Month: February 2019

Joint Venture Purchases Historic Raleigh Hotel on Miami Beach for $103 Million

A joint venture between SHVO, Bilgili Holding and Deutsche Finance America has purchased the Raleigh Hotel in Miami for $103 million. The 83-room hotel is situated in South Beach, about 10 miles east of downtown Miami, and is known for its beachside swimming pool that Life Magazine called “the most beautiful pool in America” in 1947. Designer Tommy Hilfiger and Dogus Group, a Turkish…

Historic Miami Hotel Sells for $103 Million

A joint venture of Deutsche Finance America, Bilgili Holding and SHVO has acquired the historic Raleigh Hotel in Miami for $103 million in an all-cash transaction. A partnership between Tommy Hilfiger and Dogus Group, a Turkish conglomerate, sold the 83-key asset. Situated at 1775 Collins Avenue in Miami Beach, the hotel was built in 1940 and is an icon of classic South Beach Art Deco design. Raleigh is…

Starwood Capital, LeFrak Sell Miami Hotel for $610 Million

Starwood Capital Group and LeFrak have sold 1 Hotel South Beach, a 429-key luxury hotel property at 2341 Collins Avenue in Miami Beach, Fla., to Host Hotels & Resorts in a transaction valued at $610 million, or approximately $1.4 million per key. 1 Hotel South Beach last changed hands in 2012, when Starwood, LeFrak and Invesco Ltd. acquired the oceanfront property, then known as the Gansevoort…

Host Hotels Buys Miami Beach Hotel For Over $600 Million

A Miami Beach hotel has just traded hands for more than $1M per room. Bethesda, Maryland-based Host Hotels & Resorts acquired the 1 Hotel South Beach for $610M from a JV of Starwood Capital Group and LeFrak. The deal, brokered by Hodges Ward Elliot, pencils out to $1.42M per room. The 429-room hotel at 2341 Collins Ave. was the first of Starwood’s 1 Hotels brand, which now features properties…

South Florida by the numbers: Spotlight on Coral Gables

“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics. Time waits for no town, even one bold enough to call itself “The City Beautiful.” Coral Gables is in the midst of a dramatic overhaul; transforming it from an old-fashioned neighborhood into a fresh, modern, walkable village, while maintaining its historic splendor. Obvious signs include the…

Tower begun in 2006 has 32-story completion plan

A downtown tower project at 530 NW First Court that stalled after the foundation was built in 2006 and remained undone for years has a new owner-developer with big plans for completion. The new project is called Krystal II and was applied for by Charlesville Dev. Corp. representing BH 18 Investments LLC, as applicant, and Krystal Invest Solution LLC as owner. The city’s Urban Development Review…

Miami, state to partner on 30-acre park under I-395

The City of Miami is preparing to partner with the Florida Department of Transportation (FDOT) in the development of the space under I-395 in Downtown Miami. Legislation to approve the first agreement is scheduled for today’s (2/28) city commission meeting. Last fall, FDOT’s James Wolfe met with commissioners and announced the start of construction on the long-awaited I-395/SR 836/I-95 project…

Brickell Avenue Bridge standoff over traffic goes on

There’s an apparent cease-fire in the battle between Miami’s Downtown Development Authority and the US Coast Guard and the Florida Department of Transportation to enforce (and possibly expand) lock-down times for the Brickell Avenue Bridge. Authority directors and downtown stakeholders alike can attest to the paralyzing effect excessive bridge openings exert on traffic in the central business district…

Brickell City Centre to produce fire station, riverwalk

As Brickell City Centre prepares to grow again in the next couple of years, the next phase of construction will include a fire station and a public riverwalk. The fire-rescue station and the riverwalk are promised by developer Swire Properties Inc. and its affiliates, and are detailed in a new development agreement approved Jan. 24 by the Miami City Commission. Those additions are listed in the new…

250 apartments planned at edge of Health District in Miami

A developer plans to build up to 250 apartments at the edge of the Health District in Miami, just south of the Dolphin Expressway. Spring Garden Apartments LLC submitted plans for an 11-story mixed-use building at 1005 Spring Garden Road. The city’s Urban Development Review Board granted conditional approval of the project Feb. 20. To be called Soleste Uptown, the project is to include…

Full-court press on AmericanAirlines Arena naming rights

Talks are ongoing for naming rights to what is now American-Airlines Arena, says Dan Wall, Miami-Dade’s chief liaison to county sponsorship agent The Superlative Group. “They are actively discussing the matter with multiple corporations,” he said Monday, adding that the county is “going to exhaust all options” to get a deal before the current contract expires Dec. 31. “The plan was to reach out to…

