalfumo pays $19M for estate to expand Ritz-Carlton Residences, Palm Beach Gardens

Catalfumo Companies enlarged its planned Ritz-Carlton Residences project’s acreage in Palm Beach Gardens by acquiring an adjacent waterfront mansion. An affiliate of Palm Beach Gardens-based Catalfumo paid $18.5 million for a 2.4-acre estate with a seven-bedroom home at 11309 Ellison Wilson Road, records and Vizzda show. The property was marketed as a teardown…

Video: RealPage Director of Research & Analysis, Market Analytics Carl Whitaker Discusses Multifamily Forecast

Carl Whitaker, Director of Research & Analysis, Market Analytics with RealPage, joins America’s Commercial Real Estate Show to discuss multifamily rent growth, occupancy expectations, new supply, and when multifamily performance may change. He notes that year over year stats may  be negative nationally for September once it is reporting. He thinks that month or October…

MSCI Podcast: Investment Trends in Focus Quarterly Roundtable

Our quarterly roundtable examines markets, and market-moving events to help institutional investors as they determine the best way forward; across asset classes and parsing out differences between developed and emerging markets. Participating in this Podcast is Hitendra D Varsani, Thomas Verbraken, Anil Rao, Jim Costello, and Ashley Lester, all with MSCI.

RealPage Analytics 2024 U.S. Apartment Market Forecast

For the third year in a row, many multifamily market performance stats have shown anything but “normal” trends. Still, 3rd quarter 2023 did show the market continues to work back toward a more normal, stabilized trend. Apartment absorption has been positive in each of 2023’s three quarters. Three straight positive quarters of absorption pushed annual absorption to 127,000 units…

Condos Approved At Site Of Deadly Surfside Tower Collapse During Contentious Meeting

Dubai-based developer Damac International won approval to move forward with construction of a 12-story condo property on the site of a 2021 condo collapse that killed 98 people in Surfside, Florida. The 52-unit condo development won approval from the Surfside Town Commission during a nearly six-hour meeting Wednesday. Commissioners voted 3-2 to approve the plan to build…

Surfside approves Damac’s plan for collapse site, angering some over trash pickup

Damac Properties scored a key approval for its luxury condo project in Surfside, though it has to try to move a controversial garbage loading dock away from the planned collapse memorial. The Surfside Commission voted 3-2 in favor of the project on the Champlain Towers South collapse site, capping a contentious nearly six-hour meeting on Wednesday evening that included…

Developers Pitch 55-Story Residential Tower In Brickell With 2,060-Seat Theater

An affiliate of Miami-based G&G Business Developments is planning a 464-unit residential skyscraper in Brickell that could include a huge theater component. The affiliate, Millennium Developments, filed a pre-application for a 55-story property on the 0.92-acre site of a gas station four blocks from Brickell Avenue. The developer is considering two options for lower levels of the tower…

Cade Capital buys Coral Gables dev site for multifamily project, pays $11.5M

Cade Capital acquired a development site in Coral Gables where the firm is planning a multifamily project. An affiliate of Miami-based Cade Capital bought the 0.8-acre assemblage at 130, 152 and 160 Almeria Avenue that is approved for a 13-story building with 122 apartments, according to Vizzda. The deal also includes a nearby parking lot at 103 Almeria Avenue.

Miami Among Top 10 Markets for Multifamily Deliveries in H1 2023

Multifamily demand continued to stay elevated in 2023 despite major economic headwinds, although overall the sector was underperforming compared to 2022 during the first six months of the year. According to Yardi Matrix data, 154,366 units came online nationwide between January and June 2023. The volume of multifamily deliveries accounts for a 60 basis points…

UNCG And Vertical Developments Buy Edgewater Site For $13.5 Million With Plans To Build A Condo-Hotel

Urban Network Capital Group (UNCG), in collaboration with Vertical Developments, has acquired a land parcel in the Edgewater neighborhood of Miami’s urban core at 3618 Northeast 5th Avenue. The transaction closed for $13.5 million, with the previous owner being Hotelex Midtown LLC, an affiliate of Hotelex Group. The 4,725-square-foot parcel is zoned T6-24a-O…

Urban Network Capital buys dev site for second Miami condo-hotel project

Urban Network Capital Group acquired a development site in Edgewater for its second condo-hotel project in Miami. Miami-based Urban Network partnered with Peru-based Vertical Developments to buy a 0.5-acre assemblage for $13.5 million at 445 and 455 Northeast 36th Street and 3618, 3620, 3630, 3632 Northeast Fifth Avenue, according to a press release. The properties consist…

Coto family proposes 464-unit resi tower in Brickell

The Coto family, developers of the Aston Martin-branded condo in downtown Miami, propose a 464-unit residential tower in Brickell. G&G Business Developments, led by Germán Coto, proposes a 55-story building on a nearly 1-acre lot on the southeast corner of Southwest Eighth Street and Southwest Second Avenue, according to a pre-application the firm filed to…

FIFA To Move 100 Jobs To Miami As The City Becomes A Soccer Epicenter

FIFA is moving more than 100 jobs from its Swiss headquarters to a recently-opened office in the Miami suburb of Coral Gables, Florida, raising the city’s profile as a hub for international soccer. Soccer’s governing body is moving its entire legal department along with its audit, compliance and risk management teams from Zurich. The staff will head to a 60K SF office at 396 Alhambra…

Shadi Shomar, partners propose 159-unit workforce apartment complex near Homestead

Shadi Shomar, co-founder of luxury hotel firm, Arte Hospitality, and his partners want to build a 159-unit workforce multifamily complex near Homestead. Shomar and Gonzalo De Ramon propose a pair of four-story buildings on a 3.5-acre site they have under contract for $4.3 million on the southwest corner of Southwest 296th Street and South Dixie Highway, according to the…

Tri-Rail due downtown this year – where will be next?

Tri-Rail is on track to roll this year into downtown Miami, linking as far north as Palm Beach County with commuter rail, its executive director says, and it’s now being urged to add a station between Hialeah and Miami Central Station. The effort to engineer the last 12 miles has been bedeviled by issues ranging from cooperation with the tracks’ owners to safety and even getting…

MG Development, Baron Property Group score $18M loan to acquire Hialeah homes for apartment project

MG Developer and Baron Property Group snagged an $18 million loan to acquire a block of Hialeah single-family houses to be redeveloped into a multifamily project. New York-based RMWC provided the financing for the planned bulk purchase, according to a press release. Ayush Kapahi with HKS, and Jeffery Donnelly and Dmitry Levkov with Colliers arranged the loan.

Historic Biscayne Boulevard church revamp with residential tower nears

The plan to restore and repurpose a historic church on Biscayne Boulevard in Miami and build a new companion 40-story residential tower next door is finally moving forward after modifications. The owner-developer, AQOZFI SLP BISCAYNE LLC, submitted new plans that further refine the final design for the project at 1836 Biscayne Blvd. The city’s Urban Development Review…

More hurdles in long drive to get Amtrak to the Miami airport

The years-long struggle to get long-distance Amtrak trains into its station completed in 2016 at the Miami Intermodal Center servicing Miami International Airport is still stalled in efforts to gain access to the building and getting track to turn trains around so they can go back north. Also, the Florida Department of Transportation is still working to amend the 1997 operating agreement…

Miami Beach approves Boucher Brothers’ Nikki Beach proposal

Despite some opposition from residents, Miami Beach elected officials narrowly approved a proposal by Boucher Brothers and Major Food Group to take over the Nikki Beach Club site in the city’s South of Fifth neighborhood. The city commission voted 4-3 Thursday night to authorize City Manager Alina Hudak to negotiate a new 10-year lease with the joint venture to take…

Miami-Dade county putting seagliders into water transit mix

Water transit plans for Miami-Dade County are flowing forward on several fronts. The Transportation Planning Organization last week authorized its executive director to prepare for another study examining a waterborne transportation network, while the organization’s vice chairman is asking the county to focus in part on including a new technology, seagliders, in any water transit…

Mixed-use Edgewater tower on drawing board

A new mixed-use residential development is planned for Second Avenue in the Edgewater neighborhood of Miami. The project, Edgewater 22, will replace a Midas auto shop at 2140 NE Second Ave. The new building is to be 20 stories and home to 160 rental apartments, about 10,247 square feet of ground floor retail and a parking podium for 224 vehicles.

A Strategic Off-Market Sale: Industrial Condo Sale Brokered at 13313 NW 47 Avenue

The property, at 13313 NW 47 Avenue in Opa-Locka and boasting 1,650 square feet, changed ownership for $390,000, representing a shift from its 2008 purchase price of $200,578. This unique valuation was derived by assigning a third of a three-unit sale, totaling $601,733. Despite the apparent decrease, this transaction aligns with the prevailing trends in the Miami industrial market, with the…

Residents Get Their Way on Miami Shores Comprehensive Plan

The Miami Shores Village Council voted 3-2 last month to adopt a comprehensive plan that complies with residents’ wishes of maintaining their village’s single-family residential character. The new comprehensive plan designates the village’s downtown corridor along NE Second Avenue for restricted commercial uses and the Biscayne Boulevard corridor in the southern part of the…

Medley Sale Among Top 5 Office Transactions in Florida

Florida’s market is continuously evolving and holds great potential for growth and adaptation, thanks to its steadily expanding economy and population growth. According to data provided by CommercialEdge, office investment sales in the state between January and the beginning of August 2023 amounted to more than $1.3 billion. While the volume represents a significant drop…

North Bay Village Unanimously Approves Riviera Horizons’ 26-Story Waterfront Condo Project

North Bay Village has given the green light to Miami-based Riviera Horizons for a 26-story condominium development designed by Revuelta Architecture International. In a unanimous decision, the Village Commission approved the project on a 0.77-acre property at 7938 and 7940 West Drive on September 29. The proposed development is set to feature a collection of 70…

Mikael Hamaoui scores approval for 70-unit North Bay Village condo tower

North Bay Village has another luxury condo project in the works. The North Bay Village Planning & Zoning Board recently approved Miami-based Riviera Horizons’ proposal for a 26-story, 70-unit condo tower. The approval marks at least the seventh planned condominium underway for the long-overlooked island community. Riviera founder and CEO Mikael Hamaoui…

Continua Group Proposes 1150 NoMi at 1150 NE 125th Street in North Miami

In July 2022, Continua Group purchased a 1.3-acre parcel for $7.59 million. Now, it has proposed a residential venture that would require demolishing an already-existing office building. Meet its replacement: 1150 NoMi. Plans call for close to 342,000 square feet of new construction and just 195 apartments. Residences would measure 554 square feet to 1,117 square feet each….

Link, Jameson sell Wynwood building for $19M

A Delaware entity with the same address as Rod Feldman’s Tri-Star Equities bought a Wynwood office and retail building for $19 million. The entity acquired The Print Shop at 2509 North Miami Avenue, according to records. Tony Arellano and Devlin Marinoff represented the seller, a joint venture between Miami-based Link Real Estate, led by CEO Dan Arev, and Jameson Equities…

Related Group And Tricap Break Ground On NoMad Residences Wynwood

Miami-based real estate development company Related Group (Related) and Manhattan-based developer Tricap broke ground on NoMad Residences Wynwood, the first residential concept from boutique hotel brand NoMad Hotels and its parent company, Sydell Group. Located at 2700 Northwest 2nd Avenue, just steps from Miami’s world-famous Wynwood Walls, the nine-story…

329-Unit Nomad Residences (With Casa Tua Cucina) Breaks Ground In Wynwood, 75% Sold

Another major project is now underway in Wynwood. Developer Related Group and partner TriCap held a groundbreaking ceremony yesterday for the Nomad Residences building, which will feature 329 residential units when complete. The groundbreaking ceremony took place after over 75% of units had been put in contract, developers said. The project is being developed…

SHVO Secures Unanimous Approval From The Miami Beach Planning Board For ‘The Alton’

New York-based SHVO has secured unanimous approval from the Miami Beach Planning Board for developing The Alton at 1656-1680 Alton Road in the heart of Miami Beach. Designed by Pritzker Laureate Lord Norman Foster and the team at Foster + Partners, in collaboration with local architect Kobi Karp, the six-story biophilic building will comprise 170,000 rentable…

Doral City Council Allows Trump’s High-Rise Project to Move Forward

Doral city officials will soon gather to decide whether to give a green light to what former president Donald Trump has trumpeted as “perhaps the most exciting development in the country.” The 2024 presidential candidate and criminal indictment magnet is seeking approval from the City of Doral to rezone his sprawling 54-acre Trump National Doral resort in order to erect…

Karmely’s KAR Properties pays off $128M condo inventory loan for 2000 Ocean

Developer Shahab Karmely paid off a $128 million condo inventory loan for 2000 Ocean, a boutique residential building in Hallandale Beach. Karmely’s KAR Properties secured the financing in early 2022 for the unsold inventory at 2000 Ocean, a 38-story, 64-unit oceanfront tower that was completed in December 2021. New York-based Madison Realty Capital, led by Josh Zegen…

Bradford Marine drops $44M for Roscioli Yachting Center in Davie

Bradford Marine bought the Roscioli Yachting Center in Davie for $44.3 million. Bradford bought the 223,000-square-foot property that sits on 12.2 acres at 3201-3225 West State Road 84 in two deals from an affiliate of OneWater Marine, according to records and real estate database Vizzda. Bradford paid $15 million for the land and $29.3 million for the buildings. The Roscioli Yachting Center traded…

PPG scoops up Hallandale Beach site for its new HQ

PPG Development plans to move its headquarters, but is staying in Hallandale Beach. The firm scooped up 1.4 acres on the southwest corner of Hallandale Beach Boulevard and Golden Isles Drive for nearly $14 million, with plans to develop its new headquarters on the site, according to a source familiar with the matter. The lots are at 1800 and 1830 Hallandale Beach Boulevard…

Newrock Partners’ Completes Construction On ‘Oaklyn’ In Oakland Park And Welcomes First Residents

Oaklyn, an 11-story mixed-use tower located at 3333 North Federal Highway in the heart of Oakland Park, has completed construction and officially opened its doors, welcoming its first residents. Designed by Kobi Karp Architecture & Interior Design Inc., with First Florida as the general contractor, and developed by Newrock Partners, the property offers 274 apartment residences…

Stockbridge drops $49M for warehouses at Coconut Creek’s Lyons Technology Center

Stockbridge Capital Group bought a six-building warehouse portfolio in Coconut Creek for $48.9 million, marking the firm’s continued investment in South Florida. San Francisco-based Stockbridge bought the buildings at 4611-4661 and 4701 Johnson Road, as well as at 4811 and 4911 Lyons Technology Parkway in three deals from an affiliate of Des Moines, Iowa-based…

Location Ventures investors pay $30M for Fort Lauderdale Edition dev site

Alex Kleyner and Diana Ullis, who heavily invested in Location Ventures and are suing its founder Rishi Kapoor, paid $30 million for an oceanfront development site in Fort Lauderdale Beach. The Miami Beach-based couple acquired the 1.5-acre property at 551 Bayshore Drive where Coral Gables-based Location Ventures had previously planned the Edition Residences Fort Lauderdale…

Affiliated wins Fort Lauderdale tax incentive for 400-unit rental project with 140 workforce units

Affiliated Development won a city tax incentive to reserve about a third of its apartments for low- and middle-income tenants at Era, a planned eight-story, 400-unit rental project in Fort Lauderdale. The number of apartments designated as workforce housing could increase from 140 to 210 if the developer wins a similar tax incentive from Broward County. Deed restrictions on these…

Miami’s Temple Israel seeks to rezone parking lot, laying path for redevelopment

Temple Israel of Greater Miami is laying the groundwork for possible redevelopment of a 1.6-acre overflow parking lot bordering three booming neighborhoods. The Miami Planning and Zoning Appeals Board on Wednesday evening will consider two requests by Temple Israel to rezone the vacant property at 1852 Northeast Second Avenue for “general commercial” use. The parking…

UMB Bank nabs charter school’s Lauderdale Lakes campus for $15M

UMB Bank scored title to a Broward County charter school building through a $14.5 million in lieu of foreclosure sale. An affiliate of the Kansas City, Missouri-based financial institution acquired the former home of Championship Academy of Distinction High School at 3020 Northwest 33rd Avenue in Lauderdale Lakes, records and Vizzda show. On Sept. 13, UMB Bank also separately filed…

Related Group And Merrimac Ventures Join Forces With Hilton For 28-Story Waldorf Astoria Residences Pompano Beach

Developers Related Group (Related) and Merrimac Ventures, in collaboration with Hilton, are excited to introduce their latest project: the Waldorf Astoria Residences Pompano Beach. Sitting on a two-acre oceanfront site at 1350 South Ocean Boulevard, this 28-story tower designed by KORA with Nichols Architects as the architect of record and landscape design by Enea Landscape…

Steve Ross’ Related scoops up affordable rental complex in Miramar for $48M

Steve Ross’ Related Companies bought an affordable apartment complex in Miramar for $48.2 million. The New York-based firm scooped up the 320-unit, garden-style Sorrento complex at 8991-9577 Southwest 41st Street from an entity tied to ZOM Living and NRP Group, according to records and real estate database Vizzda. The deal breaks down to $150,625 per apartment.

