Month: January 2019

PwC Partner & Business Development Leader Mitch Roschelle joins the host of America’s Commercial Real Estate Show in-studio to discuss his analysis of the real estate market in 2019. Among the topics discusses are the current economic climate, including how the United States is linked to developments in other economies around the world, supply and demand conditions in multifamily and other housing, corporate profits, unemployment, GDP growth rates, interest rate expectations, the rollback of Dodd-Frank, and other economic topics that could have an effect on commercial real estate.

RentCafe just published its year end rent report. The top line for area multifamily investors again got a boost. In Miami, apartments now cost $1,684 per month, a 4.5% increase from the prior year. By comparison, average rent grew 3.1% nationally.

Within the South Florida area, Doral registered as the city with the highest average rent at $2,156 per month, followed by Miami Beach and Boca Raton. Note that some higher rent districts locals might expect to find in the top spots instead of these are less high when averages are considered for a larger area these premium-areas-known-to-locals areas lie within.

The top area cities boasting the highest rent growth are Coconut Creek with 8.0% (increase in average rent), Davie with 5.4%, Coral Springs with 5.0%, and West Palm Beach with 5.0%, and Miami Beach with 4.8%. Delray Beach, Miramar, and Doral saw some of the slowest rent growth rates of 1.9%, 2.1%, and 2.3%, respectively.

Aggressive increases in the price of apartments throughout 2018 resulted in three Florida cities in the top 10 U.S. mega-hubs with fastest rent growth rates, Jacksonville at number 4 with a 6.3% in rent increase year over year, followed by Orlando at number 5 and Tampa at number 6 with 6.1% and 5.4% year over year rent growth rates, respectively. This strong rent growth, when combined with stable low vacancy rates and compressing cap rates (charts for both below) make for heady times indeed for multifamily investors.

 

Caoba, the first tower at $4 billion Miami Worldcenter project, completed

The first building at Miami Worldcenter, a 27-acre, mixed-use project in downtown Miami is now completed. CIM Group and Falcone Group completed Caoba, a 444-unit rental tower, at 698 Northeast First Avenue, according to a press release. Rents start at $1,774 for a 349-square-foot studio apartment, which would be considered a micro unit in Miami, information on Caoba’s website shows. Caoba is…

British firm pays $49 million for Pullman Miami Airport hotel

London + Regional Properties paid $48.65 million for the Pullman Miami Airport hotel. Los Angeles-based Laurus Corp. sold the 281-room hotel at 5800 Blue Lagoon Drive, property records show. The buyer, a London-based real estate and investment firm, purchased the property without ties to a management agreement but plans to keep the Pullman brand for a year, according to HFF. The hotel is one…

University of Miami Unveils Plans for $260 Million On-Campus Residential Village

The University of Miami has unveiled plans for a residential village set to replace the existing Stanford and Hecht Residential colleges on the university’s campus in Coral Gables. The 522,000-square-foot development — named Centennial Village — will include 1,700 beds for first-year students in four residential colleges, indoor and outdoor spaces for academic and extracurricular activities, a learning hub…

One Biscayne Tower to Undergo $10 Million Renovation

One Biscayne Tower, a Class A, 691,000-square-foot office building in downtown Miami at 2 S Biscayne Boulevard, is set to undergo a $10 million renovation program, while the owner, L&B Realty Advisors, has added a new tenant to the property’s roster. Law firm Buchanan Ingersoll & Rooney will occupy 14,000 square feet at LEED Gold-certified tower. Cushman & Wakefield represented the landlord in the…

The Citadel in Little River to Open Soon

Big news for Little River: following a massive renovation, the Citadel, the 60K SF mixed-use space that formerly served as a Federal Reserve Bank, is on the cusp of opening. Bisnow/Deirdra Funcheon The Citadel, undergoing renovations in May 2018. The project by Urban Atlantic Group, located at 8300 Northeast Second Avenue, will incorporate radio station offices, a food hall, retail, events and, in the…