Turkish developer Okan set to start Florida’s tallest tower

The Okan Tower team is awaiting a final state OK on condominium documents, expected in the spring, and plans to break ground this year on a 70-story downtown mixed-use tower. The project is to rise at 555 N Miami Avenue, where it will promise buyers a slice of what the developers say will become the tallest building in Florida, with a cap at 890 feet – taller even than Brickell’s new Panorama Tower…

KLNB picks up CVS building on Miami Beach’s Washington Ave

Commercial real estate firm KLNB paid $18.3 million to buy a CVS-anchored building on Washington Avenue in Miami Beach, two years after it hit the market. KLNB bought the two-story,12,443-square-foot building at 983 Washington Avenue for $1,470 per square foot, records show. Club Invest Group LLC, which is managed by Eugenio Marrapodi, sold the property to the Washington, D.C.-based…

Fed Blog: Predicting Recessions: Which Signals Are More Accurate?

As the yield spread between longer-term Treasuries and shorter-term Treasuries dips closer toward zero, the popular press is voicing more concerns about it possibly going negative. This is referred to as a yield curve “inversion,” which is thought to signal a recession in the near future. In deciding how concerned to be, however, it is useful to think about what a yield curve inversion really means and also consider…

Inflation Forecasted to Remain under 2 Percent in 2019

In January 2012, the Federal Open Market Committee (FOMC) adopted an inflation targeting approach as part of its Longer-Run Goals and Monetary Policy Strategy. Under this approach, the FOMC judged that an inflation rate of 2 percent, as measured by the price index for personal consumption expenditures (PCEPI). The FOMC judged this rate to be the longer-run rate most consistent with the Federal…

HUD expands low-income housing tax credit program to encourage Opportunity Zones investment

The federal Opportunity Zones program has been wildly popular with investors and developers, but critics say the tax incentive program has so far not gone to areas most in need. Now, the Department of Housing and Urban Development has announced an initiative to encourage affordable housing investment within the thousands of designated Opportunity Zones nationwide. The Federal Housing…

Developer completes Edgewater assemblage for Urbanica Hotel

Urbanica Management completed an assemblage in Edgewater where the company is planning to build a 220-room hotel. Urbanica Management, led by Charlie Porchetto, paid $7.3 million for the adjacent lots at 3023 Biscayne Boulevard and 3030 Northeast Fourth Avenue, adding to the land it acquired in October at 3200 Biscayne Boulevard $7.95 million. Coldwell Banker’s Rosy Cancela represented…

Roca Tile expands at Dolphin Commerce Center and other major leasing news

Dolphin Commerce Center hits 90 percent occupancy. Avison Young negotiated 184,000 square feet of new industrial leases at Dolphin Commerce Center, a five-building industrial park totaling 750,000 square feet of Class-A space in Miami-Dade’s Airport West submarket. Roca Tile USA, which makes and distributes ceramic tiles, renewed its lease and expanded for a total of 134,383 square feet.

A Closer Look at South Florida’s Flexible Office Market

As people continue to revolutionize the way office work is defined, coworking is gaining more ground across the U.S. Miami has been spearheading the growth of flexible workspaces in Florida. According to a recent Yardi Matrix survey, the metro comes third after Manhattan and Portland regarding coworking space as a percentage of total office stock with 2.4 percent. Timothy Locke, director of…

AJP Ventures, Mas Group Set to Break Ground on $40M Healthcare Facility Near Baptist Hospital in Miami

AJP Ventures and Mas Group will break ground on MedSquare Health, a 116,000-square-foot, three-story medical facility in the Baptist Hospital of Miami submarket in Miami. The $40 million building will be situated at 9408 SW 87th Avenue, about two miles from Baptist Hospital of Miami. Amenities will feature valet parking, an adjoined two-story parking garage, conference room space and an on-site…

Bizzi & Partners pays $10.27 million for site on Northeast 163 Street in North Miami Beach

New York-based Bizzi & Partners Development bought a 1.1-acre site in North Miami Beach for $10.27 million. An affiliate of Bizzi & Partners, 2101 Aventura Property Owner LLC, acquired a storage building at 2101 Northeast 163 Street and an adjacent vacant lot. The seller was 2101 NE 163 LLC, which is managed by Matias Larsen in Miami. Bizzi & Partners also got an $8.5 million mortgage loan from…