Berkadia Arranges $47M Refinancing for Canopy by Hilton West Palm Beach Downtown Hotel

Berkadia’s Hotels & Hospitality team has arranged the $47 million refinancing for Canopy by Hilton West Palm Beach Downtown, a 150-room hotel located at 380 Trinity Place in West Palm Beach. Michael Weinberg and Scott Wadler of Berkadia arranged the three-year loan through Bank of America on behalf of Driftwood Capital, a Miami-based hotel owner. The interest-only loan…

Arena in Palm Beach Gardens Plans Revealed For Virtual Golf League Backed By Tiger Woods, Rory McIlroy

A golf simulator league backed by Tiger Woods and Rory McIlroy is partnering with financial services firm SoFi to build a nearly 250K SF arena in Palm Beach Gardens that will host its tournaments. TMRW Sports and San Francisco-based SoFi revealed plans to build the nearly 2,000-seat SoFi Center on just under 11 acres on the campus of Palm Beach State College. The arena will be home…

UM Cloisters residents back in hotels after sewage backup

Something stinks at the Cloisters. That’s because sewage has been backing up into apartments at the student housing complex since Landmark Properties moved residents in last Friday. Aside from the sewage, University of Miami student residents and their families have reported issues with water quality, dysfunctional air conditioning, missing locks and window covers, and leaking roofs…

Terra Completes Doral Atrium Retail Development; Signs Lease with TREMBLE Pilates Studio

Terra, one of South Florida’s most active commercial and residential development firms, has completed construction of Doral Atrium, a 78,000 square foot lifestyle-driven retail development in Miami’s burgeoning City of Doral. News of Doral Atrium’s completion accompanies the signing of a 1,480 square foot new-to-market lease with TREMBLE Pilates Studio at the development.

Understanding Environmental Site Assessments (ESAs)

When it comes to commercial real estate transactions, conducting due diligence is crucial to assess potential risks and liabilities associated with a property. One essential component of this due diligence process is the Environmental Site Assessment (ESA). ESAs are comprehensive evaluations of a property’s environmental conditions, helping buyers, sellers, and investors…

‘Record Collapse’: New Report Shows Extent Of Regional Bank Pullback In CRE Lending

In the months after three shocking bank failures, regional banks began a lending pullback of historic proportions — one that promises to continue. In the second quarter, regional banks accounted for 25% of all new commercial real estate loans worth at least $2.5M, a 900-basis-point drop from the first quarter, according to data published Wednesday by capital markets research…

Rite Aid Considers Closing Up To 500 Stores In Bankruptcy Proceedings

Rite Aid has proposed closing between 400 and 500 of its stores as part of its bankruptcy proceedings and either selling or turning over the remaining stores to its creditors, The Wall Street Journal reports, citing anonymous sources familiar with the negotiations. Some of the company’s bondholders want even more closures than that, the WSJ reports. The pharmacy chain, which has about…

The World’s Billionaires Are Betting Big On U.S. Multifamily

The ultrawealthy are increasingly turning to the multifamily sector as an investment. Over the past 10 years, some of the world’s richest have more than doubled their investments in apartments globally, with a particularly heavy emphasis on the U.S, Bloomberg reported, citing research from Knight Frank. The world’s 13th-richest person and founder of clothing brand Zara…

Small Banks Falter in US Commercial-Property Lending

Smaller U.S. banks retreated from commercial-real-estate (CRE) lending in Q2 of 2023. From a record high of 34.2% of all commercial-mortgage originations in the first quarter of 2023, these regional/local banks captured only 25.1% of the market in the second quarter. Never has the share of lending by these smaller banks fallen so sharply in a single quarter. The share of all CRE loans…

Black Salmon, Allen Morris Co. Plan $1B Highland Park Miami Mixed-Use Project

Black Salmon and The Allen Morris Co. have unveiled plans to develop Highland Park Miami, a $1 billion mixed-use project that will span seven acres and increase the footprint of the Miami Medical District by approximately 10 percent. Plans call for 1,000 residential units designed by Oppenheim Architecture, a 150-room hotel and 500,000 square feet of medical-related office space…

Black Salmon, Allen Morris Launch $1B Medical District Mixed-Use Development

Highland Park Miami. All images courtesy of Black Salmon and The Allen Morris Co.   Black Salmon and The Allen Morris Co. are teaming up to develop Highland Park Miami, a $1 billion mixed-use development that will span 7 acres and increase the footprint of the Miami Medical District by approximately 10 percent. The partners made the announcement on Tuesday, Sept. 26…

$1B Transit-Oriented Development Planned Near Metrorail

Developers have announced plans for a massive transit-oriented development in the Health District called Highland Park Miami, according to The Real Deal. The developers are said to have acquired around 50 properties over a 10 year period for the $1b project. Highland Park Miami is planned to include “half a dozen” buildings rising up to 22 stories on around 7 acres, with…

Billion Dollars Highland Park Miami Proposed at 800 NW 14th Street in Miami

Highland Park Miami. A billion-dollar proposal slated for Miami-Dade County. Our sources indicate that if approved, the venture could offer 1,000 residential units, along with 150 hotel rooms and half-a-million square feet of medical office space. Per the South Florida Business Journal, Highland Park Miami would be a multi-building venture, will the tallest tower measuring…

Black Salmon, Allen Morris plan $1B Miami Health District project

Developer Camilo Lopez’s Black Salmon is partnering with Allen Morris Company on a $1 billion mixed-use development in the Miami Health District, The Real Deal has learned. Lopez’s Black Salmon and Allen Morris are planning Highland Park Miami, a 7-acre project that’s expected to include 500,000 square feet of medical office, 1,000 apartments, a 150-key hotel, retail and green space…

FIFA Moving Over 100 Employees From Switzerland To Miami

FIFA is relocating over 100 employees from Switzerland to Miami. FIFA’s entire legal department will be relocating here, as well as audit, compliance and risk management teams, according to the AP. The move is expected to be complete by August 2024 FIFA has already leased 60,000 square foot of office space at 396 Alhambra in Coral Gables. Those offices opened last month…

Record deal: Monarch, Tourmaline buying 801 Brickell for roughly $250M

Monarch Alternative Capital and Tourmaline Capital Partners are buying the 801 Brickell office tower in Miami for about $250 million, The Real Deal has learned. If the deal closes at this price, it would mark a record for a South Florida office investment this year. Monarch and Tourmaline are buying the 28-story building at 801 Brickell Avenue in Miami from Nuveen Real Estate…

Caoba Miami Worldcenter’s Second 40-Story Tower Has Topped Off

The second tower at Caoba Miami Worldcenter topped off sometime in the past few months, a new photo by Kevin Amézaga shows. The newly topped off tower is 40 stories and will have 411 residential units. Photos taken at the end of May showed that the tower was at level 34 of construction. Caoba’s first phase was a 43-story tower completed in 2019. When both towers are open…

Biophlic South Beach Office Building Designed By Norman Foster Approved By Board

Miami Beach’s Planning Board voted unanimously to approve developer Shvo’s proposed Alton Road office project in South Beach. Pritzker Laureate Lord Norman Foster and the team at Foster + Partners is designing the project with a biophilic design, inspired by Florida’s climate and vegetation. Kobi Karp Architects is working along with Foster on the design.

One Brickell City Centre Demolition Red Tagged After Debris Falls On Road

Work at the One Brickell City Centre site was halted after a portion of a building under demolition appeared to have fallen onto the roadway. A demolition permit for one of the office buildings on the One BCC site at 700 Brickell Avenue was issued on July 7. Miami Building Department records show that permit under a red tag as of this morning. A second building at 799 Brickell…

Demolition paused after debris falls from Related, Swire’s Brickell development site

Demolition is on hold after a large chunk of concrete fell from the site of Related Companies and Swire’s planned supertall office building in Brickell. An excavator knocked building fragments from several stories up into the street below, with pedestrians and drivers looking on, according to a video posted by @OnlyInDade. No injuries were reported. The contractor and representatives…

Former Miami Beach Mayor Philip Levine sells Wynwood complex for $24M

Miami Beach’s former mayor Philip Levine has cashed in on a Wynwood complex known as the Whale & Star building. An entity managed by Levine sold three warehouses for $24 million. Combined, the buildings at 2215 Northwest First Place total 27,400, according to a press release. The deal breaks down to $623 dollars per square foot. The buyer is a Delaware LLC named…

Two South Miami-Dade Fully Affordable Communities, Sell for $54M

Completed in 2009, Sunrise Commons exchanged hands for $15.3 million. Image courtesy of Walker & Dunlop Lincoln Avenue Communities has purchased Sunrise Commons and Malibu Gardens, two affordable housing communities, totaling 365 units, in the Miami metropolitan area. Landmark Cos. sold the assets for a combined $54.3 million. Walker & Dunlop brokered…

Lincoln Avenue pays $54M for southwest Miami-Dade apartment complexes

Lincoln Avenue Communities bought a pair of southwest Miami-Dade County apartment complexes for a combined $54.2 million. The Santa Monica, California-based real estate investment firm picked up Malibu Gardens at 13700 Southwest 268th Street in the unincorporated neighborhood of Naranja, and Sunrise Gardens at 26600 Southwest 146th Court in Homestead…

University of Miami buys land for new medical education hub

Miami-Dade has agreed to a $6.2 million sale of county land to the University of Miami, which plans to build a multi-million-dollar medical education center on the site. The university confirmed the planned purchase Friday. The university wants to launch “Project Ignite” on the site, creating “a nucleus for the core of the Miami Health District,” a report states, “creating a true campus…

Miami-Aventura rail route cost rises quarter billion

Commuter rail from downtown Miami to Aventura is being promoted to the highest priority level of transportation aims in Miami-Dade County and being given a new and far higher development price tag of almost $600 million. The Transportation Planning Organization, which quarterbacks all county transportation improvements, is to vote this week to upgrade the priority…

42-story Edgewater tower a smaller plan at 42 stories

There is a new mixed-use residential tower coming to Miami’s Edgewater neighborhood. The development is a modification of an earlier project first approved in 2018 but not pursued. The redesigned structure is to be 42 stories, home to 544 residential units and 10,106 square feet of ground floor retail, all on a site at 1775 Biscayne Blvd. The city’s Urban Development Review Board…

Greenery Mall / Dadeland Square Acquired By Orion Capital Partners-Sponsored Dadeland Greenery, L.P.

The Greenery Mall, also known as Dadeland Square, a popular mixed-use landmark located at 7700 North Kendall Drive, was acquired by Dadeland Greenery, L.P., from Cofe ZM Dadeland, LLC, on Sept. 15, 2023, for a total of consideration of $58 million subject to assumption of an existing $39 million mortgage. With a vision to cultivate a dynamic and flourishing site for existing…

Aston Martin Residences Developer Files Plans For Iconic 55-Story Mixed-Use Tower At 190 SW 8th Street In Brickell

The prominent Coto Family of Argentina has set sights on a striking new addition to Miami’s skyline. In a recent letter of intent submitted to the Miami-Dade County Planning Department, Millennium Developments of Brickell, LLC, an affiliate of G&G Business Developments led by the same team behind the Aston Martin Residences, has formally requested a pre-application meeting…

Michael Shvo’s office, apartment project on Miami Beach’s Alton Road scores key vote

Michael Shvo scored a key approval for his proposed office and residential project on the former Epicure Gourmet Market & Café site on Miami Beach’s Alton Road. The city planning board voted 7-0 on Tuesday in favor of the six-story development that would consist of roughly 170,000 square feet of offices on levels four to six, and five apartments on the third level on the…

Avalon South Miami Starts Construction at 5850 SW 73rd Street in Miami

Nearly three years after purchasing a 1.86-acre parcel, developers have started construction on Avalon South Miami. The developer secured the build site for $18.95 million and demolished a 20,000-square-foot Winn-Dixie grocery store before breaking ground. 5850 S.W. 73 Street LLC was the seller. The 10-story Avalon South Miami will comprise 290 apartments, ranging…

Terranova Announces New Lincoln Road Tenant, IT’SUGAR

Terranova Corporation, a prominent commercial real estate firm led by Chairman Stephen Bittel and President Mindy McIlroy, announced today that Atlantic City-based brand IT’SUGAR, the beloved candy store known for its whimsical sugar creations, has signed a 2,751 square-foot lease at 801 Lincoln Road. The landlord for this deal is PPF MBL Portfolio, LLC. This location marks…

Lefferts Tops Out 206-Unit Miami Beach Tower

The property, 72 park, is located in Miami Beach. Image courtesy of Lefferts Lefferts, a real estate development firm specializing in residential and commercial properties in Miami and New York City, has topped out its 22-story, 206-unit luxury Miami Beach condominium, 72 Park. The project is slated for completion in summer 2024 and will be the first new luxury…

Coastline-Nakash plans 822-unit multifamily complex near Miami River

A developer wants to build an 822-unit apartment complex between Miami International Airport and the Miami River. Coastline-Nakash Equity Capital Group, led by Yaniv Nakash and Eyal Mehaber, plans the Eden project on roughly 7 acres at 3550 Northwest South River Drive along Palmer Lake in unincorporated Miami-Dade County, Nakash told The Real Deal.

Mast Capital targets another Miami Beach condo buyout near planned project

Developer Camilo Miguel Jr. is trying to acquire another oceanfront condo building in Miami Beach, The Real Deal has learned. It’s near the site of his planned Perigon development and the bulk buyout at Amethyst he is in the midst of negotiating. Miguel’s Mast Capital sent contracts to the owners at Imperial House, a 15-story 127-unit condominium at 5255 Collins Avenue, to buy out…

Trump Pushes High-Rise Project in Doral on Heels of New York Fraud Ruling

Doral city officials will soon gather to decide whether to give a green light to what former president Donald Trump has trumpeted as “perhaps the most exciting development in the country.” The 2024 presidential candidate and criminal indictment magnet is seeking approval from the City of Doral to rezone his sprawling 54-acre Trump National Doral resort in order to erect…

Construction Tops Off On The 22-Story 72 Park Condominium Tower In Miami Beach

Construction has topped off on Lefferts’ 22-story luxury condominium tower 72 Park. The developer celebrated the topping off of the 220-foot-tall structure on Wednesday, September 13, which stands prominently at 580 72nd Street in Miami Beach. Designed by the renowned national architecture firm Built Form with interiors and landscapes by Urban Robots Associates…

Last 1920s hotel on downtown Miami’s Biscayne Boulevard getting replaced by 104-story tower

For decades, the glass-and-aluminum facade of the YVE Hotel on Biscayne Boulevard in downtown Miami has concealed a historic secret. Beneath the mint-green panels that cover the exterior of the 16-story tower lies a significant relic of Miami’s 1920s real-estate boom. Once known far and wide as the Miami Colonial Hotel, it is, all outward appearances aside, the very last of a row…

Revealed: 699-Foot Calle 8 Planned In Brickell

A pre-application has just been filed with Miami-Dade planners for a new tower in Brickell with an iconic design. The project is tentatively named Calle 8, with Millennium Developments of Brickell, LLC listed as the developer. According to the filing, Calle 8 is proposed to rise 57 stories, or 685 feet above ground level and 699 feet above sea level, and include: 464 residential units…

MidRiverVu Planned At River Landing With 475 New Apartments

The developer behind River Landing has filed plans for a new tower called MidRiverVu. MidRiverVu is planned to rise 28 stories, or 303 feet above ground and 310 feet above sea level, and include: 475 apartments pedestrian bridge to River Landing shops and restaurants 533 parking spaces in an 8-story garage Touzet Studio is the architect. Urban-X is the developer.

Walgreens sells store near Coral Gables for $13M

Walgreens’ South Florida sell off continues as the pharmacy retailer sold a store near Coral Gables. It’s the tenth retail property the national chain has sold in the last 10 months. An entity managed by Steve Creekmore in Fort Smith, Arkansas, paid $12.7 million for a single-story retail building spanning 12,900 square feet at 3490 Bird Road, according to records and Vizzda.