Miami tourism sets record in 2018, surpassing 2017 gains

Though final figures won’t be in until next month, tourism had “a record 2018, building on a record 2017,” said Rolando Aedo, chief operating officer of the Greater Miami Convention & Visitors Bureau. Not only were hotel occupancy rates and average room rates up, but revpar (revenue per available room) gained significantly. “Revpar is what the hotel industry really cares about; it’s the holy grail…”

Deep examination of the future for Miami River

A new committee is taking shape to consider the further mission of the Miami River Commission. The idea for self-appraisal and planning came in December from Horacio Stuart Aguirre, chairman of the commission. He announced his desire to have a study to “look at where we are and where we want to go.” At the commission’s first meeting of the year Jan. 7, Mr. Aguirre said several members of the…

‘Great and exciting improvements’ due at Miami Circle

The Miami Circle site at Brickell Point, which once belonged to the Tequesta Indians, could finally be seeing some major improvements. The Florida Department of State is “finalizing plans to make some great and exciting improvements at the site” that will be coming out in the coming months, according to Sarah Revell, director of communications for the department. “Currently, the department maintains…”

South Florida Airbnb hosts made $315 million in 2018

South Florida Airbnb hosts made $315 million in 2018 and took in a total of 1.47 million guests, according to Airbnb. The short-term rental company announced on Tuesday that there are now more than 45,000 Floridian hosts who share their homes through Airbnb, each earning an average of $6,500 annually in supplemental income. Miami-Dade County hosts on Airbnb made $204 million with 954,000…

When ‘Geofencing’ Is Not Enough: Airbnb Files Federal Lawsuit Against Miami Beach

Airbnb has been around for a decade now, and regulators are still figuring out how to tame the disruptive beast. In Miami Beach, which has 20,000 hotel rooms to protect, people face fines of $20K for running illegal short-term rentals out of homes and apartments. A recent attempt to further crack down on such operations has gone too far, Airbnb says, and it has filed a federal lawsuit against the city.

Co-working operator Spaces to lease half of One CocoWalk

Spaces is heading to Coconut Grove. Regus’ co-working operator signed a lease for nearly 43,000 square feet at One CocoWalk, a five-story, 85,762-square-foot office building under construction at CocoWalk. Spaces will anchor the office building, taking about 2,000 square feet on the ground floor and the remaining 41,000 square feet on the second and third floors, according to a release.

Clarion Partners pays $33 million for Tropical Shipping’s Medley facility

Clarion Partners just paid $32.6 million for Tropical Shipping’s Medley facility as South Florida’s industrial prices continue to rise. Tropical Shipping sold the nearly 21-acre site at 9505 Northwest 108th Avenue for about $180 per square foot. Clarion Partners’ Lit Industrial Limited Partnership bought the 182,000-square-foot warehouse, which was built in 2000. Property records show Tropical Shipping paid…

Ordinary vs. Inflation Indexed Treasuries “TIPS” Spread Indicates Inflation Expectations Dipping

The difference in yield between that of Treasury Inflation Protection Securities, commonly referred to as TIPS, and the yield of ordinary U.S. Treasury securities with the same maturity dates is referred to as the  TIPS spread.  The chart above shows this spread for various maturites for the past 15 years. Ordinary U.S. Treasury securities don’t initially take inflation into account, they instead are just bought and sold at…

CIM Delivers 43-Story Apartment Tower Within Miami Worldcenter Project

CIM Group has completed construction of CAOBA, a 43-story apartment tower located at 698 N.E. 1st Ave. in downtown Miami. The 444-unit building is the first tower to open at the $2 billion mixed-use Miami Worldcenter development. The City of Miami has approved an adjacent 40-story, 429-unit tower. CIM Group has received a Temporary Certificate of Occupancy for CAOBA, allowing residents to move…

Doral Receives World Council Platinum Certification For A Second Year

In 2018, the City of Doral joined the World Council on City Data (WCCD) for a second time as a WCCD ISO 37120 Platinum Certified city, joining the ranks of global cities like Barcelona and Dubai. This prestigious certification marks a commitment to transparency, data-driven decision making and a commitment to creating a smarter, more sustainable, prosperous, and resilient future for the City of Doral.