Blue Water Shipping Leases 69,500 SF At Miami Logistics Center

The South Florida office of Duke Realty announced that Miami Industrial Logistics Center, its three-building, 676,835-square-foot industrial hub, is 93 percent leased, just 18 months after it acquired the newly constructed, completely vacant industrial development. Blue Water Shipping is the latest tenant to choose MILC, which is located in the Hialeah Gardens submarket of Miami on the east side…

UHealth to open medical center in North Miami

The University of Miami Health System is proud to announce that it will open a world-class medical center at SoLé Mia, the 184-acre, $4 billion mixed-use development in North Miami developed by the Soffer and LeFrak families. The medical center will offer the communities of North Miami, Aventura, and the surrounding areas academic medicine in specialties dealing with cancer treatments from Sylvester…

Planners unveil a greener and more pedestrian-friendly Wynwood

Wynwood’s future streetscape could look completely different, with a bicycle and wellness loop, pocket parks, lush landscaping, and more woonerfs, a Dutch-inspired shared street design aimed at slowing down traffic. At a Wynwood Business Improvement District meeting this week, urban planners revealed their proposals for the streets of Miami’s most popular neighborhood, nearly a year after the Miami City…

Safra family sells Minotti building in Miami Design District

The Safra family sold the Minotti building in the Miami Design District to Nader Hakakian, owner of the Domus Design Centers in New York. Property records show 3817 NE 2nd Owner LLC, an affiliate of New York-based J. Safra Real Estate, sold the 9,770-square-foot building at 3817 Northeast Second Avenue to JJ 3801 Realty LLC, which is controlled by Hakakian, for $15.5 million. The price equates…

Video: Atlanta Federal Reserve Commercial Real Estate Expert Brian Bailey Discusses Cycle Timing

Brian Bailey, Subject Matter Expert, Commercial Real Estate at the Atlanta Federal Reserve,  joins Michael Bull on America’s Commercial Real Estate Show to discuss his perspective on the commercial real estate market, including our current economic cycle and timing thereof. He talks about different commercial property sectors, increased construction of luxury multifamily in the face of softening…

Developer wins approval for apartment project near Miami’s Health District

Just two weeks after completing an assemblage in Miami’s Spring Garden neighborhood, Estate Investments Group won a key approval to build a 251-unit apartment building on the land. On Wednesday, the Miami Urban Development Review Board granted the developer’s request to increase the proposed project’s lot area from 40,000 square feet to 63,250 square feet, as well as a 30 percent parking…

Trophy Deals Galore: Downtown Office Towers Trade in Slowing Market

Trophy office towers have been trading across South Florida in spite of the regional market slowing down after five years of robust growth. Four downtown office towers traded in 2018 even with some vacancy rates climbing. In the fourth quarter, the rate reached 17.7 percent in downtown Miami, the highest in Miami-Dade County, and 12.4 percent in downtown Fort Lauderdale, the second highest in…

Video: RealCapital Analytics SVP Jim Costello Provide Office Property Sector Update

Jim Costello with RC Analytics appears on this commercial property related show to discuss office property market performance and how changing demographics seem to be driving office growth in suburban markets. He begins by talking about the new offering of the 90-years young Chrysler building in New York, how unusual it is for a building like that to come up for sale, and noting the complexity of its…

Two Leases Totaling 184,718 SF in Miami Industrial Park Arranged

A broker has arranged two leases totaling 184,718 square feet. within Dolphin Commerce Center in Miami. Roca Tile USA signed a 134,383-square-foot lease renewal and expansion, adding 25,745 square feet to its footprint within the business park. FastKit Corp., a custom packing and printing company, renewed its 50,335-square-foot lease. Dolphin Commerce Center spans 750,000 square feet…

88,011 SF Industrial Lease Negotiated in Miami

A broker has negotiated an 88,011-square-foot industrial lease on behalf of Senator International Freight Forwarding LLC at 10505 NW 112th Avenue in Miami. The facility is situated about 20 miles west of downtown Miami. Devin White of CBRE represented the landlord, FS Building 30 LLC, in the lease transaction. Senator International Freight Forwarding specializes in international shipping and logistics with…

Diesel Condo Launching in Wynwood – A Twist to the Luxury Brand Name Trend

Last November, popular Italian denim brand Diesel announced plans for its first-ever condo project in Miami, called Diesel Living. The luxury condo tower, being developed by the Bel Invest Group, will feature 143 loft-style condos and 24,000 sq. ft. of retail on the ground floor. This is not the first time a global brand name has chosen Miami for its debut in the residential real estate space. Over the past few…

Retail In South Florida: Experiential All The Way

Owners of shopping centers have a choice: They can lease space to whomever shows up with a check in hand, putting a dollar store here and a fancy salon there. Or, they can think like Edens Vice President of Investments Nicole Shiman, who orchestrates an entire plaza as one harmonious whole. “Tenants are increasingly focused on being part of a ‘place’ versus simply leasing space at a center,” Shiman said.