“Hard to appreciate”: City board slams Lalezarian’s three-tower design at Miami Worldcenter

Two projects at Miami Worldcenter and another in Edgewater scored key approvals by a city board. But some of the developers’ architects might have more work to do after getting an earful about the buildings’ designs. Lalezarian Properties wants to build three towers of 68 stories, 67 stories and 31 stories with a total of 2,040 apartments at Miami Worldcenter. The buildings would rise…

Richman lists dev site approved for mixed-use project near Metrorail station

The Richman Group of Companies is seeking a buyer for a development site approved for a mixed-use project near a Metrorail station between Miami and Hialeah. An affiliate of Richman, a West Palm Beach-based multifamily development and investment firm, listed the 2.6-acre vacant property at 8001 Northwest 27th Avenue, according to an online brochure.

South Florida developers zero in on Messi fever

Two prospective buyers recently walked into the sales center at Oasis Hallandale dressed in Lionel Messi attire — down to the pink shoes — and signed contracts to buy condos. The buyers, who drove in from Naples, were attracted to the condo development’s proximity to Hard Rock Stadium in Miami Gardens and to Drive Pink stadium in Fort Lauderdale where Inter Miami plays…

Nightingale Agrees To Sell Miami Beach Building Where CEO Allegedly Misappropriated Capital From CrowdStreet Investors

Black Lion Partners and Massa Investment Group, both based in Miami, are planning to purchase the eight-story, 140K SF office building with a 499-space parking garage at 1601 Washington Ave. Nightingale paid $80M for the property in 2016, according to property records, before launching a crowdfunding campaign on the investment platform CrowdStreet in 2022 to raise money…

Robert Rivani, Mathieu Massa buying former Starwood HQ in Miami Beach for $82M

Robert Rivani’s Black Lion Investment Group is partnering with Massa Investment Group to acquire Starwood Capital’s former headquarters building in Miami Beach for $82 million, The Real Deal has learned. Rivani’s firm and Massa Investment, led by Mathieu Massa, are under contract to purchase the eight-story office building with ground-floor retail at 1601 Washington Avenue…

Stockbridge buys apartment complex in Fontainebleau for $156M

Stockbridge bought a 368-unit multifamily complex in Miami-Dade County’s Fontainebleau neighborhood for $156 million. The San Francisco-based firm scooped up the Park 82nd Apartments at 8255 Park Boulevard in unincorporated Miami-Dade, paying $424,000 per unit, according to records and real estate database Vizzda. The sellers, Trammell Crow Residential and Washington…

No surprise! Boucher, Major Food Group on track to win Nikki Beach Club bid

Boucher Brothers is still the city of Miami Beach’s top pick to take over the site Nikki Beach Club. Miami Beach City Manager Alina Hudak is recommending that Boucher Brothers and its partner, Major Food Group, be awarded a 10-year lease commencing in 2026 to operate the city-owned restaurant and entertainment venue at 1 Ocean Drive, according to a memo released on Wednesday.

Austin, Nashville, and Miami emerge as top U.S. commercial real estate investment destinations

Austin, Texas, remains the most promising city for investing in commercial real estate in the United States, according to the annual review conducted by the global law firm DLA Piper. A total of 128 real estate experts from around the world participated in the review, including CEOs, VPs of operations, real estate developers, and property managers. The report outlines the most attractive…

Art Institutes To Close, Vacate Space in Atlanta, Houston, Miami, Other Markets

The Art Institutes, a chain of private, for-profit colleges, plans to cease operations this week and vacate prime real estate in Atlanta, Houston, Miami and five other U.S. markets. The Art Institutes announced the closing on its website, saying its remaining eight campuses will shut this coming Saturday. The college system’s owner, Education Principle Foundation in New York…

Kushner Companies Proposes Mixed-Use Development Anchored By Two Slender 41-Story Towers At 400 N. Andrews Avenue In Fort Lauderdale

Today, Fort Lauderdale’s Development Review Committee will review plans from New York-based Kushner Companies for the development of 400 North Andrews. This project envisions a mixed-use complex anchored by twin 41-story residential towers over a multistory podium at 400 to 446 North Andrews Avenue in Flagler Village, bordering the downtown area…

Mill Creek lands $82M construction loan for Coral Springs mixed-use project

After nabbing a $82.3 million construction loan, Mill Creek Residential broke ground on the second phase of its Coral Springs mixed-use project. Fifth Third Bank provided the financing to an affiliate of Boca Raton-based Mill Creek, which is building Modera Coral Springs at 3310 University Drive, according to records. Mill Creek also filed a notice of commencement with Broward County.

J. Milton scoops up apartment complex in Sunrise for $29M

The Milton family, real estate developers and investors, scooped up an apartment complex in Sunrise for $28.9 million. Coral Gables-based J. Milton & Associates bought the Shamrock of Sunrise at 4001 North Pine Island Road from Lloyd Jones, according to records and real estate database Vizzda. The deal breaks down to $243,200 per unit. Completed in 2005, the complex consists…

Related, Merrimac plan Waldorf Astoria condos in Pompano Beach

Related Group and Merrimac Ventures plan to launch a Waldorf Astoria-branded condo development in Pompano Beach, The Real Deal has learned. Miami-based Related, led by Jorge Pérez and his sons, Jon Paul and Nick, is partnering with Dev and Nitin Motwani’s Merrimac on the project at 1350 South Ocean Boulevard, according to plans submitted to the city this summer.

Related Cos. Buys West Palm Beach Retail Center from Pebb Capital

Pebb Capital has sold Ocean Walk, a 65,908-square-foot retail center in Singer Island, Fla., for $19.2 million. The buyer was Related Cos., according to CommercialEdge information. JLL Retail Capital Markets brokered the transaction on behalf of the seller. Pebb had purchased the asset back in 2017 for $7.6 million, the same source shows. After the acquisition, the company…

Related, BH buy Singer Island beachfront retail plaza for $19M

In another tag-team purchase, Related Group and BH Group paid $19.2 million for a beachfront retail plaza’s ground lease in Singer Island. An affiliate of Coconut Grove Related, Aventura-based BH and a third partner, Boca Raton-based Pebb Enterprises, is taking over control of the fully occupied Ocean Walk at 2401 North Ocean Avenue, according to a press release. This month…

First Round of Retail Tenants Sign Leases at Nora Development in Downtown West Palm Beach

The first round of retail and restaurant tenants have signed leases to join the commercial district at Nora, a mixed-use development underway in downtown West Palm Beach. A partnership between West Palm Beach-based NDT Development, Miami-based Place Projects and Greenwich, Conn.-based Wheelock Street Capital is developing Nora. The lineup of new tenants includes…

The Future Of The Office Is No Longer A Debate. Now What?

September. The summer holidays are over, and with their passing comes a renewed focus on whether workers will go back to the office in greater numbers. The answer, in the form of data from multiple sources, is a resounding no. Despite the focus on back-to-the-office mandates from large corporations like Goldman Sachs and Amazon, the fourth post-summer return since…

Jamie Dimon warns that the Fed could still raise interest rates sharply from here

JPMorgan Chase CEO Jamie Dimon is warning that interest rates could go up quite a bit further as policymakers face the prospects of elevated inflation and slow growth. Though Federal Reserve officials have indicated that they are near the end of their rate-hiking cycle, the head of the largest U.S. bank by assets said that may not necessarily be the case. In fact, Dimon said in…

Following 2022 Peaks, Urban Core Apartments Lose Pricing Power Nationally

Pricing power has waned recently across the U.S. apartment market, as new supply has put downward pressure on rents. Some urban core submarkets, however, have experienced a more extreme loss of pricing power in the past year. In the U.S. overall, annual effective asking rent change has flattened, with negligible growth of just 0.3% in the year-ending August 2023, according…

If You Need 100 Car Chargers Right Now, You’re Already Behind The EV Revolution

The rising popularity of electric vehicles is catching some developers and property owners by surprise. For Paul Williams, the founder and president of Greenspeed Energy Solutions, it has created an opportunity. He recently got a call from a multifamily developer looking to install his company’s EV chargers at their property. “They had only a couple of chargers in a new build, and nine…”

5 New Towers, Including An Office Building, Proposed At Miami Worldcenter

Plans for five new towers totaling more than 4M SF at the Miami Worldcenter development just north of Downtown Miami are under review. The 27-acre master-planned community is overseen by master developer Art Falcone, the CEO of Boca Raton-based Falcone Group, and Nitin Motwani, managing partner at Fort Lauderdale-based Merrimac Ventures. The plans are split…

Renderings Reveal Three Additional Towers Planned By Lalezarian Properties For Miami Worldcenter Block E

New renderings and site plans have unveiled the entirety of the vision for Miami World Towers, an expansive mixed-use development set to completely transform Block E within the 27-acre Miami Worldcenter complex in downtown Miami. Designed by Nichols Architects with Kimley-Horn as the landscape architect and developed by Miami World Towers LLC, an affiliate of Lalezarian Properties…

Miami World Diagrid Towers Revealed: 2,000 More Units, At FAA Max Height

Miami World Tower 1 just topped off this summer. Now, its developer is planning three additional towers. The newly revealed towers include: Miami World Tower 2a – 25 stories, 279 feet above ground, 293 feet above sea level Miami World Tower 2b – 68 stories, 694 feet above ground, 709 feet above sea level (the maximum permitted by the FAA in the area) Miami World Tower 3…

Miami Worldcenter Project With Two Towers Submitted To UDRB: Full Renderings

The massive mixed-use project with two towers planned at Miami Worldcenter’s Block A is now ready for a hearing before the Urban Development Review Board. The towers are proposed to rise 59 stories (643 feet above ground, or 655 feet above sea level) and 33 stories (453 feet above ground, or 465 feet above sea level). The combined towers are proposed to include: 558 residential…

Abbhi proposes 59-story resi tower, 33-story office building at Miami Worldcenter

Abbhi Capital wants to build a 33-story office building and a 59-story tower with residences and a hotel at Miami Worldcenter. The Coral Gables-based firm filed a proposal to the city of Miami for an Arquitectonica-designed project for the 2.2-acre site on the northeast corner of Northeast First Avenue and Northeast 10th Street in Miami. The shorter building, called the South Tower…

Lalezarian proposes three towers with 2K apartments at Miami Worldcenter

Lalezarian Properties wants to expand its planned development at Miami Worldcenter by adding three apartment towers with a combined 2,040 units. The New York-based family-owned firm proposes 68-story and 31-story towers, which would rise out of the same podium, with 1,020 apartments; as well as a 67-story tower with another 1,020 units, at 10 and 20 Northeast Eighth Street…

Related Group Completes Vertical Construction On Two-Towered Mixed-Use Development In Wynwood, Miami

Related Group has completed vertical construction at Wynwood Diamedix, a striking development in Miami’s Wynwood Arts District. This two-tower project, designed by Cohen Freedman Encinosa & Associates and situated at 2150 North Miami Avenue and 2115 North Miami Avenue, will boast 304 rental homes, over 17,000 square feet of top-tier commercial space, and an impressive…

Wynwood Diamedix Tops Off, Will Have 304 Rental Apartments

The Wynwood Diamedix rental apartment complex has completed vertical construction. Developer Related Group broke ground on the project in December 2022. Completion is now expected in September 2024, Related said yesterday. Wynwood Diamedix has two towers. When complete, the combined project will have: 304 apartments 18,422 square feet of retail 55,961 square feet…

Tree Work Begins on Brickell Key Site Where 800+ Foot Mandarin Oriental Tower Planned

Tree removal and relocation appears to be underway at The Residences at Mandarin Oriental site on Brickell Key, according to a post on the Brickell Living Facebook group. DERM records also show that an application for a $3.2m seawall rebuild at the property was filed in recent days. The property is privately owned by developer Swire Properties. According to a tree permit approved…

Tech Company Anaplan With 2,000 Employees Moving HQ To Miami

Another tech company has announced plans to relocate to Miami, according to Bloomberg. Anaplan, a software company with 2,000 employees worldwide, said last week it would relocate its headquarters from San Francisco to Miami. The company was taken private by Thoma Bravo for $10.4 billion last year. Thoma Bravo itself announced a Miami office at 830 Brickell in 2021…

72 Park Tops Off In North Beach, Will Have 206 Condo Units

In Miami Beach, the 72 Park condo tower has topped off. A ceremony to mark the occasion was held on September 13. 72 Park topped off at 22 stories and will include: 206 condo units 10,000 square feet of ground-floor retail space 326 parking spaces New York pizzeria Roberta’s, a Michelin Bib Gourmand restaurant from co-founder Brandon Hoy and two-Michelin-starred…

Orion Capital Partners Acquires Mixed-Use Property in Kendall for $58M

Dadeland Greenery LP, an entity sponsored by Orion Capital Partners, has purchased a mixed-use project located on an 8.4-acre site at 7700 N. Kendall Drive in Miami. The property, known as both Greenery Mall and Dadeland Square, features 129,585 square feet of street-level retail space attached to an eight-story, 84,913-square-foot office building. Major retail tenants include T.J. Maxx…

Construction Tops Out On Doral City Place 7 Mixed-Use Project At 8450 NW 85th Court

Coastal Construction has topped off construction on Doral City Place 7, a state-of-the-art commercial and residential complex located at 3450 Northwest 85th Court in the City of Doral. Designed by MSA Architects with interiors by One Line Design Studio and developed by Lincoln Property Company, the mixed-use development will consist of 391 apartment units within an eight-story…

Miami Urban Design Board to Review Proposal for 2140 NE 2nd Avenue in Miami

Edgewood 22, a high-rise residential development, could replace a Midas auto parts store that was built just four years ago. Edgewood 22 LLC, managed by New York-based Nahman Lichtenstein, purchased the .51-acre build site for $6.3 million in 2022. Initially, according to the Real Deal, plans called for 120 apartments in an 18-story building…

Developers propose 160-unit residential project in Edgewater

Developers want to build a 160-unit residential project on the site of a Midas auto repair shop in Miami’s Edgewater, marking continued investment appetite for the booming neighborhood. The Miami Urban Development Review Board will consider a proposal for a 20-story building with ground-floor retail at 2140 Northeast Second Avenue at the board’s Wednesday meeting.

Residential Building Edgewood 22 with 160 Units Proposed In Edgewater

Plans have been submitted to Miami’s Urban Development Review Board for a residential project called Edgewood 22. Edgewood 22 is proposed to rise 20 stories, or 241 feet, and include: 160 residential units 10,247 square feet of ground floor retail 219 parking spaces on four garage levels A Midas store was built on the property in 2019, county records show. Zyscovich is the architect…

Urban-X proposes 475-unit apartment tower at River Landing

Urban-X Group wants to develop a 28-story apartment tower as part of the firm’s completed River Landing Shops & Residences mixed-use project. An affiliate of Andrew Hellinger and Coralee Penabad of Urban-X proposes a 475-unit rental building with a 533-space garage on 2 acres 1411 Northwest North River Drive, according to records. The project is christened MidRiverVu.