Joint venture between Ugo Colombo and Shoma Homes faces foreclosure

A joint venture between developers Ugo Colombo and Shoma Homes is facing a $16.2 million foreclosure lawsuit. SHEDDF2-FL1 LLC, an affiliate of Safe Harbor Equity, is seeking to foreclosure on Coral Gables Luxury Holdings LLC, the company that planned to develop the Collection Residences at 250 Bird Road, 4101 Salzedo Street and 4112 Aurora Street in Coral Gables, a lawsuit filed on Friday shows.

Report: Multifamily rents rose 3.2% last year and will rise nearly 3% this year

Owners of multifamily buildings charged an average monthly rent of $1,419 in December, 3.2 percent more than in December 2017, Yardi Matrix reported. The average monthly rent is expected to increase nearly 3 percent this year, according to the Yardi Matrix report. The division of real estate software publisher Yardi Systems based its rental housing report on an analysis of 127 large real estate markets…

Report: Availability of U.S. warehouse space last year was the lowest since 2000

The availability of warehouse space in the U.S. last year hit the lowest level since 2000 and will remain tight this year as e-commerce continues to boost demand for storage and distribution facilities, especially near heavily populated areas. Real estate brokerage CBRE reported that only 7 percent of industrial space was vacant and available in the fourth quarter, the lowest level since 2000. Demand for…

SoFla industrial construction to decline in 2019: CIASF report

The industrial construction boom in Miami-Dade is waning and development of new warehouses will take a dip in 2019, according to the Commercial Industrial Association of South Florida’s annual industrial market report. While rental rates increased slightly in 2018, the cost of land acquisitions and construction is becoming too expensive for developers to consider new projects. Rezoning of industrial…

Dirty Rabbit partnership to launch new concept in Wynwood; other restaurant news…

The owners of The Dirty Rabbit, a bar in Wynwood, are launching a new concept. The group signed a $4.1 million, 10-year lease for 5,000 square feet across the street from The Dirty Rabbit at 194 to 196 Northwest 24th Street. Tony Arellano, Joey Fernandez and David Spitz represented the landlord in the lease and Costa Grillas and Maurizio Galle of Avenue Real Estate Partners represented the tenant.

Monaco Yacht Club & Residences scores construction loan, to launch sales later this month

Optimum Development USA just scored a $55 million construction loan as it prepares to launch sales of Monaco Yacht Club & Residences in Miami Beach, The Real Deal has learned. The boutique, luxury condo project is planned for 6800 Indian Creek Drive on one of the last remaining vacant bayfront sites in North Beach. The 11-story, 39-unit development is designed by Arquitectonica with the common…

WeWork, err…The We Company, is already weighing an IPO

It’s been a yo-yo week for The We Company. Its main investor, Softbank Group, with a sinking stock price and concerns from Saudi and Abu Dhabi backers, drastically reduced a planned investment.  And at at its global annual conference, the flexible-office company rebranded a day later. Now the company, formerly known as WeWork, is weighing the prospect of an IPO, much sooner than expected…

Trump’s tax bill to boost SoFla CRE this year but interest rates pose risk: survey of real estate pros

South Florida’s real estate market will get a jolt of new investment in 2019 from President Trump’s new tax law, despite concerns over rising interest rates, according to real estate professionals surveyed in the tri-county area. The tax break, which includes the Opportunity Zones program, was one of the main reasons for optimism for this year’s commercial real estate market, according to the Miami law…

CitizenM Acquires Land in Downtown Miami, Plans to Break Ground on 348-Room Hotel