Brian Bailey, Subject Matter Expert, Commercial Real Estate at the Atlanta Federal Reserve,  joins Michael Bull on America’s Commercial Real Estate Show to discuss his perspective on the commercial real estate market, including our current economic cycle and timing thereof. He talks about different commercial property sectors, increased construction of luxury multifamily in the face of softening prospects, and how a tightening by banks on this type of construction might be good, seeming to imply prudent. He further talks about rates and the impact on the economy.

Host Hotels buys Sternlicht’s 1 Hotel South Beach for $610 million, setting new record

Host Hotels paid $610 million for 1 Hotel South Beach, marking a new per-room record for Miami-Dade hotel sales at $1.42 million a key. Barry Sternlicht’s Starwood Capital Group and LeFrak sold the luxury beachfront hotel at 2341 Collins Avenue, according to a press release. Starwood affiliate SH Hotels & Resorts will continue to operate and manage the 429-room hotel. Hodges Ward Elliott brokered…

Host Hotels Buys Miami Beach Hotel For Over $600 Million ~ More than a Million per Room

A Miami Beach hotel has just traded hands for more than $1M per room. Bethesda, Maryland-based Host Hotels & Resorts acquired the 1 Hotel South Beach for $610M from a JV of Starwood Capital Group and LeFrak. The deal, brokered by Hodges Ward Elliot, pencils out to $1.42M per room. The 429-room hotel at 2341 Collins Ave. was the first of Starwood’s 1 Hotels brand, which now features properties.

Amercia’s First Skyport for Flying Cars is Coming to Florida

A massive real estate development is under construction in downtown Miami and when it’s complete, the Paramount Miami Worldcenter will have the first skyport in the U.S. built for flying cars. While that may sound like something you’ve seen on the Jetsons, drones capable of transporting people are becoming a reality. At 27-acres, Miami Worldcenter is one acre smaller than the Hudson Yards complex in…

Deutsche Bank Weighed Extending Trump Loans on Trump National Doral, Other Assets, on Default Risk

Top Deutsche Bank AG executives were so concerned after the 2016 U.S. election that the Trump Organization might default on about $340 million of loans while Donald Trump was in office that they discussed extending repayment dates until after the end of a potential second term in 2025, according to people with knowledge of the discussions. Members of the bank’s management board, including…

WeWork to open in Wynwood

WeWork is heading into Miami’s trendiest neighborhood. The shared office operator, now known as the We Company, is taking about 30,000 square feet of creative office space on the top floor of Goldman Properties latest project, the Wynwood Garage, according to a building permit filed with the city of Miami. The eight-story, 428-space garage at 301 Northwest 26th Street opened in November and…

Related Group’s Jorge Pérez Talks Real Estate, Lawsuits and Donald Trump

First, there’s his hotel. He didn’t enjoy his recent stay at the Viceroy in Manhattan. “This [Viceroy] is like, oh my God,” the 69-year-old chairman and CEO of Miami’s Related Group said. “You know, the carpets going through the hallways are horrendous, the rooms are tiny…The only reason I guess we stay here is because it’s like a block away from the Armani people who we are meeting with.” He and his son…

Crescent Heights sells mixed-use garage in South Beach

Crescent Heights sold a commercial building in South Beach, home to the popular Upland restaurant, to a nursing home owner for $15 million. Leopold Friedman, who owns the Bronx nursing home Citadel Rehabilitation and Nursing Center in Kingsbridge, acquired the four-story, 32,000-square-foot building at 49 Collins Avenue. It hit the market in 2017. Property records show Friedman financed the…

Tri-Rail is on track to serve downtown Miami

Tri-Rail trains are on schedule to arrive in downtown Miami by the end of 2019, said Bonnie Arnold, spokesperson for the South Florida Regional Transportation Authority, the commuter system’s parent. “The end of the year is doable,” she said. Work is being done on the two sets of tracks Tri-Rail will use in MiamiCentral, the station built by All Aboard Florida for its Brightline service, which runs express…

American Dream Mall waits on Canadian developer

Plans for the American Dream Mall have stayed in neutral since the megamall planned for the northwestern end of the county won approval from county reviewing agencies in July. County officials now wait for Canadian developer Triple Five to take the next step and submit a site plan. Triple Five first eyed Miami for what would become the largest mall in the US over three years ago. The project would…

