Construction Begins At 41-Story Biscayne Boulevard Tower
Developers held a groundbreaking event last month for a 41-story tower on Biscayne Boulevard, and photos show that work is now underway. The tower, known as 2600 Biscayne, will span an entire city block, one block away from a planned Northeast Corridor rail stop. When complete, it will have 187,000 square feet of office and retail space on the lower levels, with 399 rental…
East Capital adds to industrial portfolio with $18M complex near Medley
East Capital Partners expanded its portfolio near Medley, acquiring an industrial complex for $17.5 million. An affiliate of Darien, Connecticut-based East Capital acquired eight warehouses totaling 85,138 square feet and a storage yard at 7401 Northwest 68th Street, records show. The buildings on the nearly 4-acre site were completed in 1973. The seller, an entity managed…
Society Wynwood Reaches Completion, Adding 348 New Apartments
One of Wynwood’s biggest ever apartment complexes is now open. Society Wynwood, with 318 apartment units, recently reached completion with the first tenants moving in. Most of the apartments are traditional units, with some rent-by-the-bedroom units also available. Residents have access to over 82,000 square feet of amenities. There’s also 50,210 square feet…
Formula 1’s Miami Grand Prix Shatters Record For TV Audience
U.S. TV viewership of the Formula 1’s Miami Grand Prix this past weekend has broken records. An average of 3.1 million viewers in the U.S. watched the event, ABC said. That is 48% higher than last year’s 2.1 million viewers, and also above the previous record of 2.6 million U.S. viewers for the inaugural Miami Grand Prix in 2022, which held the previous U.S. TV viewership record.
Short-term rental-friendly projects now represent half of South Florida’s new condo pipeline
Developers have increasingly tailored their condo projects toward investors, and a new report shows how strong that trend is: More than half South Florida’s planned condo development pipeline is for short-term rental-friendly buildings. Of 20,613 condos in the works from Miami’s Coconut Grove to Hillsboro Beach in Broward County, 10,335 units in 31 buildings allow buyers to rent…
Short-term rental-friendly condos eating up more of Miami’s housing pie
The ISG report, which tracks new projects from Miami’s Coconut Grove to Hillsboro Beach that are east of I-95, stated that of the more than 20,600 condos in the works, 50.1 percent of those units will be able to be rented out with few to no restrictions, like an Airbnb-type of condo. We have said this before, but it’s true. Developers are flocking to this trend because of strong buyer…
Atlantic Sapphire salmon farm near Homestead seeks $250 million public loan
A Norwegian fish-farming complex that plans to produce at build-out 1 billion servings of salmon a year near Homestead at what would be the world’s largest aquaculture facility is to get a $250 million loan boost via industrial revenue bonds up for approval by county commissioners this week. The commission already approved the loan package in April 2023, but under…
Awaited ultra-luxury office tower 830 Brickell vows 2024 finish
Brickell’s much-anticipated Class-A-plus office tower, 830 Brickell, prepares for its completion in the second half of the year. “The construction is progressing,” said Andrew Trench, executive managing director at Cushman & Wakefield. “What we call sort of a super superstructure, it’s complete.” Final touches are being made on the glass curtain wall and amenity spaces.