Netherlands-based citizenM has acquired land in downtown Miami to build a 348-room hotel. The land was purchased for $10.8 million from Miami Worldcenter Associates, the developers of Miami Worldcenter, a $2 billion mixed-use project that will include a 60-story Paramount condominium community, the 444-unit CAOBA apartment tower and retail space. Art Falcone and Nitin Motwani lead Miami…

Fed rate may surpass 3% in 2019: Federal Reserve’s Karen Gilmore

In 2019, the benchmark federal funds rate could crack the 3 percent mark for the first time in more than a decade, according to the Federal Reserve’s top official in Miami. During a luncheon this week hosted by CREW-Miami, Karen Gilmore, vice president and regional executive at the Miami branch of the Federal Reserve Bank of Atlanta, said the regulatory body is anticipating two hikes this year…

Widening Of Busy NW 25th Street Approved By Transportation Planning Organization To Alleviate Traffic In Doral

On Dec. 6, the Miami-Dade Transportation Planning Organization (TPO) approved an amendment to the Fiscal Year 2019 Transportation Improvement Program (TIP) to include a widening project along NW 25th Street from NW 117th Avenue to NW 87th Avenue. This project would increase capacity and improve travel times by widening this roadway from five to seven lanes. In 2016, the TPO completed the…

The Diplotmat Beach Resort – one of South Florida’s largest – just hit the market, asking as much as $1B

Brookfield Asset Management is looking to sell the Diplomat Beach Resort in Hollywood, the largest resort in Broward County and the second-largest in South Florida after the Fontainebleau Miami Beach. And the asking price is reportedly as much as $1 billion, or $1 million per key. Brookfield subsidiary Thayer Lodging Group hired Newmark Knight Frank and Hodges Ward Elliott to market the…

Developer plans live-work project in Miami’s Morningside

A pair of Venezuelan developers filed plans for a live-work mixed-use building in Miami’s Morningside neighborhood. Rosa 55 Morningside LLC, led by Sady Chocron and Roberto Cohen… Morningside Place, a 24-unit rental building with 31,770 square feet of live-work space and about 9,000 square feet of retail…  at 5501 and 5445 Biscayne Boulevard, Chocron said. Construction will begin as soon…

CitizenM pays $11 million for Miami Worldcenter land

Miami Worldcenter Associates just sold the site of a planned citizenM hotel to the Dutch hotel chain for $10.75 million. Netherlands-based citizenM plans to break ground on the 12-story, 348-room hotel this year, Ernest Lee, managing director for development and investments of citizenM, said in a statement. OSIB Miami Worldcenter Properties acquired a 15,000-square-foot development site on…

The difference in yield between that of Treasury Inflation Protection Securities, commonly referred to as TIPS, and the yield of ordinary U.S. Treasury securities with the same maturity dates is referred to as the  TIPS spread.  The chart above shows this spread for various maturites for the past 15 years.

Ordinary U.S. Treasury securities don’t initially take inflation into account, they instead are just bought and sold at some yield. Coupons and principal interest rates of TIPS, however, change based on the CPI (consumer price index). Thus, the spread between the two, the aforementioned TIPS spread, provides insight into the fixed income market’s expectations for inflation. This is also might be referred to as break-even inflation, the inflation rate at which investor in both will realize the same real (inflation adjusted) return.   Stated more directly, the TIPS spread reflects forecasted inflation. The wider this spread is, the more it indicates investor anticipate higher inflation rates in the future. Adding credence to this is that it is not an indication of verbally stated opinions, but instead reflects opinions indicated by investment decisions made, a true case of those with opinions putting their money where their mouths are, Nothing beats market measures where participants have skin in the game.

The graph herein shows that these expected inflation rates spread out at times, particularly during a period of declining inflation expectations, with the shorter maturities seem to have the strongest reactions. This is just a matter of arithmetic. Consider that a 10-year expectation contains the 5-year expectation in that it is the first five years plus five more. Thus, as long as expectations average out over the long run, the shorter-term expectation, in this case the first five years, will be more variable that the longer-term expectation. An exception to this would happen if the market anticipates more normal inflation in the next five years, with less normal or abnormal inflation in the five years hence. That’s unlikely to happen, at least with regard to expectations. Of course, never say never, as they say.