Virgin Trains USA might roll into PortMiami

Miami-Dade County may soon look at linking Virgin Trains USA to PortMiami, a move that would connect the port to Broward and Palm Beach counties and extend a valuable lifeline to the struggling passenger rail service formerly named Brightline. Commissioners in committee last week voted 3-0 to advance an item directing Mayor Carlos Giménez’s office to examine the extension, which would use…

Melreese golf course leasing to Beckham team on fast track

Some Miami commissioners are eager to learn where things stand as administrators negotiate a long-term lease for a city-owned golf course adjacent to Miami International Airport. A lease would clear the way for David Beckham and partners to build a Major League Soccer stadium on what today is Melreese Golf Course, along with a sweeping mixed-use commercial development, Miami Freedom…

Kicking the can: EB-5 extended again; still lacks permanent legislation

The federal EB-5 program has been extended yet again, this time until Sept. 30. The visa program was again included in the larger federal spending package that President Trump signed Friday, averting another partial government shutdown. EB-5 gives foreign investors the opportunity to obtain a green card if they invest at least $500,000 in a development project and create at least 10 jobs. It has received…

Fannie and Freddie’s increased involvement in multifamily lending proves controversial

More known for backing single-family loans, Fannie Mae and Freddie Mac have seen their involvement in rental mortgages grow dramatically since 2008. Though the agencies aim to promote affordable housing with cheap, government-backed loans, critics say these loans can have the opposite effect. While housing advocates mostly agree that Fannie and Freddie loans for affordable housing and…

(Over)supply and demand: What Miami’s condo glut could mean for multifamily rents and development

Tour the Panorama Tower overlooking Biscayne Bay, with its “porte cochere,” poolside cafe, wine tasting rooms, pet spa and home theaters, and you might think that you’re sampling Miami’s latest glitzy condominium offering. Rising nearly 900 feet, Florida East Coast Realty’s project is the tallest building in the state. But unlike many of the other towers that dot Brickell, the Hollo family’s development…

As rent and tax reforms sweep US, real estate industry braces for fight with progressive lawmakers

After making significant gains in the midterms elections, Democratic lawmakers now have their sights set on curbing big real estate players. Bills are being introduced in states like New York, Illinois and California to strengthen rent controls and change tax laws, according the Wall Street Journal. In New York, where the real estate lobby holds enormous power, progressives like U.S. Rep. Alexandria Ocasio…

Expecting An Eventual Downturn, Industrial Owners Trying To Get Tenants To Renew Early

Miami industrial owners are as confident as ever in “South Florida’s most stable asset class,” but are making preparations for the party to end regardless, according to a recent Colliers International report. The brokerage held its 12th Annual Industrial Owner’s Forum Jan. 31 in Miami, where more than 70 owners of industrial product got together and talked shop. A post-event report last week outlined some…

“We are starting to run, but the gun hasn’t fired:” Investors dash into Opportunity Zones

Investors and developers in Miami-Dade County have been pouring money into Opportunity Zones. From April through September, property sales in those areas tallied $942 million, a 25 percent increase from the same time in 2017, ccording to The Real Deal’s analysis of records. Enacted as part of the December 2017 tax overhaul plan, Opportunity Zones began catching the eye of savvy investors last…

Luxury brand-name residences are growing in popularity — and commanding a premium

If you brand it, they will come. That’s the lesson luxury residential developers are learning as more and more buyers are purchasing properties in high-end branded towers. More than 400 properties are stamped with luxury brand names across the world, and 110 more of these developments will open by 2023, according to Alexandros Moulas, a director of international development at Savills Plc…

All in the family: Alex Sapir turns to relatives to complete Surfside development

Alex Sapir, through his investment firm, the Sapir Corp., is seeking shareholder approval on a deal that will let his relatives bail him out on a luxury condo development under construction in Surfside, a sleepy town north of Miami Beach. Alex Sapir’s publicly traded company is proposing to use $6 million in deposits for condo units at Arte by Antonio Citterio, to fund overrun costs…

Worn down: Payless shoes to close all 2K locations, declare bankruptcy

Just as Sears is emerging from bankruptcy, another major retailer battered by e-commerce is entering into it. Payless ShoeSource will shutter all 2,300 stores when it files for bankruptcy later this month, according to Reuters. It’s the second time the Topeka, Kansas-based discount shoe chain has filed for bankruptcy in two years. It was one of many retailers that closed or filed for bankruptcy in 2017.