New York Investor Faces Foreclosure On 9-Story Property In Downtown Miami

A nine-story office and retail building in Downtown Miami is facing foreclosure after the owner failed to repay a $27M construction loan. City National Bank of Florida sued the owners of 1 Northeast First St. on Tuesday after the partnership failed to repay $26M in principal on a construction loan provided in 2021 for a $50M renovation project. The primary borrower listed in the suit…

Report: Incomes In Miami Are Rising Faster Than Inflation

Miami residents are earning more than they were in 2019 – even after inflation, according to Axios, which cited Census data. Miami is also outpacing the country, with incomes here growing faster than the U.S. average, the data shows. After inflation was factored in, the median income in the Miami-Fort Lauderdale-Pompano Beach metro increased 1.8% between 2019 and 2022…

PGIM Sells Coral Gables Office Tower For $90M

Office building sales are few and far between this year, but Coral Gables has seen two properties change hands in the past month. In the latest deal, PGIM Real Estate sold the 223K SF property at 355 Alhambra Circle to Princeton International Properties Corp., marking the Manhattan-based investment firm’s first South Florida acquisition. The sale price wasn’t disclosed, but a source…

Princeton drops $90M for Coral Gables office building

Princeton International Properties dropped $90 million for a Coral Gables building, marking the second office building sale in the city in the past two months. New York-based Princeton bought the building at 355 Alhambra Circle from PGIM Real Estate, according to news releases from Princeton and the seller’s broker. Mike Davis and Dominic Montazemi were part of a…

Photos: Construction Site Of 40-Story Tower 501 First in Downtown Miami

Photos by Phillip Pessar show the downtown Miami construction site of the 501 First tower. Groundbreaking for the tower took place in December 2022. The foundation was poured in July. The 40-story tower is being built without a parking garage. It will include 448 residential condos allowing short-term rental, along with 3,198 square feet of retail. The ground level is being…

Miami Wilds vote put off, mayor explores other sites

The squabble over the future of a water park next to Zoo Miami launched Tuesday’s Miami-Dade County Commission meeting. The issue, however, wasn’t over the merits of the park, although several community members spoke against it, but rather how the agenda item would be kicked down the road. Sponsor Kionne McGhee favored, as Johnny Mathis sang, “The Twelfth of Never…”

Miami Beach plans to challenge Clevelander affordable housing proposal

Miami Beach commissioners are looking to restrict buildable height within a mile of the city’s historic districts in South Beach. The move is a response to the Clevelander’s announcement that the Art Deco hotel could be redeveloped into a tower with affordable housing. Clevelander hotel owner Jesta Group said last week that it planned to take advantage of the…

Ophir Sternberg’s Lionheart, partners plan office-retail project in Miami Design District

Ophir Sternberg’s Lionheart Capital and its partners plan an office and retail project in the Miami Design District. The firm and Leviathan Development, an investment vehicle for Lionheart’s partner and director of development, Allison Greenfield, as well as Venezuelan developers Eduardo Pelaez and Alvaro Cardenas’ Well Duo firm, want to build a three-story project on the…

Yair Levy’s downtown Miami mixed-use building faces $26M foreclosure

A partnership led by New York developer Yair Levy could lose a downtown Miami mixed-use building at 1 NE First Street to foreclosure. On Tuesday, City National Bank of Florida sued an affiliate of Levy’s Time Century Holdings and its minority partners in Miami-Dade Circuit Court for allegedly failing to make payments on a $27.2 million construction loan, among other defaults.

12-Story Class AAA Office Tower Tops Off At The Wynwood Plaza In Miami

L&L Holding Company and Oak Row Equities, along with project partner Shorenstein Properties and co-investor Claure Group, have topped out of the 12-story, 266,000-square-foot, Class AAA boutique office tower at The Wynwood Plaza, a one-million-square-foot mixed-use development designed by Gensler under construction located at 95 Northwest 29th Street…

L&L, Oak Row Top Out 12-Story Office Tower at Wynwood Plaza

L&L Holding Co. and Oak Row Equities, with project partner Shorenstein Properties and co-investor Claure Group, have completed the vertical construction of a 12-story office tower situated within The Wynwood Plaza, a 1 million-square-foot mixed-use campus underway in the Wynwood Arts District of Miami. Upon completion, the office development will total 266,000 square…

L&L Holding, Oak Row Hit Milestone in Miami

The Wynwood Plaza office tower rendering. Image by Gensler, courtesy of L&L Holding Co.The Wynwood Plaza office rooftop rendering. Image by IMERZA, courtesy of L&L Holding The Wynwood Plaza office lobby rendering. Image by IMERZA, courtesy of L&L HoldingThe Wynwood Plaza office tower progress. Image by Smith Aerial Photos, courtesy of L&L Holding L&L Holding…

Office Tower At One Million Square Foot Wynwood Plaza Tops Off

The Wynwood Plaza’s office tower has topped off. Construction is also progressing steadily at the development’s apartment tower. Construction on the 1 million-square-foot mixed-use campus has been moving rapidly since a groundbreaking ceremony took place in March 2023. The project is planned to include: 266,000-square-foot, Class AAA state-of-the art office tower…

The Gale Hotel & Residences Slated for 601 N.E. First Avenue in Miami

Developers are working on the Gale Hotel & Residences. The venture, occupying seven of the 51 floors, will offer 240 luxury condos: 160 for short-term rentals and the remaining 80 as hotel/apartment units. In 2022, Florida YIMBY had the pleasure of reporting on Natiivo, a 51-story tower that’s under construction in Miami-Dade County. The South Florida Business Journal reports…

After the gold rush: Sublease availability grows as Miami financial, tech firms rethink needs

Miami-Dade County became a magnet for new-to-market firms from late 2020 to early last year. As companies gobbled up office space, real estate circles were especially giddy over two industries: financial services and tech. Once billionaire Ken Griffin moved his Citadel and Citadel Securities’ headquarters to Miami, the city’s fate as a mecca for financial firms seemed sealed.

Despite Live Local, Costs Keep Developers From Addressing Miami’s Affordability Crisis

Miami is at “the epicenter of a national affordability crisis” in housing, Francesca de Quesada Covey, chief economic development and innovation officer for Miami-Dade County, said at Bisnow’s Miami State of the Market event Tuesday. The problem with fixing it, developers and lenders at the event said, is that it doesn’t make financial sense to build market-rate…

Welcome to Normalization; Miami warehouse demand takes a dip, but remains strong

Not long after the advent of Covid-19, South Florida experienced an unprecedented demand for industrial properties. Frank Trelles, executive VP of State Street Realty, said his phone didn’t stop ringing for two years. “We were crazy on fire,” he said, adding that his phone still rings – but nowhere near as much. That clamor for warehouse and distribution space was fueled by an influx…

Lease roundup: Industrious opens at Seritage’s Esplanade at Aventura

Co-working firm Industrious opened at Seritage Growth Properties’ financially troubled Esplanade at Aventura development. New York-based Industrious has a 25,600-square-foot space at 19505 Biscayne Boulevard in Aventura with 97 offices, 386 desks and 12 phone booths, according to a news release from the co-working firm. The deal marks Industrious’ fifth outpost in…

Embattled investor Bent Philipson pays $23M for Hollywood nursing home

Bent Philipson, a controversial investor in elder care facilities, scooped up a nursing home in Hollywood for $22.7 million. Philipson, through an affiliate, bought the 240-bed Hillcrest Health Care and Rehabilitation Center at 4200 Washington Street from an entity tied to Omega Healthcare Investors, according to records and real estate database Vizzda. Completed in 1969, the center…

BBX Logistics, PCCP Plan Miami-Area Industrial Park in Delray Beach

BX Logistics Properties and PCCP LLC have formed a joint venture to develop BBX Park at Delray, a 40-acre logistics park in Delray Beach, Fla., that will have up to three buildings totaling as much as 672,533 square feet of logistics space. The partners recently acquired the development site north of Atlantic Avenue on U.S. 441 in Delray Beach, located in the rapidly growing…

Non-Branded Hotel Coming to the Nora District at 1021 N. Railroad Ave in West Palm Beach

The Nora District is one of South Florida’s most exciting ventures, expected to be the Wynwood of Palm Beach County. The multi-million-dollar venture broke ground in June 2023, redeveloping old warehouses into modern, dynamic commercial ventures. Now, developers are moving ahead with a non-branded hotel that is the “antitheses of Hilton, Marriott or Hyatt.” The “fairly luxurious…”

Private lending enters construction cost equation

While construction lending interest rates remain high, more commercial developers are seeking private lenders as an alternative. Institutional commercial lending right now is a little bit harder to pinpoint given the construction costs and creeping interest rates, said Bibi Azcuy, co-managing partner for the Sidley Austin law firm. “Given the demand, we have seen some private…

Video: Costar National Director of Office Analytics Phil Mobley Discusses Office Performance & Values

CoStar Group National Director of Office Analytics Phil Mobley joins America’s Commercial Real Estate Show to share current office property performance, property values, and forecasts. Discussions include office property tenant trends, lender workout strategies, and areas of opportunity in the current market. He starts off noting the sector as having continued challenges…

Brightline To Launch High-Speed Rail Service to Orlando International Airport Starting September 22

Brightline, recognized for its modern and eco-friendly intercity rail service in the United States, is set to launch its route to Orlando International Airport on September 22, 2023. Travelers can now book inaugural rides at gobrightline.com or via the Brightline app for iOS and Android. According to Patrick Goddard, president of Brightline, opening the Orlando route is a significant step…

Nightingale CEO Put $12M Of CrowdStreet Investor Cash Into First Republic Stocks, Options Weeks Before It Failed

Nightingale Properties CEO Elie Schwartz took more than $10M of the cash he raised on CrowdStreet that he told investors would be used to buy a massive Atlanta office complex and instead bet it on the recovery of First Republic Bank before it failed. On March 23, Schwartz diverted $12M in crowdsourced investor funds that were to be used to buy the Atlanta Financial Center…

Dolce & Gabbana Joins Forces With JDS For Supertall Tower At 888 Brickell Avenue In Miami

Italian fashion powerhouse Dolce & Gabbana is extending its brand into luxury real estate with a newly announced partnership alongside renowned developer Michael Stern and his JDS Development Group. The collaboration marks Dolce & Gabbana’s foray into the world of branded condos in South Florida, representing a significant step in the company’s global expansion into…

90-Story Dolce & Gabbana Tower Announced For Miami

Plans have been officially announced for a 90-story Dolce & Gabbana-designed tower at 888 Brickell, according to CNN. The tower will be built at a supertall height of 1,049 feet – the maximum allowed by the FAA in Miami. There will be 259 condos, along with a 5-star hotel, CNN said. Restaurants and bars are also planned in the building, along with significant amenities.

CNN: Miami’s latest lavish skyscraper will be courtesy of Dolce&Gabbana

In Miami, a city where most of the coastal metropolis’s skyline shimmers in silver or reflects blue skies and water through glass, a fashionable newcomer will be outfitted in black and ivory, and topped with an elaborate gold crown. Like the boning on a luxe corset, matte black steel beams will form its 90-story structure, topping out at 1,049 feet tall. Reaching the maximum…

Take two: Mast sends out new offers for Miami Beach condo building tied up in litigation

Camilo Miguel Jr. is making another attempt at the buyout of an oceanfront condo building in Miami Beach that’s tangled in litigation, more than two and a half years after the developer first approached unit owners. An affiliate of Miguel’s firm, Coconut Grove-based Mast Capital, sent offers to a group of 28 owners to sell their units at Amethyst, an 11-story, 120-unit…

Video: Here’s What It Looks Like From The Top Of The New Miami World Tower

The first Miami World Tower isn’t yet complete – but project architect Nichols has posted a sneak peek of the view from the rooftop deck. Miami World Tower 1 topped off in July at 53 stories, or 579 feet above ground, 590 feet above sea level. It is the second tallest rental apartment tower in Miami, for now. When complete, Miami World Tower 1 is planned to include: 565 apts…

Groundbreaking Held For Final Phase Of The Underline, Attended By Ken Griffin

A groundbreaking ceremony was held this morning for the third and final phase of The Underline. Ken Griffin, the billionaire founder and CEO of Citadel, was scheduled to be in attendance. Griffin donated $5 million towards the project in 2021. Phase 1 of the Underline is already complete. Phase 2 broke ground in 2021, and is scheduled for completion this year. Phase 3 is…

Mayer Berkovits-led group plans 120-unit multifamily project in Miami

A group of New York real estate developers and investors wants to build a 120-unit multifamily project in Miami. BAM Property Development plans an eight-story building with 178 parking spaces at 1715 Southwest 37th Avenue, according to Mayer Berkovits, founder and CEO of BAM. The property is near Coral Gables. The firm scooped up the 0.9-acre site for $14.3 million…

Edgewater Gets Another: 42-Story Tower At 1775 Biscayne Submitted To UDRB

Plans have been revealed for a 42-story apartment building at 1775 Biscayne Boulevard. Developer LCOR said in a press release that it had already submitted the plans to Miami’s Urban Development Review Board. The project is proposed to include: 544 rental apartments 50,000 square feet of amenity space over 10,000 square feet of ground-floor retail 628-space parking garage…

LCOR Files Proposal for Edgewater Apartment Tower

LCOR recently landed funding for 247 North Ave., an all-electric property in New Rochelle, N.Y. Image courtesy of STUDIO V Architecture Real estate development and investment firm LCOR has submitted plans for a new apartment tower to be built at 1775 Biscayne in the Edgewater enclave of Miami, Fla., to the Miami Urban Development Review Board. As proposed, the 42-story…

LCOR Reveals New Details Of Proposed Apartment Tower At 1775 Biscayne, Their First Ground-Up Development Project In South Florida

LCOR, a leading real estate development and investment firm, has revealed the first details of its newest full-service rental development, located at 1775 Biscayne Boulevard in Edgewater, Miami. Designed by ODP Architecture & Design with KAS designing interiors, the development will create 544 new premium rental residences, 50,000 square feet of amenity space, a 628-space…

LCOR to Develop 42-Story Apartment Tower in Miami’s Edgewater Neighborhood

LCOR has announced plans for a 544-unit apartment tower located at 1775 Biscayne Blvd. in the Edgewater neighborhood of Miami, pending approval from the Miami Urban Development Review Board (UDRB). Upon completion, the development will feature studio, one-, two- and three-bedroom residences across 42 stories, as well as 50,000 square feet of amenity space…

LCOR plans a 544-unit apartment tower in Miami’s Edgewater

A year after scooping up a development site on the border of Miami’s Edgewater and Arts & Entertainment District, LCOR filed plans for a 544-unit apartment tower. LCOR wants to build a 42-story tower with 10,000 square feet of ground-floor retail, 50,000 square feet of amenities and a 628-space garage at 1775 Biscayne Boulevard, according to an LCOR news release.

Ansins plan to move WSVN TV station from North Bay Village to Miramar, making way for new towers

The billionaire Ansin family plans to move its WSVN-TV Channel 7 television station from North Bay Village to a new office site in Miramar. It would be part of a proposed massive mixed-use project at its industrial park in Broward County, The Real Deal has learned. WSVN would vacate its prime property in North Bay Village, the small municipality…

Miami-Dade Auditorium to get major upgrade

A design team continues its survey of the Miami-Dade County Auditorium, the first step in a planned five-year renovation, according to Liliana Hernandez-Constenia, marketing officer with the Department of Cultural Affairs. In June 2022, county commissioners, after a competitive solicitation, approved spending almost $3.5 million to hire Arquitectonica International Inc…

Prime Development Site At 1715 Douglas In Downtown Coral Gables Acquired For An 8-Story Class A Multifamily Project

Berkadia announced it has arranged the sale of 1715 Douglas, an 0.87-acre development site located at 1715 Southwest 37th Avenue in the heart of Downtown Coral Gables, within walking distance to Miracle Mile, six million square feet of office space, and two million square feet of retail. Senior Managing Directors Roberto Pesant and Jaret Turkell,  Director Yoav Yuhjtman,,,

30-Story Tower Proposed At Clevelander On Ocean Drive Under New Florida Law

The owner of the The Clevelander Hotel and Bar on South Beach’s famed Ocean Drive has announced plans to build a 30-story tower using a newly enacted Florida law. Under Florida’s new Live Local Act, which went into effect July 1, developers can bypass restrictive local zoning rules by promising to build workforce housing, with the intent to make housing more accessible…

Iconic Clevelander Bar In Miami Beach Slated To Be Replaced With 30-Story Residential Tower

The Clevelander Hotel and Bar, an iconic Miami Beach hotspot, may close to make way for affordable housing and condos. Jesta Group is planning a 30-story housing development in Miami Beach leveraging provisions of Florida’s Live Local Act. Jesta Group, which owns the Clevelander bar at 1020 Ocean Drive and the adjoining Essex Hotel, announced plans Thursday to replace…

Clevelander hotel owner plans tower with affordable housing

The owner of the historic Clevelander Hotel in South Beach is proposing a redevelopment of the Art Deco property into a residential tower with an affordable housing component. Jesta Group said its plans hinge on the Live Local Act, a new state law that aims to incentivize developers of affordable and workforce housing with tax breaks and zoning workarounds.

RH Proposes One Ocean Drive Development; Miami ‘Key Global City,’ CEO Says

RH – formerly Restoration Hardware – has filed a proposal to build a development at One Ocean Drive in Miami Beach (formerly Nikki Beach). “We believe Miami is one of the most key global cities in America,” RH CEO Gary Friedman told CNBC. “Look, there’s New York, there’s Los Angeles and there’s Miami Beach. And those are the three iconic places in North America.