It is worth noting that in the moment these declining expectations would also seem to reflect recent concerns for a slowing economy. Along with this, expectations for rate increases have subsided somewhat for the moment, as would generally be the case in the face of declining inflation expectations given that yields generally include some expectation of inflation to allow them for a yield after inflation. Expectations for inflation and for interest rates are both important to commercial real estate investors, making this TIPS chart, an updated version of which is accessible at the St. Louis Federal Reserve site,  worthy of their ongoing attention.

City of Miami office tower site hunt may end up next door

A study has determined the best place for a new City of Miami government office tower is right next door to the current one. The analysis is up for discussion on today’s (1/10) city commission agenda. Site selection is the next step after voters in November… The analysis picks vacant land immediately north of the city’s current Miami Riverside Center (MRC) at 444 SW Second Avenue, identified as the Nexus Site.

Epelboim Completes EVEN Hotel Miami Airport

Epelboim Development Group, in conjunction with InterContinental Hotels Group, has opened its newest project, the EVEN Hotel Miami Airport. Coral Gables–based Trust Hospitality manages the hotel, located at 3499 NW 25th Street. The EVEN Hotel flag is described as a “premier lifestyle hotel brand,” with a tagline of “Eat Well, Rest Easy, Keep Active and Accomplish More.” The brand’s signature features…

University of Miami unveils residence complex plan

Coral Gables’ city commission unanimously passed three ordinances on first reading Tuesday amending land use, zoning code and a development agreement between the city and the University of Miami at 6500 Red Road. The university recently purchased the property on Red Road though it has not yet released plans for the property, which was called “problematic” by the Gables’ Planning and Zoning…

Miami prepares for Super Bowl, Democratic National Convention

The Miami area is hoping to host two major events in 2020: The Super Bowl and the Democratic National Convention. One’s a lock and one’s a maybe at this stage. Leaders in the City of Miami are preparing for the events, with promises of local cash support and plans to work with all-important host committees. Legislation covering both events is scheduled for discussion and possible action today (1/10)…

11 Predictions For South Florida CRE In 2019

In Miami, as we say adios to 2018 and “Dalé!” to 2019, several of South Florida’s real estate pros shared with Bisnow their predictions for the coming year. We’re warning you now: It will involve lots of scootering. Aztec Group Executive Vice President Charles Penan: Uncertainty in the global market will greatly influence the real estate capital markets in 2019 and beyond. Miami has evolved into a…

Florida plans improved public riverwalk under 836 in Miami

State highway officials now intend to include an improved public riverwalk under a highway overpass slated for a major upgrade, Miami River Commission members were pleased to learn Monday. Fresh draft drawings presented to the commission show plans for a greenway-riverwalk along the north shoreline under the SR 836 bridge, including a clear pathway 15 feet wide and a new bulkhead wall…

Small business lending steady, with hopes for a spurt

Small business lending remains steady, with experts forecasting activity picking up in 2019. Frank Gallo, senior commercial lender with Tropical Financial Credit Union, sees smooth sailing on lending volume compared to 2017, with not too many increases. He credits the status quo in 2018 to the uptick in interest rates since the start of the year. “It hinders the ability for businesses to qualify for larger…”

Glenn Downing: Oversees tax fund to increase mobility in Miami-Dade

As chairman of the Citizens’ Independent Transportation Trust (CITT), certified financial planner Glenn Downing leads a 15-member board in overseeing the People’s Transportation Plan (PTP) to expand mobility solutions in Miami-Dade with funds from the half-percent sales tax known as the “half-penny.” Mr. Downing, elected chairman in 2017, will this year celebrate nine years with the trust, having served…

Editorial: Miami, hold firm against development in our ‘Central Park’