New Russia sanctions bill targets LLCs in real estate, again

The “sanctions bill from hell” is back from the dead. Republican Senator Lindsey Graham (SC) and Democratic Senator Bob Menendez (NJ) on Wednesday introduced a tougher version of last year’s “Defending American Security from Kremlin Aggression Act,” and once again, the bill includes a provision that targets people using limited liability companies for high…

So many Opportunity Zones, so many questions for developers, investors

Developers and investors are enamored enough with the federal Opportunity Zones program that they have been raising massive funds in hopes of taking advantage of the big tax incentive. But they remain cautious enough over of the program’s many unanswered questions that few have deployed much of the capital raised. Those dueling realities played out Thursday in Washington, D.C., when the IRS’ first…

Glaser and partners propose 15-acre “West of West” district in South Beach

Developer Todd Michael Glaser and a group of partners are proposing a massive mixed-use project with pocket parks, elevated courtyards, residential and commercial space in the heart of South Beach. Glaser, Jarrett and Sean Posner, Fred Carlton and Charlie Ratner are the developers behind the West of West overlay district. Domo Architecture + Design presented it Wednesday to the Miami Beach…

The Sky Lounge In The New Zaha Hadid Building Will Be The Hottest Invite In Miami

Construction is moving along at One Thousand Museum, the landmark Miami building by famed architect Zaha Hadid. Bisnow was recently allowed a sneak peek inside and some details on its culinary offerings. Mame Sow, a native of Senegal who moved to New York when she was 11, has been brought on as the building’s culinary director. As such, she will plan and prepare seasonal menus to be…

Long-delayed Ritz-Carlton Residences in Miami Beach now expects temporary certificate of occupancy in April

The long-delayed Ritz-Carlton Residences, Miami Beach, is now expected to receive its temporary certificate of occupancy in April and begin closings later that month or in early May. Developer Ricardo Dunin, founding partner of Lionheart Capital, said construction of the luxury condominium project is nearly completed. “Many units are finished and locked, and most of the building is done,” Dunin said…

Bristol Group sells Amazon warehouse for $24 million

The Bristol Group sold a Miami Gardens warehouse leased to Amazon for $24 million. The San Francisco-based company sold the 205,548-square-foot-industrial property at 15600 Northwest 15 Avenue to an affiliate of Dallas-baed Dalfen Industrial for $116 per square foot, records show. Dalfen secured a $16 million loan from Bank of America to finance the acquisition. E-commerce giant…

Trump admin considers sidestepping Congress to overhaul Fannie and Freddie

The Trump administration may bypass Congress in its effort to privatize Fannie Mae and Freddie Mac, which have been in government “conservatorship” for a decade. Treasury secretary Steven Mnuchin, who previously sought support from Democrats in Congress to privatize the mortgage giants, is now working on a set of proposals to do so unilaterally, sources told the Financial Times. “They want…”

Amazon says it won’t come to New York

Leaving a $3 billion incentive package on the table, Amazon has decided against coming to New York City. The company announced on Thursday that it won’t build a new campus in Queens. The decision follows reports last week that Amazon was reconsidering its selection of New York, amid fierce political opposition. Much of the blowback sprung from the $3 billion in state and city tax incentives offered…

Mortgage originations hit 4-year low: NY Fed

Mortgage originations fell last year, while new auto loans hit all-time highs, according to a report by the Federal Reserve Bank of New York released on Tuesday. New mortgage loans for 2018 were at the lowest level since 2014. Mortgage originations in the fourth quarter fell to $401.5 billion from $445.3 billion in the previous quarter, the lowest volume since the first quarter of 2016 in nominal terms, the…

Robert Wennett wins Miami board approval for massive, mixed-use project in Allapattah

Robert Wennett’s proposed massive mixed-use project in Allapattah, which could include the only co-living spaces currently allowed in Miami, is a step closer to becoming a reality. Miami’s Planning, Zoning, and Appeals Board backed the development of… The Miami Produce Special Area Plan, a 8.5-acre, mixed-use project at 2140 Northwest 12th Avenue, is proposed by Wennett and Jeff Weinstein…

ACRE, Global City Development Break Ground on 236-Unit Apartment Complex in Miami

Asia Capital Real Estate Management (ACRE) and Miami-based Global City Development have broken ground on MiMo Bay Apartments, a 236-unit multifamily community located at 6445 NE 7th Avenue in Miami’s MiMo District. The asset is being built adjacent to Legion Memorial Park, the site of the former American Legion Post No. 29. The new mixed-use community will include a 15,000-square-foot…