RH proposes $150M-plus redevelopment of Nikki Beach Club site

RH wants a slice of Miami Beach’s lucrative restaurant and entertainment scene, proposing to invest $150 million to $170 million to redevelop Nikki Beach Club, a city-owned restaurant and entertainment venue. Corte Madera, California-based RH, formerly called Restoration Hardware, a high-end home furnishings retailer that has expanded to hospitality development…

HTG proposes pair of multifamily complexes with 196 units in Goulds

Housing Trust Group wants to build a pair of apartment complexes with 196 units combined in Miami-Dade County’s Goulds neighborhood. The Coconut Grove-based firm plans the 104-unit Palm Grove project at 21500 South Dixie Highway and the 92-unit Villa Mallorca at 11912 Southwest 217th Street in south Miami-Dade, according to documents Housing Trust Group…

Crescent Heights Tops Off Miami Luxury High-Rise

Crescent Heights has topped off NEMA Miami, a 39-story, 588-unit luxury apartment tower. The property is expected to be move-in ready in the summer of 2024. Construction began in May 2022 and is subject to a $179 million construction loan provided by The Blackstone Group, according to Yardi Matrix information. Arquitectonica is serving as NEMA Miami’s architect…

McHugh, Stiles Top Off 39-Story NEMA Apartment Tower in Downtown Miami

McHugh Construction and Stiles Construction have topped off NEMA Miami, a 39-story luxury apartment tower underway at 2900 Biscayne Blvd. in downtown Miami. Crescent Heights is developing the project, which will comprise 588 apartments in studio, one-, two-and three-bedroom layouts, as well as ground-floor retail space, including a 42,030-square-foot Whole Foods…

Ex-tennis pro fails to ace bid for padel courts near Miami River

A former professional tennis player failed to ace his bid to open padel courts near the Miami River — at least for now. Ex-tennis pro Patricio Hernandez-Pons and his project partner, Franco Ramo Alarcon, want to develop a padel facility with nine courts and a clubhouse offering food and beverages on an acre at 600 Northwest Seventh Avenue. The property is along the Seybold Canal…

Surfside collapse investigation finds deeper issues with pool deck

Champlain Towers South’s pool deck construction differed from design requirements, federal investigators determined, adding to mounting indicators that this area was the root of the deadly collapse. The National Standards of Institute and Technology’s latest findings, revealed on Thursday, show reduced reinforcement of the pool deck “further reduced the strength…”

Azora Purchases Retail Building in Miami Beach for $16M

Azora has purchased a retail building in the South Beach neighborhood of Miami Beach for $16 million. Located at 1000 17th Street, the property totals 18,000 square feet. Azora acquired the property, which was fully leased at the time of sale, through its subsidiary Azora Exan. The buyer plans to maintain the current operation of the building, with gradual increases to rental rates.

Azora Exan fattens its Miami Beach portfolio with retail building acquisition

Azora Exan expanded its Miami Beach commercial portfolio by acquiring a retail property near Lincoln Road. An affiliate of Azora Exan, a joint venture between Madrid-based Azora and Miami-based Exan Capital, paid $16 million for the three-story building at 1000 17th Street, according to a press release and the brokers who worked on the deal. Jordan Gimelstein and David Spitz…

First Look At New Onsite Charter School At SoLé Mia In North Miami, Opening Fall 2025

Mater Academy recently announced the upcoming Mater Academy SoLé Mia campus, a K-5 charter school situated in the SoLé Mia development in North Miami. The school, spanning 90,000 square feet, is expected to welcome students in the fall of 2025, accommodating up to 1,500 students in two phases. Committed to providing students with a high-quality…..

MetLife Inks 128 KSF Renewal at Miami Office Tower

Wells Fargo Center rises 47 stories in Miami’s CBD. Image courtesy of Cushman & Wakefield MetLife Real Estate Investment has secured a 128,450-square-foot lease renewal at Wells Fargo Center at 333 SE 2nd Avenue in Miami, as law firm Greenberg Traurig committed to the same five-floor space for the next five years, according to the Commercial Observer. Cushman & Wakefield…

Rishi Kapoor sued over reimbursement of $792K deposit tied to Coral Gables condo

Disgraced developer Rishi Kapoor allegedly failed to pay back an investor’s $792,000 deposit on a pre-construction condo at Villa Valencia in Coral Gables, according to a recently filed lawsuit. The investor and Kapoor had no intention of consummating the purchase, the complaint alleges. Juan Gronlier sued Kapoor and two Villa Valencia entities on Aug. 29 in Miami-Dade Circuit Court…

Pebblebrook nabs $140M refi for Jimmy Buffett-inspired Margaritaville resort in Hollywood

The Margaritaville resort in Hollywood, inspired by the late musician Jimmy Buffett, who died this month, scored a $140 million refinancing. Wells Fargo, as administrative agent for itself and other co-lenders, provided the financing to Pebblebrook Hotel Trust, according to records. The 18-story resort consists of a 369-key resort, more than 30,000 square feet of indoor…

Condra proposes oceanfront Hollywood Beach mixed-use project

Condra Property Group is proposing an oceanfront mixed-use project with condos and apartments near the Hollywood Beach Boardwalk. Leaning on Florida’s Live Local Act, Condra submitted a site plan with the city of Hollywood to redevelop a 2.4-acre assemblage of 25 single-story and two-story motels and short-term rental properties along North Ocean Drive and surrounding streets.

Publix At Fort Lauderdale’s Coral Ridge Mall Set for Major Upgrade And Expansion

A substantial upgrade to the Coral Ridge Mall in Fort Lauderdale has been proposed. Currently housing a Publix supermarket as one of its anchors, the plan entails demolishing the existing 48,497 square feet store at 3400 North Federal Highway, making way for a larger, two-story structure spanning 67,043 square feet, marking a net increase of 18,546 square feet. Pasadena Capital…

Related scores $159M construction loan for Casamar Pompano Beach

The Related Group scored a $158.9 million construction loan for an oceanfront condo development in Pompano Beach. Miami-based Related, led by Jorge Pérez and his sons Jon Paul and Nick Pérez, acquired the financing from the U.S. arm of the Canadian bank CIBC, property records show. The financing is for Casamar Residences, a planned 118-unit luxury project at 900 North Ocean…

Ashcroft pays $70M for Coconut Creek apartment complex

Ashcroft Capital bought an apartment complex in Coconut Creek for $70.4 million. An affiliate of Ashcroft, a New York-based multifamily real estate investment firm, acquired Advenir at Cocoplum at 4142 Cocoplum Circle, according to records and Vizzda. The buyer assumed a $62.2 million Freddie Mac mortgage through Newmark. The deal breaks down to $195,555 per apartment.

Tamarac’s incentive packages an example of how towns can compete

Tamarac is a city of about 66,000 residents in Broward County. It’s a bedroom community that sits in the shadows of its larger neighbors, Fort Lauderdale and nearby Miami. But its size does not mean it lacks ambition. The city is working on attracting developers that, it hopes, will transform its commercial corridors and provide residents with options to eat and shop without leaving town…

Developers Propose 300-Unit Boca Center at 1800 N. Military Trail in Boca Raton

An office building and parking garage could soon make way for Boca Center, a 300-unit apartment complex. An affiliate of Macquarie Capital hopes to get approval for the 365,165-square-foot development. The mid-rise building would measure six stories, offering studios to three-bedroom units. Amenities at the complex include more than 500 parking spots, a dog park, pickleball court…

Internationally Acclaimed Architect Renzo Piano To Design Boca Raton’s Multimillion-Dollar Creative Campus For The Center Of Arts And Innovation

The Center for Arts and Innovation has selected the renowned Pritzker Architecture Prize–winning architect Renzo Piano to design its forthcoming multimillion-dollar creative campus, set to redefine downtown Boca Raton and establish a global hub for creative excellence. With Piano only accepting two to three new commissions a year, this partnership is a testament to…

It’s Official: Brightline’s Miami To Orlando Train Service Starts Next Week

Brightline’s MiamiCentral to Orlando International Airport service is just days away from beginning. The company announced today that the first trains will begin operating on September 22. You’ll also be able to board the trains to and from Orlando in Aventura, Fort Lauderdale, Boca Raton, and West Palm Beach. The schedule shows initially there will be six daily trains each way. By late October, there are 16 daily trains scheduled each way. Each train has 239 seats, for a total of 3,824 seat…

The Fed: What Is the Probability of a Recession? The Message from Yield Spreads

Congress has given the Federal Open Market Committee (FOMC) a dual mandate: to maintain stable prices and maximum sustainable employment.1 The mandate to maintain stable prices is generally thought to imply low and stable inflation, which the FOMC has specifically interpreted as a 2% annual change in the personal consumption expenditure (PCE) price index.

Florida’s ‘Live Local Act’ Provides Hundreds of Millions for Affordable Housing: What to Know

Gov. Ron DeSantis signed Senate Bill 102, known as the Live Local Act, into law Wednesday in Naples, making it the largest investment in housing in the state’s history. The new law provides $711 million in funds and tax incentives for affordable housing projects through the Florida Housing and Finance Corporation, aiming to increase much-needed inventory. The bill was co-sponsored…

Landlords Ponder Whether to Cave to WeWork’s Demands for Better Lease Rates

Just last month, WeWork brought up a question of whether it could survive or if it might need to file for bankruptcy. The company has been scrambling. It just completed the 1-for-40 reverse stock split it needed to remain listed on the NYSE exchange rather than falling into over-the-counter penny-stock trading. But that’s not enough. Now, in a public letter, CEO David Tolley…

Banks Likely To ‘Keep Retreating’ From CRE Lending 6 Months After Silicon Valley Bank Failure

In the six months since the market-rocking failure of Silicon Valley Bank, commercial property lending has receded into the rearview mirror for many small and regional banks, while nonbank lenders stepped in to fill the void when they or their borrowers can afford it. The change in the marketplace is a far cry from the Global Financial Crisis-informed alarm that sounded…

Real-Estate Doom Loop Threatens America’s Banks

Bank OZK had two branches in rural Arkansas when chief executive officer George Gleason bought it in 1979. The Little Rock lender today has billions of dollars in commercial real-estate loans, including for properties in Miami and Manhattan, where it is helping fund the construction of a 1,000-foot-tall office and luxury residential tower on Fifth Avenue. Regional banks across…

Video: First American Senior Economist Xander Snyder Discusses Outlook

Join America’s Commercial Real Estate Shows Cander Snyder, Senior Economist with title company First American, is interviewed. Among the things discussed are expectations for a hard versus a soft lending, outlook for banks, repair and maintenance cost, and areas of opportunities for commercial real estate investors, occupiers, and lenders. Regional banks are discussed just…

GID Acquires West Miami Multifamily Property for $91M

Altis Ludlam Trail in West Miami has been rebranded as “Windsor Ludlam Trail”. Image courtesy of GID GID has sealed its $91.4 million purchase of Altis Ludlam Trail, a newly-built, 312-unit luxury multifamily community in West Miami, Fla., from The Altman Cos. The buyer assumed a $55.4 million loan associated with the community that was originated on June 10, 2020…

Kushner picks up distressed Surfside site from Boymelgreen, lender

Kushner Companies paid $40 million for a distressed development site in Surfside, sources told The Real Deal. New York-based Kushner worked with the seller, Shaya Boymelgreen, and the lender, Fuse Group, to assume the debt and buy the property at 9300 Collins Avenue. The deal closed on Tuesday afternoon, the sources said. Kushner, led by Charles Kushner, his daughter Nicole Kushner…

Miami River boat and auto yard trades for $19M

Cargo shipping company King Ocean Services picked up a boat and auto yard near the Miami River for $18.8 million. An affiliate of Sweetwater-based King Ocean acquired the 3.3-acre industrial site at 2147 Northwest 32nd Avenue and 3140 Northwest South River Drive, according to records and Vizzda. The properties have four industrial buildings totaling 13,588 sf…

Mount Sinai drops $32M for “small hospital” dev site in Westchester

Mount Sinai Medical Center bought a development site in Westchester for $32 million. The Miami Beach-based health care provider purchased 5.6 acres at 8250 and 8200 Southwest Eighth Street in unincorporated west Miami-Dade County from an entity led by Jorge Cruz, according to records and real estate database Vizzda. The purchase comes two months after an attorney…

The Altman Companies Files Pre-Application For 11-Story Residential Complex At 11240 Biscayne Boulevard In North Miami

The Altman Companies, under the Altman Development Company, LLC, has submitted a pre-application for an 11-story residential development situated at 11240 Biscayne Boulevard in North Miami. Designed by Cohen Freedman Encinosa & Associates, the proposed project encompasses 373 residential units, a parking facility yielding 608 spaces, and 20 bicycle spaces.

Altman proposes 373-unit apartment complex near North Miami

Altman Companies wants to build a 373-unit multifamily complex near North Miami. The Fort Lauderdale-based firm has the 3.4-acre development site at 11240 Biscayne Boulevard in unincorporated Miami-Dade County under contract for an undisclosed price, according to an application Altman submitted to the county last week. The complex would rise 11 stories along Biscayne…

Ram scores $81M construction loan for 353-unit apartment complex near Zoo Miami

Ram Realty Advisors scored an $80.6 million construction loan for a 353-unit multifamily complex near Zoo Miami. The Palm Beach Gardens-based development firm is building the apartments on a 12.4-acre site it owns immediately south of Walmart Supercenter at 15601 Southwest 127th Avenue in unincorporated south Miami-Dade County, according to records. U.S. Bank…

With less space leased in Miami-Dade, office rents rise 10%

The volume of space leased in Miami-Dade’s office buildings is declining but landlords are asking average increases topping 10% in new leases compared to last year, new data from Avison Young’s Miami office shows. Even while more than 15% of office space in the county is now vacant and more than 1 million square feet of what is leased is being offered for sublease, more than…

Largest UHealth ambulatory care site is rising in North Miami

Construction at the UHealth at SoLé Mia continues to move forward with projected plans to officially open in mid-2025. The seven-story, 363,000-square-foot medical center at 211 SoLé Mia Way in North Miami plans to offer care in specialties across UHealth. The medical center will offer the communities of North Miami, Aventura, and the surrounding areas access to academic…

Miami Beach blocks Nikki Beach Club owners from bidding on new contract

Miami Beach claims a deadline snafu is blocking Nikki Beach Club’s owners from competing for a new contract to continue operating their restaurant and entertainment venue on city-owned land. City staff rejected a bid by Jack and Lucia Penrod aimed at retaining control of the property at 1 Ocean Drive when their current lease expires in 2026, the Miami Herald reported.

Commissioner Sabina Covo: Targets environment, affordable housing, parks and traffic

At 17, Sabina Covo moved to Miami after spending many summers with her family who have lived in the city since the ’70s. While establishing a career as a journalist and starting a communications firm with her sister, Sabina knew she wanted to be a public servant at some point. In 2020, she covered the federal election and was subsequently offered a position as spokesperson…

Administrative Site Plan Review Filed For 39-Story Tower Set To Replace The Former Starlite Motel In Brickell

Chicago-based developer Focus has applied for Administrative Site Plan Review for Miami Starlite, a 39-story tower proposed for a 1.203-acre site at 128 Southwest 7th Street in Brickell, unveiling new renderings that showcase refinements from the initial pre-application submittal on August 4. The tower, destined for the former Starlite Motel property in Brickell, is set to rise…

Developers Of Sprawling SoLé Mia Project To Build 90K SF Charter School

A charter school is coming to SoLé Mia, the latest new use for the master-planned community in North Miami after its developers began construction on a medical center there last year.The 184-acre SoLé Mia will add a 90K SF Mater Academy elementary school that is slated to open in 2025, Bisnow can first report. The school will be built across two phases and will serve up to 1,500…

Auto magnate Luis Somoano buys land underneath his Kendall Ford dealership for $20M

Luis Somoano paid $20 million for the land underneath his Ford dealership in Kendall. An entity managed by Somoano acquired the 7.3-acre site at 15555 South Dixie Highway, according to records and Vizzda. The sellers are two entities managed by Lilliam Machado, widow of the late Gus Machado, another Miami-Dade automobile dealership owner who died last year. In 2009…

Sign of the times: MV drops asking price for Miami Springs retail complex to $20M

Less than two years after buying and renovating a Miami Springs retail complex, Manny Varas’ MV Group USA is looking to cash out. In February, Miami Springs Plaza at 1 South Poinciana Boulevard and 69 Hook Square hit the market with an asking price of $23.3 million. But a recently updated offering shows the Miami-based real estate development and investment firm…

Robert Rivani’s Black Lion puts Gekkõ, Amara restaurant sites on the market

Robert Rivani’s Black Lion Investment Group is unloading more commercial condo restaurant spaces, listing two prime sites in Miami’s Brickell and Edgewater neighborhoods. Miami-based Black Lion is looking to sell its commercial unit at SLS Lux Brickell at 805 South Miami Avenue that is currently leased to Japanese steakhouse Gekkõ, as well as the Amara at Paraiso…

Workforce Housing Morris Residences Proposed for 1701 Jefferson Avenue in Miami Beach

Miami Beach is known for its exclusive resorts and high-end shopping centers. Yet, a workforce housing developer has plans for a four-story apartment complex for the Magic City. The proposed Morris Residences, named for architect Morris Lapidus, would comprise just over 28,000 square feet of new construction, offering 40 one-bedroom and two-bedroom apartments.