Construction materials costs in Miami-Dade stay level
Construction costs in Miami-Dade remain flat without any signs of escalation, according to those involved. Some of the commodities like concrete and steel have leveled off to the point that they are holding their prices throughout the duration of the project, which was not the case in 2022 and 2023, said Al Fernandez, the CEO of ANF Group. “But of course, that has a lot to do with…
Miami International Airport moving to add new concourse, gates
Miami International Airport will add six passenger gates in a new Concourse K beside the South Terminal under a four-year, $621 million contract with a firm that is to design and build the project within four years, according to a just-released call for services. The project is part of a sweeping $6.8 billion plan for airport-wide modernization in the next five to 15 years, paving…
Miami administration building at Freedom Park wins OK
The City of Miami’s latest design for its new government administration building, as part of the rising Miami Freedom Park, has earned praise and a recommendation for approval. The proposed facility is eight stories with government offices spread out over 235,000 square feet, with an attached parking garage for up to 903 vehicles, at a site at 1822 NW 37th Ave. The new city building…
Tricera, Lndmrk and Simkins team up for $23M Society Wynwood retail investment in mixed-use project
Ben Mandell, Alex Karakhanian and Michael Simkins joined forces to buy the ground-floor retail space of Society Wynwood, an almost completed mixed-use project, The Real Deal has learned. A joint venture between Mandell’s Tricera Capital, Karakhanian’s Lndmrk Development and Simkins’ Lion Development Group paid $22.5 million for 32,000 square feet at the base…
New Images Of Brickell’s Mercedes Tower; 100 Units Sold In Just 4 Days
New renderings of the 67-story Mercedes Benz Places tower under construction in Brickell were unveiled at an event last week. The building “has already set a sales record,” with 100 units sold in just the first four days of marketing. The image reveal event took place last week at The Concours Club ahead of the Formula 1 Miami Grand Prix weekend. It was attended by Toto Wolff…
Site Work, Phased Vertical Permits Applied For At Former Miami Arena Site
Construction of a massive apartment project at the former Miami Arena site continues to move closer with new permits filed in recent days. On April 8, a site work permit was applied for with Miami’s Building Department. Coastal Construction is listed as the contractor, and the plan was accepted for review on April 25 (it isn’t yet approved). On May 6, a phased vertical permit…
Brickell City Centre Retail At 100% Occupancy, Again
Brickell City Centre’s shopping area continues to be fully occupied, according to developer Swire Properties. Swire’s earning reports released yesterday showed that 100% of the retail space at the shopping center was occupied as of the company’s quarter end on March 31. The retail space was also 100% occupied at the end of the previous quarter ending December 31. Retail sales…
Bay Racket Club, LLC has submitted a pre-application for developing the Babylon Racquet Club, a 23-story mixed-use building planned at 240 Southeast 14th Street in Brickell. Positioned on a pie-shaped lot approximately 19,164 square feet (0.439 acres) in size, where SE 14th Street meets Brickell Bay Drive along Biscayne Bay, the project is designed to become downtown Miami’s…
523-Foot Babylon Racquet Club Planned In Brickell
A mixed-use tower called the Babylon Racquet Club is now moving through the approval process in Brickell. The Babylon Racquet Club intends to serve as downtown Miami’s “premier racket sports health/wellness center,” according to a Letter of Intent submitted to Miami-Dade planners. The area continues to add new population and business activity but is severely lacking in…
Estate, partner plan mixed-use project with 354 apartments in Homestead
Estate Companies and a partner plan a mixed-use project with 354 apartments and commercial space in Homestead, marking developers’ continued bet on south Miami-Dade County. Estate and Midtown Group, led by principal Jon Samuel, bought the 20.8-acre vacant development site on the southeast corner of Campbell Drive and Northeast 30th Avenue for $14 million…
Brickell office slump? Nearly 3M sf planned, zero preleased
As Miami’s Brickell became the epicenter of South Florida’s office leasing flurry during the past four years, developers jumped into the area with plans for three towers that would add 2.8 million square feet to the market. But the influx of out-of-state companies signing major leases for big blocks of space in the tri-county region has ended, data shows. The dearth of leases from…
66-Story Aston Martin Tower Reaches Completion, 99% Sold
They said it couldn’t be done. Now, downtown Miami’s Aston Martin Residences tower has opened, with almost all of the residential units already sold. Developer G&G Business Developments held a ribbon cutting ceremony on April 30, during Miami’s race week. The event was also attended by Aston Martin executives and Miami Mayor Francis Suarez. The tower includes 391 luxury…
Miami Developer Tibor Hollo Dies At 96
Developer Tibor Hollo has died, according to the Herald. The Hungarian-born Hollo was one of the first to develop Miami’s urban core in a big way, with projects including the Omni mall and multiple surrounding towers. Brickell’s 85-story Panorama Tower, which is currently the tallest building in Miami, was built by Hollo’s Florida East Coast Realty when he was in his late 80s.