Very soon Miami commissioners may be handed a deal between city administrators and developers of a massive mixed-use complex that, along with a soccer stadium, would replace the city’s only golf course. If history is a guide, commissioners will nitpick details, demand a pittance for affordable housing and maybe something extra for their districts, then sign off on the deal. But rather than worry about…

SeaVee Boats preparing to double manufacturing space

SeaVee Boats hopes to move into its new 220,000-square-foot manufacturing site on 10 acres in August, though the construction firm, TA Builders, is hoping… The move aims to address growing demand for boats. Right now in its 60,558-square-foot headquarters at 6900 NW 77th Court, smaller boats are backlogged 12 months and the larger models are backed up 18 to 24 months with over 200 boats on order…

The what company? WeWork rebrands as SoftBank short-circuits funding

A day after reports emerged that Japanese conglomerate SoftBank Group had slashed its planned funding for WeWork from $16 billion to $2 billion, the co-working giant has announced it will rebrand. Under its new name, “The We Company,” led by Adam Neumann, the company will consolidate its businesses into three main arms: WeWork, its well-known flexible office space brand, WeLive, its struggling…

Video: TREPP Managing Director Tom Fink Discusses CRE Financing and Market Trends

In this short video, Tom Fink, Managing Director with TREPP. a leading provider of data, analytics, and technology solutions to the global securities and investment management industries, appears on America’s Commercial Real Estate Show to talk about the state of commercial real estate financing. Among the topics discussed are the impact of rising interest rates and regulations, and the effect of…

Miami International Airport To Spend $1.45 Billion On Improvements Over The Next Three Years

Miami International Airport is about to begin $1.45 billion worth of short term improvements over the next three years. Some of the improvements will include a post-security connector between Concourse E and F, new hardstands and apron areas, cargo facilities, and other projects designed to improve efficiency. The airport is no longer calling the project a Terminal Optimization Program (as it did in…

SoftBank planned to invest $16 billion into WeWork. That number just got way smaller.

Softbank has slashed a potential $16 billion investment in WeWork to $2 billion, after the Japanese megafund’s backers expressed concern over its free flow of capital to the flexible office space company. Backed by the sovereign wealth funds of Saudi Arabia and Abu Dhabi, and led by Masayoshi Son, Softbank’s $100 billion Vision Fund was expected to invest another $16 billion in WeWork over…

Craig Robins claims Ugo Colombo bribed juror with promise of condo in trial over private jet: lawsuit

The nine-year legal battle between two of Miami’s most prominent developers over a shared private jet just hit serious turbulence. Five years after losing the case, Craig Robins’ Dacra Development is now suing Ugo Colombo and his CMC Group, alleging jury tampering and bribery — including the promise of a luxury condo — in the trial tied to their private jet dispute. In a mid-December lawsuit filed in…

Waldorf Astoria tower in downtown Miami scores $33 million pre-development loan

Property Markets Group landed a $33 million pre-development loan for the Waldorf Astoria Hotel & Residences Miami before the end of the year. PMG, along with Greybrook Realty Partners, S2 Development and Hilton, are planning the 98-story luxury hotel and condo tower at 300 Biscayne Boulevard. BridgeInvest provided the loan, which will be used to finalize approvals and launch condo sales, according to…

Mast Capital proposes Shipping Ave project near Coral Gables

Mast Capital is proposing to build a 20-story apartment project near the Douglas Road Metrorail Station in Miami. The Shipping Ave Apartments would have 254 units, an eight-story parking garage covered in murals and about 10,000 square feet of amenities, including a… The developer paid $10.9 million for the 1-acre site at 3811 Shipping Avenue in May 2017, property records show. It’s zoned T6-12-O.

Video: Anthony Scaramucci on his Opportunity Zone fund’s $2B deal pipeline

SkyBridge Capital founder Anthony Scaramucci claims his Opportunity Zone fund has $2 billion worth of deals in its pipeline. Scaramucci appeared on a segment broadcast by Fox Business Network on Friday to talk about the economy, the federal Opportunity Zone program and his hedge fund’s recently-launched fund, which will be structured as a REIT and will focus on investing in Opportunity Zones.