Iconic New York Pizzeria Roberta’s Set To Elevate Miami Beach Dining Experience At 72 Park

Lefferts, a distinguished real estate development firm renowned for its exceptional residential and commercial properties in Miami and New York City, is excited to unveil a remarkable addition to the vibrant Miami Beach dining scene. Roberta’s, the acclaimed Michelin Bib Gourmand restaurant co-founded by Brandon Hoy and two Michelin-starred chef Carlo Mirarchi…

39-Story Brickell Tower Submitted For Zoning & Plan Approval; New Renderings Released

Chicago-based developer Focus has filed for plan and zoning approval for a 39-story tower in Brickell, with new renderings released. The residential tower is planned for the former Starlite Motel property in Brickell. The motel was demolished earlier this year. The zoning and general plan applications were submitted to Miami-Dade County on August 30 (the developer says it intends…

Miami Worldcenter Retail 84% Leased, Four New Restaurants Announced

Miami Worldcenter is getting four new restaurant brands, all opening in 2024. The $6 billion development includes a total of 300,000 square feet of retail, restaurant, and entertainment space. With the latest announcements, Miami Worldcenter’s retail space is now approximately 84% leased. The newly announced restaurants include: Serafina  – based in New York…

Photo: Construction Site Of 44-Story, 506-Unit Brickell Apartment Tower

An August 30 photo shows the One Brickell site where a 44-story, 506-unit apartment tower is being built. A total of three towers are planned at the site, with one currently under construction. Two tower cranes for the first tower were installed in early July. Two additional tower, rising 75 stories and 82 stories are planned at the property. Archaeological excavation has been ongoing…

14th Street Tower Gets FAA Approval At 322 Feet

The Federal Aviation Administration has issued approval for the proposed 14th Street Tower. The tower is now approved at a height of 322 feet above ground, or 334 feet above sea level. Approval was issued on August 24. The application was first filed with the FAA on June 30, 2022, or around 14 months ago. A demolition permit for the site was issued in August of 2022 and has already…

128,450 SF Office Lease Renewal Arranged at Wells Fargo Center in Downtown Miami

Cushman & Wakefield has arranged a 128,450-square-foot office lease renewal at Wells Fargo Center in downtown Miami on behalf of the landlord, an affiliate of MetLife Inc. The tenant is global law firm Greenberg Traurig, which occupies five floors at the 47-story tower. The lease renewal is the largest office lease in Miami over the past five years, according to Cushman & Wakefield.

“Garbage is garbage”: Damac’s condo plan for trash pickup next to memorial angers victims’ families

Damac Properties scored preliminary approval for its luxury condo project in Surfside, despite an outcry from victims’ families against plans for a garbage pickup area next to the collapse memorial. The Town of Surfside Planning and Zoning Board voted 4-1 in favor of the Zaha Hadid Architects-designed development on Thursday night, with board member Lindsay…

Pinnacle 441 Second Phase Starts Construction at 6028 Johnson Street in Hollywood

The second phase of Pinnacle 441 has started construction in Hollywood, Florida. Florida YIMBY reported on this venture back in January 2022, when construction hadn’t even started on the first phase. Pinnacle 441’s second phase will rest on a 1.67-acre site that an affiliate of Pinnacle purchased for $3.5 million last year. Construction on the 100 additional units should take about 16 months…

Pinnacle Secures $48M for Hollywood Affordable Housing Project

Pinnacle 441 Phase 2 will rise on a former dilapidated trailer park. Image courtesy of Pinnacle Pinnacle has secured $47.8 million in construction financing for Pinnacle 441 Phase 2, a 100-unit affordable housing development in Hollywood, Fla. The developer plans to break ground this month, while completion is expected within the next 16 months. The second phase…

Pinnacle scores $48M financing for Hollywood affordable housing project

Pinnacle scored a $47.8 million construction financing package for an affordable housing project in Hollywood, as developers continue to bet on below-market-rate apartments in South Florida. The Miami-Dade County-based firm will start building an eight-story, 100-unit multifamily building on 1.7 acres at 6028 Johnson Street this month, according to a Pinnacle news release.

Related, BH win approval for 350-unit condo tower and 500-room hotel in Hollywood

Developers Related Group and BH Group won site plan approval for a 37-story, 350-unit condo tower on the Intracoastal Waterway across the street from the Diplomat Beach Resort in Hollywood. The developers also won approval of an amended master plan that includes the condo tower and a 500-room hotel that Coconut Grove-based Related would develop with Aventura-based…

Apollo Affiliate Pays $56M For Pembroke Pines Retail Center

Apollo Realty Income Solutions acquired a 135K SF shopping center in Pembroke Pines in another example of Wall Street firms bulking up retail real estate holdings as the sector emerges as one of the most resilient asset classes in South Florida and nationally.The 135K SF shopping center was built at a former distribution center for the U.S. Postal Service. The affiliate of private…

Pompano Beach’s Tallest Building Approved By The FAA To Rise 353 Feet

The Federal Aviation Administration has issued permits for a new condominium tower that is set to become the next tallest building in Pompano Beach. The upcoming building is the already announced 32-story oceanfront Beach Tower, planned for 1380 South Ocean Boulevard, as part of the Ritz Carlton Residences Pompano Beach. This development is a joint venture…

101 Dania Beach Gets Approval for Second Phase at 46 SW 1st Avenue in Dania Beach

In September 2022, the City of Dania Beach approved 101 Dania Beach, a multi-family housing development in Broward County. Florida YIMBY reported on the first phase in October 2022. The venture just secured approval for a second phase. The first phase will break ground later this year, measuring 13 stories above grade and 278 units. It will also be home to Dania Beach 101’s…

ANF Group Tops Out The First Phase Of Parks At Delray At 2100 South Congress Avenue In Delray Beach

ANF Group, Inc., a full-service construction firm providing construction management, general contracting, development, and design-build services to the South Florida market, celebrated the topping out of the first phase of Parks at Delray, a mixed-use development located on 43 acres, featuring residential, retail and office space along Delray Beach’s Congress Avenue.

95-Unit Complex Could Replace Dixie Manor at 1350 N. Dixie Highway in Boca Raton

The Boca Raton Housing Authority has partnered with Atlantic Pacific to build a new 95-unit complex in Palm Beach County. The venture involves demolishing Dixie Manor, a multi-family housing development––also featuring 95 units. Erected during World War II, the application notes the complex is “in dire need of replacement.” The two-story building is in a prime location…

Developers Propose Workforce Housing for 8111 South Dixie Highway in West Palm Beach

Two developers hope to get approval for a multi-family housing development in West Palm Beach. The proposed venture would offer 358 apartments––148 more than the initial plan. The Palm Beach Post notes that the building would measure eight stories and offer 90 workforce housing units. The Real Deal notes that 23 units would be for those making 60 percent of the AMI…

Woodfield, Flagler Realty plan 358-unit apartment project in West Palm

Woodfield Development and Flagler Realty & Development want to build a 358-unit multifamily project in West Palm Beach. The joint venture proposes the project on 5 vacant acres at 8111 South Dixie Highway in West Palm Beach, according to a city commission agenda. The land borders the C-51 canal to the south. Woodfield and Flagler Realty, through an affiliate…

Lease roundup: Roberta’s coming to North Beach, Serafina to Miami Worldcenter

New York-based restaurant Roberta’s will open at the 72 Park condo project in Miami Beach. The pizzeria leased 3,000 square feet on the ground floor at the condo tower that’s under construction at 580 72nd Street in the North Beach neighborhood, according to a Roberta’s and Lefferts’ news release. It will mark the restaurant’s first permanent Florida outpost. The restaurant is…

The Fed: Examining the Beveridge Curve with a Dual Vacancy Model

Given the Federal Reserve’s most recent decision to increase its policy rate to slow inflation, one question that arises is whether the Fed will be able to slow the economy without causing a recession and a higher unemployment rate. That idea is called “soft landing.” Some economists argue that a soft landing is possible, especially when job vacancy rates are historically high.

The Fed: Is a Soft Landing Possible? What the Beveridge Curve Reveals

In today’s post, we’ll use that model to determine how the separate matching functions affect the Beveridge curve, which plots the relationship between the job vacancy rate and the unemployment rate. This, in turn, will give us insight into whether a soft landing is possible. Adjusting the Beveridge Curve for the Dual Vacancy Model. The next two figures show two separate…

Negotiating the Right to Make Alterations or Improvements to Your Leased Space

When it comes to leasing commercial space for your business, the ability to make alterations or improvements to the premises can be a game-changer. It enables you to customize the space to meet your unique operational needs, branding requirements, and employee comfort. However, negotiating the right to make these alterations or improvements within your lease agreement…

Video: Greenleaf Capital Partners CEO Dave Codrea on Evaluating Sector Allocations & Risks Today

Dave Codrea, Greenleaf Capital Partners‘ Chief Executive Officer, joins America’s Commercial Real Estate Show to discuss strategies and risks in various commercial property asset classes at this point in the cycle. He discusses a preference for single tenant retail investment properties, noting that they are simpler to underwrite. They discuss market turmoil, but as potential opportunities.

Multifamily Permitting Down by Almost One-Third Nationally

Higher interest rates, a stacked pipeline, and difficulty in securing funding has seen multifamily development slow to more sustainable levels. According to the latest release from the Census Bureau, the seasonally adjusted annual rate (SAAR) for multifamily permitting in July 2023 fell 32.2% from one year ago as the current 464,000 unit permitting rate was 220,000 units fewer…

WeWork’s Troubles Cast New Shadows Across the Real Estate Industry Nationally

WeWork’s recent declaration that “substantial doubt exists” about its ability to continue as a going concern threatens to further pummel a U.S. office market already struggling with high vacancy and falling valuations. Its collapse would have wide ripple effects. The coworking giant is a major office tenant in markets such as its home base of New York City and its lease payments…

Indigo, Linkvest plan mixed-use project in Hialeah Gardens

Indigo Properties and Linkvest Capital are planning to redevelop a truck yard into a mixed-use project in Hialeah Gardens. The joint venture is proposing a three-story self-storage facility sandwiched between seven single-tenant retail buildings on an 8-acre site at Northwest 138th Street and Northwest 107th Avenue, according to a press release. The self-storage facility…

Miami Among The Top Cities For New Apartment Construction In 2023

Miami is projected to be one of the top U.S. cities for new apartment completions in 2023, according to a new analysis by RentCafe. Overall, the Miami metro area is expected to complete construction of 20,906 new apartments this year, the fourth most of any metro in the U.S. The City of Miami alone is expected to add 9,362 apartments – the most of any city in the metro area…

Construction Gets Underway At 750-Foot St. Regis Sunny Isles Beach

Construction is now underway on the first tower at The St. Regis Residences, Sunny Isles Beach, according to the SFBJ. The developers broke ground after selling $900 million worth of units in the first tower, or around 75% of 175 units. A $55m penthouse was among the sales. Sales for the second tower could launch in the winter. Both will be 62-story towers, with each rising 750 feet…

Solu and 3T Equity buy Bay Harbor Islands apartments

Solu Real Estate and 3T Equity’s BH1 Property Holding LP bought 34 units from Miami-based Category Five Ventures, with junior partner Mike Peisach signing, records show. The $12.5 million deal includes a 17-unit complex at 9800 East Bay Harbor Drive, and 17 units across the street at 9770 and 9790 East Bay Harbor Drive and 1050 98 Street, according to a press release.

Construction Is Officially Underway At Inter Miami’s Stadium

Miami Freedom Park is now officially under construction. Inter Miami CF said that work began earlier this month, with completion of the first phase planned for 2025. Crews and heavy equipment are now on site, performing earthwork and sitework, the team said. They will move will move across the 131 acres “concurrent with vertical construction.” The first phase planned for 2025…

Inter Miami FC Begins Construction on 131-Acre Entertainment District, New Stadium

Inter Miami FC has begun construction on Miami Freedom Park, the Major League Soccer (MLS) club’s new 131-acre entertainment district, the centerpiece of which will be a 25,000-seat stadium. The project is a redevelopment of the former site of the Melreese Country Club in the city’s Grapeland Heights neighborhood. In addition to the stadium, Miami Freedom Park will feature…

631-unit tower plans 125 micro-units, 1,000 bike spaces in Omni CRA District

Developers plan a 42-story mixed-use residential tower, with some micro-dwelling units, for a vacant site in the City of Miami’s Omni Community Redevelopment Agency (Omni CRA) district. The application lists 16th Street Partners LLC as owner-developer of Hakimian South Tower at 45 NE 16th St. The new building is to be home to 631 residential units, approximately 3,140 sf…

Babba Joshua Yesharim lists Miami River District dev site for $26M

A 1.2-acre development site on the Miami River owned by Babba Joshua Yesharim is on the market for $26 million. The adjacent lots at 678, 700, 710 and 720 Northwest North River Drive in Miami allow for a project rising up to four stories and with 44 units maximum, according to listing broker Virgilio Fernandez. A townhouse or condominium development could be suitable…

Michael Shvo adds condos to proposed Alton Road office project in Miami Beach

Developer Michael Shvo wants to include condos at his proposed office project on Alton Road in Miami Beach. Shvo wants to develop a six-story building at 1656, 1664, 1676 and 1680 Alton Road, and 1677 West Avenue with five condos on the third floor, and 170,000 square feet of offices on levels four to six, according to a Shvo spokesperson and an application filed to the city.

Inter Miami stadium site work begins

A decade after it was first proposed for a corner of PortMiami, a new park with a Major League Soccer stadium is under construction in Miami. Inter Miami CF announced this week that work has begun on Miami Freedom Park, next to Miami International Airport, and that the Inter Miami CF Stadium is set to open in 2025. Miami Freedom Park is a 131-acre multi-use development…

Construction Begins On Miami Freedom Park; Inter Miami CF Stadium Set To Open In 2025

Inter Miami CF announced construction began on Miami Freedom Park earlier this month. The Inter Miami CF stadium, 58-acre public park, and entertainment district at Miami Freedom Park are scheduled to open in 2025, and the official groundbreaking ceremony will take place later this year. Miami Freedom Park is a 131-acre development anchored by a new 25,000-seat fútbol…

Prep work begins for Mas, Beckham’s Miami Freedom Park project

Crews have begun sitework in preparation for the groundbreaking of Miami Freedom Park, the $1 billion soccer stadium-anchored mixed-use project proposed by Miami billionaire Jorge Mas, retired fútbol star David Beckham and their partners. This month, Miami Freedom Park LLC obtained a notice of commencement to erect a temporary construction fence and start soil improvements…

Vestcor proposes 590-unit affordable housing project in Leisure City

A Jacksonville-based development firm proposes a 590-unit affordable housing project in south Miami-Dade County’s Leisure City. Vestcor wants to build the MF…  on 7.8 acres on the NW corner of S Dixie Highway and SW 280th Street, according to an application…filed to Miami-Dade  last week. The development site is at 27742, 27860 and 27862 South Dixie…

Redrawn boundaries may add affordable housing in Allapattah

A proposed affordable housing project planned for an 18-acre city-owned lot in Allapattah could benefit from tax increment financing since its inclusion in the recently expanded Omni redevelopment agency boundaries. In July, the City of Miami authorized the continued existence of the Omni Community Redevelopment Agency (Omni CRA) throughout 2047 with increased…

Doral OKs new Tesla Motors center

Doral will soon be home to a new Tesla Motors electric vehicle service and sales center. Telsa will occupy and modify a 5.3-acre lot at 9950 NW 25th St. that has a 78,000-square-foot building already in place. The land use is categorized as industrial commercial and the project is consistent with the city’s Comprehensive Plan and the land Development Code, said Julian Perez, Doral’s…

Will Miami Wilds water park be blindsided by a bat?