South Florida developer Tibor Hollo dies at 96
South Florida developer Tibor Hollo, who helped shape Miami’s skyline, died at the age of 96. Hollo, a Holocaust survivor, founded his family owned Florida East Coast Realty after moving to Miami in 1956, and served as chairman and president. The residential, commercial and mixed-use developer most recently built Panorama Tower in Brickell, one of the tallest…
First Glass Installed At Miami Worldcenter’s Rumored New Apple Store
The first glass has been installed at an under-construction Miami Worldcenter building reported to be an Apple Store. According to a construction permit filing, a 1-story building is being built with 16,629 square feet of retail, adjacent to Worldcenter’s World Square. A recent report said a lease agreement between Apple and Worldcenter has been filed with Miami-Dade.
North American Industrial Big Box Leasing Is On A Tear
2024 could be the third-highest year for industrial big-box leasing, CBRE projects. Even though a spate of new construction in 2023 brought a record 413 million SF to market, it expects that abundant supply to be short-lived. “Investor sentiment has significantly improved from last year as industrial operating fundamentals remain solid and the credit market has stabilized,” said C…
Aston Martin Residences Completes Construction At 300 Biscayne Boulevard Way In Downtown Miami
Construction is complete on Aston Martin Residences, a 66-story residential building at 300 Biscayne Boulevard Way in downtown Miami. Located at the mouth of the Miami River, this milestone was celebrated with a ribbon-cutting ceremony attended by the Coto family, Aston Martin executives, Buenos Aires-based architect Rodolfo Miani from Bodas Miani Anger…
New Detailed Renderings Unveiled for 116-Room Hotel Development at 160 NW 28th Street in Wynwood
Updated renderings have been revealed via a warrant and waiver application for a proposed 10-story hotel at 160 Northwest 28th Street in Wynwood, Miami. Designed by MKDA and developed by a joint venture between Robert Finvarb Companies and Hidrock Realty, the 121-foot-tall structure would yield a total floor area of 74,498 square feet. This includes 38,096 square feet…
Crescent Heights, under the 1901 Alton Property LLC, and Wells Fargo Bank, the property owner, have submitted an application for Design Review Approval for a new 4-story commercial building at 1901 Alton Road in the Bayshore neighborhood of Miami Beach. The proposed 54-foot-tall structure, designed by Studio MC+G Architecture with facade architecture…
Pérez family’s Related, partners score $141.5M financing for NoMad Wynwood condos
A partnership led by the Pérez family’s Related Group and David Edelstein’s Tricap scored $141.5 million in financing for their planned NoMad Residences Wynwood. Related Fund Management, the investment management arm of New York-based Related Companies, provided the developers with a $51.5 million mezzanine loan, according to a press release. Beverly Hills…
An application has been filed seeking design review approval for a new 5-story commercial office building at 1100 5th Street in the South of Fifth neighborhood of Miami Beach. Designed by Eduardo Souta de Moura with Zyscovich Architects serving as the executive architect, and developed by Sumaida + Khurana in partnership with property owners Roslyn and Norton Nesis…
Lease roundup: Assurant moving to Waterford, Buccan restaurant opening in Coral Gables
Global insurance company Assurant will move its Miami-Dade County office to the Waterford Business District. Atlanta-based Assurant took 78,000 square feet at 701 Waterford Way, where it will open in June, according to a spokesperson for the landlords and their broker. The 250-acre Waterford Business District, with 1.7 million square feet of office space, is in an unincorporated…
GL Homes loses suit over contentious 550-home project on Calusa golf course
GL Homes lost a lawsuit over its controversial plan to develop a 550-home complex on the Calusa golf course near Kendall. The Florida Supreme Court on Wednesday denied GL Homes’ request for review of a lower court’s decision that had effectively nixed the project. The decision marks the latest in the nearly three-year saga over the redevelopment of the 159-acre Calusa golf…
Miami Mayor Francis Suarez testifies in SEC case against Rishi Kapoor
Miami Mayor Francis Suarez detailed his role as a private consultant for Rishi Kapoor’s real estate companies in a sworn statement to the U.S. Securities and Exchange Commission. Last month, Suarez provided his testimony under subpoena about the business arrangement with Urbin, a subsidiary of Location Ventures, Miami Herald reported. Kapoor founded both firms…