What the National Climate Assessment Means for South Florida CRE

Last November, 300 scientists and 13 federal agencies collaborated to produce the latest National Climate Assessment, a congressionally-mandated quadrennial report on climate change and its expected effects on our nation and the world. The results presented a stark picture of what kind of world we may leave our children if nothing is done to change our role in this global issue. South Florida is…

Yotelpad Miami Breaks Ground

Aria Development Group, in partnership with Aqarat, has begun construction on Yotelpad, a 327,356 square-foot, mixed-use project in Miami. Stantec is providing architecture, interior design and engineering services for the 231-condo and 222-key development, which is slated for completion in early 2021. Yotelpad is located at 227 NE Second Street, less than 8 miles from Miami International Airport…

AeroThrust CEO sued over alleged toxic mold at Dadeland condo

The CEO of AeroThrust Holdings is being sued for negligence after allegedly allowing toxic mold to permeate throughout a condo unit his company managed. Venus Lacalamita filed a lawsuit in Miami-Dade County Circuit Court against Mario Abad, his wife Claudia, their property management company, MGC Group Corp., and air conditioning maintenance business Frioclima Corp. Lacalamita claims that…

Whoops! 3 Opportunity Zone Mistakes People Have Made Already

Interest in opportunity zones is as hot as ever, especially ahead of the IRS public hearing scheduled for Thursday morning. With everyone running headfirst into deals, it’s good to be aware of how other people have messed up already — so that you don’t have to. Bisnow/Deirdra Funcheon A February 2019 Bisnow panel about opportunity zones featured Greenberg & Traurig shareholder James…

Google to invest $13 billion in real estate across the US

OK, Google. Tell me about the multibillion-dollar real estate investment you’re making this year. The tech giant announced on Wednesday that it plans to spend more than $13 billion in data centers and offices across the U.S., including major expansions in 14 states. Google CEO Sundar Pichai said in a blog post that the new data centers and offices will create more than 10,000 new construction jobs in…

Sears, sort of: Here’s what the retailer is planning post-bankruptcy

In the age of Amazon and dying retailers, Sears has emerged from bankruptcy with a new survival plan: smaller stores, fewer clothes and aisles full of tools and appliances. Edward Lampert, whose firm ESL Investments successfully bid $5.2 billion for the retailer’s assets last month, said the new company will sell or sublease some of the 425 stores. Though Lampert, who was responsible for Sears declaring…

Bath Club fight pits Peebles against unit owners for control of private club

Two unit owners at the Bath Club in Miami Beach — a Washington, D.C. power broker and a Weston-based developer — allegedly teamed up to sabotage the Peebles Corp. from successfully managing the historic private members club and destroy its market value, according to a recently filed lawsuit. Peebles entity Bath Club Entertainment is suing Mark Penn, a former Clinton strategist who currently manages…

Parking has a warm glow in Miami Design District

The Miami Parking Authority has hit the switch on bright, colorful new parking lots at the edge of the Miami Design District. On Tuesday evening, authority officials held a grand opening of sorts for the reborn parking spaces under Interstate 195. The city’s parking agency is celebrating the re-imagining of the I-195 underpass parking lots into an international urban art installation. The gathering occurred in…

Businesses flow from afar into Brickell, downtown offices

The office market in the central business district and Brickell is solid, observers say, and not likely to be blown off course anytime soon. “The market in downtown and Brickell is tight,” said Neisen Kasdin, office-managing partner at Akerman, LLP, and vice chair of Miami’s Downtown Development Authority. “The last spurt… with 1450 Brickell, 600 Brickell and the Wells Fargo Building.” Two new…

Baptist Health’s Miami Beach center a community hub

Baptist Health South Florida’s Miami Beach urgent care, diagnostic and outpatient center on Alton Road, which opened in July 2018, has started up several new programs and the volume of patients is “above our projections,” according to Nancy Batista-Rodriguez, the chief executive officer of Baptist Outpatient Services. Both the endoscopy center and the spine center offering neuroscience and orthopedic…

Tommy Hilfiger group sells Raleigh Hotel in South Beach to Michael Shvo and partners for $103M

Tommy Hilfiger and Dogus Group sold the Raleigh Hotel in Miami Beach to a partnership led by New York developer Michael Shvo for $103 million. The deal breaks down to about $1.24 million a key, one of the most expensive hotel sales on a per-room basis in Miami-Dade County. Shvo, Bilgili Group and Deutsche Finance Group acquired the 83-room Art Deco hotel at 1775 Collins Avenue, according…

Jorge Pérez on building golf courses in Cuba with Trump, stepping down as CEO and more