The longest-running drama in Miami-Dade is not the battle to revive the closed Coconut Grove Playhouse, now dark for its 17th year, but the bid to create a water park beside Zoo Miami, now in its 26th futile year. Neither shows signs of a happy ending for everyone. While playhouse action now is backstage, however, the Miami Wilds water park plan is to return to the spotlight…

Co-living units approved for four Civic-Health District, Urban Central Business District, Neighborhood Revitalization Districts 1, 2 in Wynwood

As Miami residents are considered the most rent-burdened in the country, the city has approved co-living units to rise in four districts near the bustling urban core to help ease the stress. A modern form of communal living, co-living offers a cost-effective option for those who have been priced out of large cities as the national housing crisis persists. In June, the City of Miami updated…

Developers Get FAA Approval For 761-Foot-Tall ‘Brickell Gateway’ Skyscraper At 90 SW 8th Street In Brickell

The Federal Aviation Administration has given the green light to developers Gazit Horizons and Atlantic Pacific Communities for Brickell Gateway, a 61-story mixed-use skyscraper set to rise at 90 Southwest 8th Street in Miami’s bustling Brickell neighborhood. Designed by Corwil Architects, the development will encompass a total area of 933,209 square feet. This inclusive space…

Slowdown: Miami development site sales plummet

With vacant land primed for development scarce in Miami’s Brickell neighborhood, owners of a 14-unit townhome complex are betting they can land a bulk buyer willing to pay $20 million or more for their community. The site has city of Miami approval to be redeveloped into a five-story boutique condominium, according to an offering. But since Brickell Woods hit the market…

Limestone Acquires Two Miami Walgreens Buildings for $15.6M

Miami-based Limestone Asset Management and Orion Real Estate Group purchased and closed on two Walgreens buildings located at 2700 W. Flagler Street, Miami, FL and 780 E. 9th Street, Hialeah, FL for $15.615 million on Aug. 23, 2023. Led by Ibrahim Al-Rashid, Limestone Asset Management invests in and acquires real estate properties over all asset classes throughout…

Conquer South Florida Real Estate: The Stephen Ross Blueprint

In challenging economic periods where most retreat, Stephen Ross’ Related Companies is expanding its affordable housing portfolio in South Florida. The billionaire’s Related Companies is renowned for buying in downturns and selling in booms. Post the 9/11 attacks, while others hesitated, Related persisted in constructing New York’s Time Warner Center, now renamed…

MMG Equity proposes 247-unit multifamily in west Miami-Dade

The Navarro family’s MMG Equity Partners proposed a 247-unit apartment complex near Coral Way in west Miami-Dade County. The Pinecrest-based firm wants to build at least four multifamily buildings and nearly 30,000 square feet of retail on 6.6 acres of land on the northwest corner of Coral Way and Southwest 144th Avenue, according to MMG’s Marcos Puente and an…

Northeast Corridor Commuter Rail Expected To Begin Construction In 2025

Construction is expected to begin in 2025 on the Northeast Corridor commuter rail project, according to a fact sheet posted on Miami-Dade’s website. The line is planned to have seven Miami-Dade stations: MiamiCentral (existing station/Brightline) Wynwood – NE 29 Street Design District – NE 41 Street Little Haiti – NE 61 Street North Miami – NE 123 Street FIU North Campus…

Renters In Sentral Wynwood Apartment Building Can Sublet Their Unit On Airbnb

Airbnb says it has partnered with Sentral Wynwood to allow apartment tenants to sublet their rental units. Sentral’s policy is to allow Airbnb sublets for up to 75 days, Airbnb’s website says. Apartment tenants who choose to list their units on Airbnb will be responsible for setting pricing, locking up their belongings, providing an access key or code to guests, and cleaning…

Retail REIT Merger: Kimco Realty to Acquire RPT Realty for $2B in All-Stock Transaction

Kimco Realty (NYSE: KIM) has entered into a definitive merger agreement with RPT Realty (NYSE: RPT) under which Kimco will acquire RPT Realty in an all-stock transaction. Both REITs are based in New York — Kimco in Jericho and RPT in Manhattan — and own and operate open-air and grocery-anchored shopping centers, as well as mixed-use assets. Kimco valued the transaction…

The Wharf Miami Gears Up For Transformation: Preparing for the Development Of $185 Million Riverside Wharf

Downtown Miami’s iconic waterfront destination, The Wharf Miami, is preparing to bid farewell to its current chapter, making way for the transformative $185 million Riverside Wharf development. The forthcoming Riverside Wharf is envisioned as a more permanent incarnation of The Wharf’s vibrant essence. While The Wharf’s closing party is scheduled from September 15 to 16…

Craig Robins, partners score $250M refi for Design District retail

Craig Robins and his partners closed on a $250 million refinancing for Paradise Plaza in the Miami Design District. Paradise Plaza Associates, an affiliate of Miami Design District Associates, secured the financing from Deutsche Bank, according to the attorneys involved in the deal. The property at 151 Northeast 41st Street has 120,000 square feet of retail and restaurant space…

Plans Update for Mohawk at Wynwood at 50 NE 29th Street in Miami

The developers of Mohawk at Wynwood have applied for a demolition permit, hoping to soon start sitework on the mixed-use venture. In July 2021, Florida YIMBY reported on the community, which at that time was to offer 225 units and 24,639 square feet of retail. Plans have since changed, now offering 35 additional units. Per the Next Miami, the 12-story Mohawk at Wynwood…

Turmoil hits Location Ventures’ Coral Gables condo project

A year after completing Villa Valencia in Coral Gables, Location Ventures failed to secure a final certificate of occupancy for the 13-story boutique condominium. And since last month, 10 contractors, including project manager Winmar Construction, have filed 23 construction liens totaling nearly $7 million against the building’s development entity, records show.

Developers Propose Three-Story L’Isola at 2777 NE 185th Street in Aventura

Cabi Developers has filed site plans for L’Isola, a commercial venture in Miami-Dade County. Sources report that the three-story commercial venture will comprise at least 14,000 square feet of new construction, offering retail ventures, along with indoor and outdoor dining options. The food hall would offer “a diverse selection of international cuisine.” Plans call for a rooftop…

Affordable Housing Complex Catherine Flon Estates Planned for North Miami

Magellan Housing, Royal American Development, and Miami Heat legend Udonis Haslem have joined forces to purchase a 6.3-acre build site in Miami-Dade County. The Real Deal reports that the trio purchased the parcel from the City of Miami for $1.5 million. It will be home to Catherine Flon Estates, a venture that’s been in the works since 2019. Upon completion, the 200-unit project…

25-Story Smart Brickell Reaches Completion, Second Tower Underway

A 25-story Brickell tower has reached completion, while a second is underway, according to an Instagram post by its developer. “We are so excited to announce that we have TCO for Smart One and here comes Smart Two,” developer Habitat Group wrote yesterday, along with a video showing foundation work. Yet another tower is also in the works. In May, plans were…

Construction Underway At 363-Unit Soleste On The Bay In North Miami Beach

In North Miami Beach, Soleste On The Bay has just received $100m in construction financing, according to the SFBJ. Construction has been underway since earlier this year. The construction site is at 16375 Biscayne Blvd. The Brightline and Northeast Corridor tracks pass nearby the project site, but the nearest proposed station is at 151st Street (FIU). Soleste On The Bay…

South Florida Cities Search For Solutions To Prevent ‘Senior Exodus’ Caused By New Law

Changes to Florida state law requiring condo inspections and repairs are bearing down on unit owners, hitting them with unexpected bills that some can’t afford and raising fears that they will be forced to sell their homes. Local officials across South Florida are sounding the alarm about the potential for an exodus of seniors unless states and municipalities create programs…

Harvest investors buy Coral Springs shopping center for $27M

Real estate investors Guofeng Ma, Wenrui Ma and Wei Cheng bought a Coral Springs shopping plaza for $26.5 million, amid an uptick in South Florida retail deals. Williams Magnolia Properties sold Magnolia Shoppes at 9645 Westview Drive, according to the brokers. Moshe Biton of Capital Group Realty and Lena Zubkova of Apogee Realty represented both sides…

Generation at Wilton Manors Set for 2430 NE 13th Avenue in Wilton Manors

Kaplan Residential is moving forward with plans for a six-story mixed-use venture in Wilton Manors. Generation at Wilton Manors will offer 190 residences. They include 15 studio units, 80 one-bedroom units, 77 two-bedroom units, and 18 three-bedroom homes. They will measure 635 square feet to 1,199 square feet each. Communal amenities include a fitness center, club room…

Ex-New York appliance moguls Elie, Albert Fouerti buy Tamarac shopping center

Former New York retail appliance moguls Albert and Elie Fouerti paid $14.8 million for a grocery store-anchored shopping center in Tamarac. An entity managed by the Fouerti siblings acquired University Commons, a 81,649-square-foot strip mall completed in 1977, records show. Drew Kristol and Kirk Olson with Marcus & Millichap brokered the deal.

$14.8M Sale of University Commons Shopping Center in Tamarac is Brokered

Marcus & Millichap has brokered the $14.8 million sale of University Commons, an 80,224-square-foot shopping center located at 6702 N. University Drive in Tamarac, a city in South Florida’s Broward County. The buyer, a private investor based in New York, purchased the center from a private investment firm based in Miami. Both parties requested anonymity.

The Ellie at Logan Ranch Planned for 11275 Acme Dairy Road in Boynton Beach

The Ellie at Logan Ranch is slated to start construction in the second quarter of 2024. The residential community will occupy 39 acres of a larger 22,000-acre agricultural preserve in Palm Beach County, FL. It will offer 314 residences, ranging from one-bedroom to four-bedroom layout plans. The South Florida Business Journal reports that 25 percent of the residences…

Apollo, Liberty Base secure second phase of 101 Dania Beach project

Apollo Companies and Liberty Base Investments can forge ahead with the second phase of their mixed-use project, 101 Dania Beach, despite opposition from a top city official. The Dania Beach City Commission on Tuesday, by a 3-2 vote, approved the joint venture’s site plan for a building with 102 apartments. The property is slated to include ground-floor live-work units…

Developers Seek Approval for Delray Swan at 118 SE Second Street in Delray Beach

Developers hope to get approval for a mixed-use project in Delray Beach, FL. The 2.36-acre site could soon be home to Delray Swan, a five-story complex that would comprise more than 304,000 square feet of new construction. Upon completion, it would offer 165 apartments total––27 studios, 49 one-bedroom units, 75 two-bedroom units, and 14 three-bedroom apartments.

David Martin’s Terra sells Publix-anchored Pembroke Pines retail complex for $56M

Terra sold the fully leased, Publix-anchored 16000 Pines Market shopping plaza in Pembroke Pines for $56 million, marking a continued uptick of South Florida retail investment sales. Apollo Realty Income Solutions, a real estate investment arm of Marc Rowan’s Apollo Global Management, bought the 135,000-square-foot center at 16000-16040 Pines Boulevard, according…

Pompano Beach multifamily complex trades to Woodward Properties at a loss

Investors Arvind Reddy and Krishna Persaud sold a multifamily complex in Pompano Beach for $24.1 million, marking an 8 percent loss from what they paid a year ago. The deal comes as the South Florida multifamily market has taken a turn from the boom times of 2021 and early last year. Property values dropped this year following a rise in financing costs, caused by the Federal…

FAA Approves Related Companies’ ‘515 Fern’: West Palm Beach’s Largest Office Tower At 386 Feet

West Palm Beach’s skyline is primed for continued transformation as the Federal Aviation Administration (FAA) gives the green light to construct 515 Fern, an impressive 25-story tower set to redefine the city’s commercial landscape. This FAA approval marks a significant milestone for New York-based developer Related Companies, known for their iconic Hudson Yards development…

Mini-Golf Course Slated for 2025 Debut at Palm Beach International Airport

Soon, travelers at Palm Beach International Airport will be able to enjoy PopStroke, a mini-golf course co-owned by Tiger Woods. Resting on a 3.4-acre build site, the multi-million-dollar venture (costing at least $8 million to build), will offer two courses, each with 18 holes and a “challenge hole.” The Palm Beach Post notes that the mini golf course will be made of synthetic turf with…

Developer nabs approval for 314-unit rental complex in Ag Reserve in PBC

A developer plans a 314-unit multifamily complex in the Agricultural Reserve in Palm Beach County. Brett Gelsomino, through his Gelsomino Holding, wants to build the Ellie at Logan Ranch complex with six four-story buildings and seven two-story buildings on 39 acres at 11275 Acme Dairy Road, he told The Real Deal. His Davie-based firm has the property under contract…

Grant Cardone hit with new class action lawsuit by investor’s daughter

The daughter of a deceased investor is taking over a monumental legal battle against Grant Cardone, the controversial social media influencer who’s built a vast multifamily empire based in Aventura. Christine Pino recently filed a class action lawsuit in Los Angeles federal court against Cardone and his firm, Cardone Capital, on the heels of her father’s death, The New Republic…

Economic Uncertainty, Rising Interest Rates Challenge Banks

The U.S. banking system is sound and resilient, with strong capital and liquidity, according to the latest report on bank supervision and regulation (PDF) released in May by the Federal Reserve Board of Governors.1 Nevertheless, bank supervisors are actively monitoring risks associated with credit, liquidity and interest rates. These risks have risen in 2023 because of prevailing economic…

Young And Rich Are Flocking To Florida, IRS Data Shows

A new study shows that Florida is attracting younger people with high incomes more than any other state, according to CNBC. The study by SmartAsset looked at IRS data from the 2021 tax year. It narrowed down the population to include only the “young” and “rich.” That was defined as being between 26 and 35, and earning over $200,000 (only 2% of those in that age range met…

Explaining the Fed’s recent conventional and unconventional monetary policy

This FRED graph chronicles the advent of “unconventional” monetary policy in the US since the 2007-08 financial crisis and the recent efforts by the Federal Reserve to normalize monetary policy. The graph shows the unemployment rate (in blue), the stock of mortgage-backed securities held by the Federal Reserve (in green), and the effective federal funds rate (in red).

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

Market Snapshot for South Florida Retail Real Estate Here’s our quarterly summary South Florida commercial real estate focusing on Miami retail real estate. The report includes statistical highlights (cap rates, vacancy rates, absorption, etc), the latest retail transactions, signed leases, retail trends, and current market activity. The retail real estate report is updated by our…

Video: Peachtree Hotel Group CEO Greg Friedman Discusses Hotel Performance, Forecast

Greg Friedman, Managing Principal and Chief Executive Officer at Peachtree Hotel Group, joins America’s Commercial Real Estate Show to discuss the hotel and hospitality sector. Included in the discussion are post-pandemic hotel performance, lender sentiment with regard to lodging properties, and future opportunities in the sector. Hotels are noted as generally more profitable today…

Remote Work Will Persist, Goldman Forecasts, Bringing More Pain For Office Landlords Through 2030

Impacts of the remote work revolution on landlords are expected to grow as leases expire and tenants renew for smaller spaces, according to a new report by Goldman Sachs. By next year, the company forecasts work-from-home and hybrid schedules will bump overall U.S. office vacancies up 0.8% and an additional 2.3% by the end of this decade. After 2030, vacancies…

As Hurricane Idalia Deluges Florida, Property Insurance Exposure Exceeds $238B

More than 800,000 residences were in the direct path of Hurricane Idalia as the Category 3 storm bore down on Florida’s Gulf Coast Wednesday, and state officials say they are keeping a watchful eye on insurance carriers even before claims begin to roll in. Idalia’s arrival in the early hours of Wednesday morning threatened storm surge damage to 808,321 single-family… claims.

Commercial Real Estate is in Trouble Nationally. Climate Change Is Part of the Problem

It’s hard to escape the sense that the old-fashioned office is in trouble these days as employees continue to work from home and some companies try to shave square footage to cut costs. Unsurprisingly, commercial real estate firms now face declining valuations and financial pressure to turn the situation around. On top of this, it turns out climate change may be playing…

After $9.6B Sale, What’s Next for Subway’s Footprint?

The CEO of Subway, which has agreed to sell the privately owned global sandwich chain to private equity firm Roark Capital for a reported $9.6 billion, said Thursday the transaction reflects Subway’s long-term potential, but one retail expert said most new growth would probably come from outside the U.S. “Much of the expansion will likely happen internationally.