Plans Filed For 200-Unit Multifamily Development At 1830-1844 Jackson Street In Hollywood
Plans have been filed for Jackson Street Apartments, a 13-story apartment building proposed for 1830 – 1844 Jackson Street in Hollywood. Designed by Joseph B. Kaller of Kaller Architecture with Gabriela Fojt of The Mirror of Paradise as the landscape architect and developed by Menachem Trietel of Brooklyn-based Capitall Group in partnership with Isaac Khabie…
Blackstone subsidiary expands industrial portfolio in Pompano Beach with $21M purchase
Blackstone’s Link Logistics expanded its Pompano Beach industrial portfolio with its recent $20.7 million purchase of a manufacturing and distribution facility. An affiliate of Link, a New York-based industrial real estate firm led by CEO Luke Petherbridge, acquired a 93,873-square-foot warehouse at 3141 Southwest 10th Street, records show. The deal breaks down…
Pompano Beach industrial market heats up with Invesco acquisition
Pompano Beach’s industrial submarket is garnering attention from institutional investors. Invesco Real Estate picked up two warehouses on the heels of Blackstone subsidiary Link Logistics buying an industrial facility in the same city. An affiliate of Dallas-based Invesco, led by CEO Scott Dennis, paid $23.8 million for two facilities spanning nearly 105,000 square feet at 1280-1300…
‘Ocean One’ to Offer 371 Homes in 8 Stories at 114-222 N. Federal Highway in Boynton Beach
Hyperion Development Group is one step closer to realizing Ocean One, an eight-story residential development in Boynton Beach. The Miami-based firm purchased the 3.71-acre parcel for $12 million in 2022, and now, it’s hoping to get up to $9.9 million in tax rebates to make the venture possible. The Boynton Beach Community Redevelopment Agency (CRA) will discuss the…
Foundation Work Progresses On Alba Palm Beach At 4714 N Flagler Drive In West Palm Beach
Foundation work progresses on Alba Palm Beach, a 22-story waterfront residential condominium development located at 4714 North Flagler Drive in West Palm Beach. Designed by locally-based Spina O’Rourke + Partners with Schmidt Nichols as the landscape architect and developed by BGI Companies and Blue Road Group, the 262-foot-tall structure will deliver a collection…
‘Elan Palm Reserve’ Ends Construction at 4350 Peregrine Way in Lake Worth
Elan Palm Reserve is set to welcome its first residents the third week of May. The $90 million project, developed by Greystar, started construction in October 2022. The first phase will offer more than 300 apartments that, according to sources, feature “resort style living.” The venture’s website reports that homes span from one-bedroom to three-bedroom layouts, measuring 749 sf…
Coal Capital’s Lake Worth Beach rehab complex faces foreclosure
Coal Capital Group could lose a medical rehab facility in Lake Worth Beach to foreclosure. Denver-based Lapis Advisers, as agent for a fund that acquired a mortgage from Santander Bank in 2020, filed a foreclosure complaint against Brooklyn-based Coal Capital and two affiliates, court records and real estate database Vizzda show. The lawsuit, filed in Palm Beach Circuit Court…
Tzadik co-founder sues CEO Adam Hendry for $8M tied to multifamily deals
A Tzadik Management co-founder is suing the company and CEO Adam Hendry for $8 million tied to sales of a massive multifamily portfolio. Alex Arguelles alleges that Hendry and Tzadik affiliates failed to pay him “a single dime from the sale” of the properties, in violation of a settlement agreement, according to Arguelles’ lawsuit filed in March. The portfolio spans nearly…
Miami Mayor Francis Suarez challenged New York City Mayor Eric Adams to a showdown at The Real Deal’s New York Real Estate Forum. Adams didn’t appear, but Suarez took the stage to promote Miami’s growth, publicly proclaim its support of Israel, and offer potential solutions to traffic and infrastructure concerns. Suarez spoke with TRD Founder and Publisher Amir…
Brightline Increases Prices Over Seat Shortage, Some Customers ‘Outraged’
Some longtime Brightline customers are “outraged” over a recently announced price increase, according to NBC6. The company is raising prices on packages that it sells to commuters. One person said they had purchased a home near a Brightline station to be able to use the train service. Brightline recently told investors that it is dealing with a shortage of capacity on some of its…
The Discussion: Unveiling the Trends and Insights of Student Housing In the realm of real estate, few sectors offer as intriguing a landscape as student housing. On a recent episode of “America’s Commercial Real Estate Show,” the show’s host sat down with Carl Whitaker, Director of Research and Analysis at RealPage, to delve into the nuances of this dynamic market.