Watch out, 7-11: Amazon’s new cashless convenience stores may outperform traditional ones

Amazon’s new automated convenience stores, which operate without cashiers, may generate more revenue than regular convenience stores and could soon become a multi-billion-dollar business for the Seattle-based company. Customers who shop at the new Amazon Go locations simply take merchandise off shelves, and the company charges them automatically when they exit the high-tech convenience…

Owners of KYU Wynwood to open new concept, Laid Fresh, nearby

The former Federal Donuts space in Wynwood will open as a new concept from the owners of KYU Wynwood. Thor Equities Group leased the 2,000-square-foot space at 250 Northwest 24th Street to KYU’s Steven Haigh and chef Michael Lewis, who plan to open a new restaurant called Laid Fresh in the spring, a source said. The 11-unit condo building is known as 250 Wynwood. Cyril Bijaoui of The…

Lennar scores $56M construction loan for Doral apartments

Lennar just scored a $55.6 million construction loan from SunTrust to build an apartment complex in Doral. The Miami-based homebuilder plans to build 369 apartments on the 11-acre site at 10500 Northwest 78 Street, property records show. It bought the property in 2017 for $21.7 million, property records show. Lennar became the largest homebuilder in the country after it acquired CalAtlantic last year in a…

MyBrickell condo owners name Related, Arquitectonica in lawsuit alleging shoddy design and construction

When the Related Group completed MyBrickell in 2014, it was amid great fanfare, with a grand opening party on the rooftop pool deck of the 27-story, 192-unit condo tower. At the time, MyBrickell was one of the first condo projects to be completed after the real estate collapse of 2008, as well as one of the first to highlight a collaboration with global brand name: industrial designer Karim Rashid. But…

Sears chairman to offer $1.8 billion for company’s real estate holdings if auction bid fails

What was meant to be a last-ditch effort now has a back-up plan. The Sears bankruptcy saga continued today as the company disclosed that Chairman Eddie Lampert’s hedge fund, ESL Investments Inc., expressed interest in buying the retailer’s real estate for $1.8 billion. ESL submitted a $4.4 billion bid to keep some Sears stores open last Friday, on the last day for parties to submit bids for the bankrupt…

Video: Miami Developer Metronomic Publishes Passenger Drone Concept Video

Headed by Ricky Trinidad, Miami based Metronomic bills itself as a progressive, innovative, and sustainable real estate developer with core values centered on social and economic improvement, community development, and local collaboration that exemplifies industry standards for quality design, planning, and construction. They note that “passenger drones have proven to be a new and safe form…

The Lincoln Eatery Food Hall in South Beach Opens With 14 Concepts

Miami will see the opening of yet another food hall next week when the Lincoln Eatery drops anchor in South Beach. The 9,600-square-foot food hall, located on the corner of Lincoln Lane and Meridian Avenue, will open mid-January with 14 food and drink concepts. The space, outfitted with glossy subway tiles and polished concrete floors, will include indoor and outdoor seating for 200. Developed by…

Waldorf Astoria to Open 1st Miami Location

A Waldorf Astoria project in Miami has secured a $33 million pre-development loan, provided by BridgeInvest. Property Markets Group will develop the 98-story luxury condo and hotel at 300 Biscayne Boulevard, which will be branded and operated by Waldorf Astoria. The non-recourse loan will be used by the developer to finalize approvals, market the property and launch residential sales. The new…

Reinsurers want rates raised after natural disasters tally billions in real estate damage

Miami has been hit with hurricanes and Los Angeles has endured devastating wildfires. Those are just two cities that have dealt with recent natural disasters throughout the U.S., which in addition to loss of life, have tallied billions of dollars in real estate damage.
Despite the increasing frequency of these events, insurance companies are resisting a recent push from reinsurers to raise…