Udonis Haslem, Magellan plan 200-unit low-income housing project in North Miami

Former Miami Heat star Udonis Haslem and Magellan Housing plan a 200-unit project with affordable apartments and workforce-priced townhouses for sale in North Miami, The Real Deal has learned. Miami-based Magellan and Haslem, who retired from professional basketball this year, want to develop Catherine Flon Estates, with one building of 174 apartments and…

Clara Homes Wins Site Approval For Third Rental Property at Clara Bay Harbor

With its Clara Bay Harbor project, Miami-based real estate development firm Clara Homes, led by founder James Curnin, is making significant strides in the luxury rental market. The firm has recently secured approval for the third building and site plan at Clara Bay Harbor, a distinguished ultra-luxury rental community. This achievement is a testament to the developer’s…

Brickell Gateway Tower Approved By FAA At 761 Feet

The Federal Aviation Administration sent a letter this morning stating that the proposed height of the Brickell Gateway tower does not pose a hazard to air navigation. The letter was sent to a Development Manager at Atlantic Pacific Communities. The 61-story Brickell Gateway tower can rise to a height of 761 feet above ground, or 772 feet above sea level, the letter said.

Eco Stone plans $35M multifamily project in Allapattah

Eco Stone Group plans to begin construction this month on its first ground-up development, a $35 million apartment building in Miami’s Allapattah. An affiliate of Miami-based Eco Stone secured a $23 million construction loan from Popular Bank for Eco Landing at 1515 Northwest 18th Street and 1601 Northwest 18th Street, said company CEO Javier Gomez.

Tri-Rail Now Staffed For 26 New Trains To Downtown Miami

Tri-Rail has reached several milestones as it prepares to begin train service to downtown Miami’s MiamiCentral, according to Miami Today. A total of 26 new trains per day are planned. South Florida Regional Transportation Authority Executive Director David Dech told the paper that they are now “staffed up to the levels we need to be” to allow for the new service.

Brightline Selects Contractor For Pedestrian Bridge To Aventura Mall

A Brightline selection committee has chosen a contractor to build a pedestrian bridge from Aventura station to the Aventura mall property. Middlesex, which “performed well” on previous Brightline construction work, was chosen following an RFQ process, the company said in a construction update yesterday. Brightline will now begin contract negotiations with the firm…

Torose Equities, LNDMRK, Terranova Acquire 220,000 SF Office Building in Coral Gables

A joint venture between Torose Equities, LNDMRK Development and Terranova Corp. has acquired 255 Alhambra, a 220,000-square-foot office building located in downtown Coral Gables. Situated on 1.3 acres on Alhambra Circle, the property features floor-to-ceiling windows and a newly renovated lobby. An affiliate of Deutsche Bank/RREEF sold the building. The sales price…

Trio Of Miami Firms Buy Coral Gables Office Building For Over $50M

A joint venture purchased a Coral Gables office building in what one of the buyers called a contrarian approach amid a slowdown in leasing across Miami this year. Torose Equities, Lndmrk Development and Terranova Corp. purchased 255 Alhambra Circle from a Deutsche Bank fund. Miami-based firms Torose Equities, Lndmrk Development and Terranova Corp. joined…

Torose, Lndmrk and Terranova buy Coral Gables office building for more than $50M

Torose Equities teamed up with Lndmrk Development and Terranova to buy a Coral Gables office building. The joint venture acquired 255 Alhambra, a 13-story mid-rise with 220,000 square feet of office space at 255 Alhambra Circle, according to a press release. Torose, Lndmrk and Terranova declined comment about the sale price through a spokesperson. But the joint venture…

Blackstone, Link nab $51M construction loan for Medley industrial project

Blackstone and subsidiary Link Logistics are on an industrial binge in South Florida. The joint venture broke ground on two warehouses in Medley after nabbing a $51 million construction loan from Boston-based AEW Capital Management, records and Vizzda show. Eastdil Secured represented Blackstone in obtaining the loan. Since May, Blackstone and Link have also dropped…

Lease roundup: Robert Rivani’s Black Lion scores Mexican restaurant at SLS Brickell

Mexican firm Grupo RosaNegra will open a restaurant at a Robert Rivani-owned commercial space at SLS Brickell. The company signed a 10-year lease for 13,600 square feet, including 4,600 square feet of outdoor space, at 1300 South Miami Avenue in Miami for its RosaNegra eatery. It will mark the restaurant’s U.S. debut, according to a news release from Rivani’s Black…

Design District team seeks 20-story apartment tower

The primary developers of the Design District are proposing a unique and colorful mixed-use building to serve as the southern gateway to the booming Miami neighborhood. The developers are Design District Associates LLC and Prinz Corner LLC, which are affiliated entities of DACRA and the owners of the property at 91-93 NE 36th St. The companies plan a 20-story building there…

Investors Are Hot For South Florida Hotels Despite The Chilly U.S. Sales Market

Hotel sales, like trades in other property types, have plummeted so far this year, with total dollar volume from transactions down 50% compared to 2022, according to LW Hospitality Advisors. Investors in South Florida’s hospitality industry may not have noticed. The $835M sale of the Diplomat Beach Resort in Hollywood is the largest hotel deal in the U.S. so far in 2023.

Will new South Florida office projects find tenants?

South Florida’s office market earned a reputation in recent years of being immune to the slowdown in demand found in other parts of the country. The influx of out-of-state businesses pushed up asking rents at prime buildings to well-above $100 per square foot, a new high for the tri-county region. Developers were eager to join the party. At the end of the second quarter, more than…

31-story Edgewater apartment tower wins backing

A developer is proposing a new tower in Miami’s Edgewater neighborhood to be home to multi-family apartments. Owner-developer Mill Creek Residential plans the new project, Modera North Bayshore, for property at 411 NE 21st St. The 31-story mixed-use building is to include 275 apartments, indoor and outdoor amenities, and parking for about 363 vehicles. The city’s Urban…

Oldest public building in Miami Beach gets new life

Miami Beach’s oldest surviving public building, most recently called the Miami Beach Municipal Golf Course Clubhouse, has been restored as the Carl Fisher Clubhouse along with an adjoining annex building as part of the Miami Beach Convention Center complex. The clubhouse, opened originally in 1916, and the annex, opened in 1937, have been restored as a single entity…

Ricardo Dunin, Edifica propose 29-story condo-hotel in Brickell

Developer Ricardo Dunin and Peruvian firm Edifica propose a 459-unit condo-hotel in Brickell, marking the partners’ second Domus-branded project in Miami’s financial district. Dunin, founder of Miami-based Oak Capital, and Edifica want to develop a 29-story building on a half-acre lot at 221 and 229 Southwest 11th Street, according to the developers’ application filed to…

Tesla Proposes Venture at 9950 NW 25th Street in Miami

Tesla hopes to get approval for its third service and sales center in Miami-Dade County. The multi-million-dollar venture would require redeveloping an already-existing 78,026-square-foot warehouse that was built in 1984. Plans also call for 150 parking spots—two-thirds of which would be located outside of the building. EV 9900 LLC purchased the 5.3-acre build site for $19.75 million…

Location Ventures’ Coral Gables dev site faces foreclosure

A second Location Ventures project site is in the crosshairs of a lender seeking repayment. On Tuesday, 1200 Minorca Acquisition filed a foreclosure lawsuit in Miami-Dade Circuit Court against two affiliates of Location Ventures, the Coral Gables-based firm previously led by embattled developer Rishi Kapoor. The complaint alleges the affiliates defaulted on a $2 million mortgage…

The Crosby At Miami Worldcenter Gets Permit For Vertical Construction

Miami’s Building Department has recently issued a construction permit for The Crosby, an upcoming 33-story mixed-use building located within Miami Worldcenter at 601 North Miami Avenue in downtown Miami. Designed by Cohen Freedman Encinosa & Associates Architects with interiors envisioned by AvroKO and developed by DT G Block LLC, a joint venture between…

Florida East Coast Realty Sells Another Coral Gables Office Condo Unit at 2020 Ponce Building for $1.56 Million

Florida East Coast Realty (FECR), an integrated real estate development and management company with more than 60 million square feet of construction completed, has announced the sale of Suite 1101 at its 2020 Ponce office condo building, located in Coral Gables, Florida. The unit is 2,185 usable square feet and sold for $1.56 million ($714/USF). The buyers, Lillian A. Ser and Juan…

River Tower Tops Off At 54 Stories, Becoming Miami’s Westernmost 600 Footer

Chetrit Group’s first 54-story tower at The River District in Brickell has topped off, becoming the westernmost 600-foot tower in Miami. A top off ceremony was held at the Miami River Tower Phase 1 construction site yesterday, according to engineer JALRW. It took just 14 months from the start of vertical construction to top off. A foundation pour took place in June 2022.

$7.5M Sale of Multifamily Development Site in Hialeah Arranged

Colliers has arranged the $7.5 million sale of a multifamily development site located at 1033 E. 25th St. in Hialeah, a suburb of Miami. Virgilio Fernandez of Colliers represented the undisclosed buyer and seller in the transaction. The shovel-ready site, which spans less that one acre, is located a half-block from the intersection of the Metrorail substation and the Tri-Rail Metrorail…

Estate scores $71M construction loan for downtown Hollywood multifamily project

Estate Companies scored a $70.8 million construction loan for a 12-story multifamily project in downtown Hollywood. The South Miami-based developer plans the 12-story Soleste Hollywood Village North with 300 apartments and eight live-work units at 2001 Van Buren Street. The loan comes amid expensive financing caused by the Federal Reserve’s interest rate hikes.

Velvet Taco To Open Its First Florida Location In Fort Lauderdale In Early September 2023

Velvet Taco has announced the imminent opening of its inaugural Florida location in early September 2023, nestled in the heart of Fort Lauderdale. With its chef-driven, scratch-made menu showcasing distinctive recipes, Velvet Taco has garnered a dedicated following, leading to rapid expansion across six states: Texas, Oklahoma, Illinois, Tennessee, North Carolina, and Georgia.

The Terraces Ft. Lauderdale Planned for 527 Orton Avenue, Fort Lauderdale Beach, Florida, 33304

Comprising just 22 luxury condos, the Terraces Ft. Lauderdale is a high-rise residential community planned for Broward County. Our sources indicate that the boutique condo will measure 10 stories above grade, offering two-bedroom to three-and-a-half-bedroom homes…

3000 Waterside Set for 2910-3000 East Oakland Park Boulevard and 3000 Northeast 30th Place in Fort Lauderdale

By 2025, Fort Lauderdale could be home to an exciting luxury venture: 3000 Waterside. The community, measuring 15 stories, will offer 103 residences. The 100 condos will measure 1,559 square feet to 4,817 square feet, and the three three-bedroom townhomes will measure 3,064 square feet to 3,156 square feet. There are 13 exclusive floorplans to choose from, including…

Benderson picks up Publix-leased building in Pompano Beach

Benderson Development bought a Publix-leased building in Pompano Beach, amid an uptick in South Florida retail investment sales. An entity tied to Thomas Neary’s Miami-based Bowery Properties sold the 33,800-square-foot building at 1140 Southwest 36th Avenue to Benderson for $7.1 million, according to records. The buyer said through a spokesperson that it does…

Quest Workspaces Adds to Boca Raton Location

Across 11 locations Quest Workspaces has a 92 percent average occupancy rate. Image courtesy of CommercialEdge Flexible office provider Quest Workspaces is adding 20,844 square feet of coworking space in Boca Raton, Fla. The new space will span a full floor at 1200 Corporate Place, where the company already operates a 21,120-square-foot location undergoing renovation.

Related Companies Acquires RAMSA-Designed South Flagler House Development In West Palm Beach

Related Companies recently announced the purchase of the development site for South Flagler House, situated at 1355 South Flagler Drive along the prestigious Gold Coast in West Palm Beach, Florida. Acquired from global real estate development firm Hines and Palm Beach-based real estate investment firm Frisbie Group, this significant acquisition marks a new chapter…

Housing Trust Group Completes ‘Flagler Station’, Celebrates Grand Opening Of Affordable Apartments In Downtown West Palm Beach

Construction is complete on Flagler Station, a groundbreaking $33 million affordable apartment community at 991 Banyan Boulevard in downtown West Palm Beach, Florida. Developed by Housing Trust Group (HTG), this project is a monumental achievement, addressing the city’s pressing need for affordable housing. This public-private collaboration introduces an innovative concept…

District Pointe, LLC Proposes Mixed-Use Venture at 1501 to 1505 Belvedere Road in West Palm Beach

Index Investment Group, a Swedish developer, hopes to get approval for a mixed-use development in Palm Beach County, Florida. In a joint partnership with Verdex Construction (called “District Pointe, LLC”), the venture would comprise both commercial and residential aspects, all resting on a 7.85-acre build site. Per the South Florida Business Journal, the residential aspect…

Bellissimo’s proposed Wellington mixed-use project heads to village council

Mark Bellissimo and his partners are heading to the Wellington Village Council after securing two favorable recommendations and three against their controversial proposal for a mixed-use luxury housing development in Wellington. The non-binding votes from the Wellington Planning, Zoning and Adjustment Board came last week at the third meeting covering proposed…

Affiliate of Jupiter Realty Seeks Approval for 25-Story Tower at 315 S Dixie Highway in West Palm Beach

Linton Jog Associates, an affiliate of Jupiter Realty and Norbert Kent Wilmering, hopes to get approval for a high-rise building in West Palm Beach, FL. The 25-story tower would require 212,707 square feet of new construction, redeveloping the already-existing commercial building on the site. Before construction would start on the high-rise, the general contractor would demolish…

Developers propose 25-story apartment project in downtown West Palm

Developers want to build a 25-story apartment project in downtown West Palm Beach, marking a continued wager on the area’s residential market. An entity tied to John Hoecker of real estate firm Jupiter Realty and Norbert Kent Wilmering propose a 190-unit building on nearly an acre at 315 South Dixie Highway and 411 Fern Street, according to city records.

JBCC buys West Palm Beach retail dev site

A Sarasota-based developer specializing in single-tenant retail stores is branching out with a planned shopping center project in West Palm Beach. An affiliate of JBCC Development paid $12 million for a nearly 10-acre development site at 4651 45th Street, according to records and Vizzda. The deal breaks down to roughly $1.2 million per acre.

Meyers Accesso nabs $46M in construction financing for Lake Worth Beach project

Meyers Accesso, a joint venture between South Florida developers Meyers Group and Accesso Partners, secured $46.1 million in construction financing for a planned multifamily project in Lake Worth Beach. Iowa-based American Equity Investment Life Insurance provided a $38.2 million mortgage, and Greenwich, Connecticut-based StepRock Capital gave a $7.9 million loan…

Video: Moody’s Analytics Commercial Real Estate Head Tom LaSalvia on Firm’s Mid-Year Commercial Real Estate Outlook

Tom LaSalvia, Head of Commercial Real Estate with Moody’s Analytics, discusses the current state of commercial real estate including performance indicators , transaction volume, financing of commercial properties, and expectations moving from this point on. He discusses the stubbornness of inflation and the Federal Reserve’s aggressiveness in fighting it. This discussion…

Video: PwC Global Real Estate Deals Leader Tim Bodner Discusses Mid-Year Update and Outlook

Tim Bodner, Global Real Estate Deals Leader with PwC joins America’s Commercial Real Estate Show to discuss his firm’s (PwC’s) mid-year commercial real estate outlook. Discussions include the major sectors, niche sectors of commercial real estate, commercial property lending, and CRE equity. He notes that the environment has changed, essentially that it is less of a seller’s market…

Flood Insurance Reforms Loom In Florida

Florida wades deeper into hurricane season as the debate heightens over what to do with the deeply indebted National Flood Insurance Program and its coverage of properties prone to repeated flooding. The Sunshine State ranked fourth nationally in damages paid by the national program to rebuild homes and businesses that have suffered repeated and severe flood losses…

Determining Apartment Building Risk

Ideally we all would like to know the amount of risk involved before making a decision. That’s why we evaluate the side-effects before trying out a new medication, check online reviews before eating at a restaurant or check a vehicle’s motor history before purchasing a used car. It’s safe to say that knowing certain information pertaining to risk helps us to understand…

As Temperatures Rise, The Global Cooling Problem Comes Into Focus

The need for space cooling has been increasing dramatically around the world, primarily driven by urbanization in developing nations and the increase of extreme heat across our warming planet. With 2023 on track to be the hottest year on record, building owners are seeing higher energy consumption, rising costs and growing concerns over resiliency in extreme heat events.

Jim Costello: Do Not Fear the Impact of AI on Commercial Real Estate

Hype over the negative impact of AI on commercial real estate is on the rise. To hear some commentary, we should be welcoming our new robot overlords in the hopes that they will deign to give us menial jobs since all knowledge-driven activity will be replaced by machines. Forget about debates over the return to office — such a worst-case scenario caused by AI could be far…