A Discussion About Navigating the Landscape of Senior Housing In the realm of real estate, certain sectors hold unique significance, not just in terms of investment potential, but also as indicators of societal shifts and demographic trends. One such sector is senior housing, which has been subject to intense scrutiny and adaptation, especially in recent years. A conversation between…
Navigating the Currents of Commercial Real Estate: Insights from a Conversation In the dynamic world of commercial real estate, staying ahead requires not only understanding the current market trends but also engaging in insightful conversations with industry experts. Recently, a conversation on America’s Commercial Real Estate Show with Lonnie Hendry, Chief Product…
45,000 Retail Stores Could Shutter In The Next 5 Years: UBS
Roughly 45,000 retail stores could close their doors in the next few years, a new retail report by UBS estimates. UBS modeled out the share of e-commerce shoppers in the U.S. growing from 21% to 26% and retail growing overall by 4% and said that would lead to mass closures by 2028, Retail Dive reports. The growth of online shopping, capital constraints, cost of store operations…
Cannabis Reclassification Would Likely Boost Cash Flow, Opening Doors For CRE Moves
This week’s announcement that the Department of Justice recommended cannabis be reclassified as a lower-risk substance is a long-awaited move toward legitimacy coveted by thousands of marijuana businesses in states where recreational use is legal. The decision could bring big changes for cannabis-related real estate as a result of loosened lending restrictions…
Who Is Yardi — And What Does It Want With WeWork?
Yardi Systems spent the past 40 years quietly growing into a giant in the real estate software industry, but it’s far from a household name. It’s about to own one. When WeWork’s attorneys revealed in court on Monday that Yardi would become the majority owner of the beleaguered coworking company after providing it most of the money it needs to exit bankruptcy, the arrangement…
AI Has Quietly Become Part Of Industrial Real Estate Development
Artificial intelligence has become a subtle but increasingly important partner for the industrial development sector in the Northeast, local leaders say. AI has reached a fever pitch across real estate, fueling data center demand and pushing the government to issue guidance this week related to its use for fair housing. In industrial real estate, AI tools are integrating into the site selection…
J.P. Morgan 2024 commercial real estate midyear outlook
The commercial real estate outlook for the second half of 2024 is largely positive—multifamily continues to perform, as do industrial and retail. But challenges could lie ahead. The higher interest rate environment appears to be here to stay, and office vacancies continue to climb. “On the income side, drivers like rents and vacancies will likely be flat to stable for most property types…
Pairing bank capital with agency execution for multifamily properties
Bank and agency loans are important sources of financing for multifamily properties and can be good solutions depending on the property and the owner’s goals. Finding the right financing solutions requires a team that understands conventional bank loans and agency loans and can help determine which option—or combination of options—is the right fit. “Both agency and bank…”
The post Miami Commercial Real Estate News May 8, 2024: 523-Foot Racquet Club Planned for Brickell; Medley Industrial Portfolio Trades for $18M; More… appeared first on Hawkins Commercial Realty.
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