Miami’s condo king Jorge Pérez revealed he once discussed building in Cuba with President Trump, offered his timeline for stepping down as CEO of the Related Group, and talked about the influx of buyers from the Northeast and more. Pérez, chairman and CEO of Related, said he plans to step down as CEO of the Miami-based firm in a year or two, but will stay on as chairman. His son, Jon Paul, a vice…

Virgin Trains USA – still operating as Brightline – postpones IPO… for now

Virgin Trains USA postponed its much anticipated initial public offering, claiming it found “alternative financing” to stay private. The high-speed train company, still operating under the name Brightline, runs from West Palm Beach to Miami and also owns real estate properties near its stations. The company previously said its IPO could be worth up to $619 million. Its IPO was expected to be priced on Tuesday.

Video: RealPage Deputy Chief Economist and VP of Asset Optimization Jay Parsons Provides Multifamily Update

Jay Parsons, Deputy Chief Economist with RealPage, joins Michael to discuss the multifamily market, including vacancy rates, rent growth, and more. He comments how in the face of impending doom the multifamily keeps on chugging along. Occupancy is at a healthy 94.4% overall, up 40 basis point year over year. Rent growth has accelerated, with 3.3% year over year growth as of the fourth quarter…

Call it a “joint” venture: Simon Property Group partners with cannabis oil company

Soon after posting a record fourth quarter, Simon Property Group announced on Monday that it would be partnering with cannabis firm Green Growth Brands to open 108 shops in its malls this year. The shops will sell products infused with the cannabis extract cannabidiol, also known as CBD, according to CBNBC. “The GGB shopping experience is exactly the type of innovation our customers want and…”

Ex-boyfriend of Real estate marketing exec Andrea Greenberg’s arrested on fraud charges in connection to her estate

Authorities have charged the longtime boyfriend of the late Andrea Greenberg with submitting a forged will, which would have made him the sole beneficiary and executor of the real estate marketing executive’s $1 million estate. Alejandro Aparicio, who was charged with grand theft, organized fraud and forgery, was booked into Miami-Dade Jail on Friday, but has since posted bail. Greenberg died in…

Crescent Heights plans major mixed-use project in Edgewater

Crescent Heights is making moves in Edgewater. The developer requested that the city replat the properties at 3000 and 3050 Biscayne Boulevard in Miami to build a major mixed-use project on more than 5 acres of land. A replat submitted to the city of Miami reveals plans for up to 754 residential units, nearly 269,000 square feet of office space, about 17,000 square feet of retail space, a 38,450-square-foot…

Mall owner Macerich expects more store closures in 2019 across portfolio: CEO

As shopping malls nationwide have been battered by ecommerce, mall landlord Macerich has sought alternatives by redeveloping some of its properties into creatives office spaces. But that didn’t solve the core problem. Net income fell sharply for the quarter and the year. Macerich’s net income from September through December was down 64 percent, to $11.7 million in 2018 compared to $32.7…

El Bagel opening in MiMo, Blue Bottle closes Miami locations, and other restaurant news

El Bagel is opening in a permanent spot in the MiMo District. The popular food truck concept signed a lease for 1,250 square feet at 6910 Biscayne Boulevard, in a building owned by developer Alex Karakhanian. It’s expected to open as early as May. Felix Bendersky of F&B Hospitality Brokerage and David Morales of Morales Legal P.A.

Amazon may pull out of Long Island City campus amid opposition

Amazon is considering pulling out of a deal for a new campus in Long Island City, which is set to bring 25,000 jobs to New York and put the area’s real estate market into overdrive, but was heavily criticized as a giveaway to the tech giant because of its billions in tax breaks. Since Amazon is yet to lease or purchase office space for the project, it would be able…

Miami gold family sued for allegedly using company funds to buy SoFla real estate

Last year, Republic Metals declared bankruptcy amid an industry-wide investigation into gold purchases from illegal mines in South America. Now, creditors of Republic Metals are suing the owners of the Opa-locka-based precious metal company, alleging that its CEO Jason Rubin and his sister, Lindsey Rubin, used the company’s money “to fund their lavish lifestyles, including luxury homes and…

There are many disputes that arise in partnerships

There are many different businesses in Florida. There are also different ways that these businesses can form. Some businesses form as S-corporations and others C-corporations. They could also form as a limited liability company, a sole proprietorship, a partnership and others. The type of business formation chooses depends on a number of factors, but it is important that the company clearly states…

Judge approves Lampert’s $5.2 Billion Sears takeover bid

A U.S. bankruptcy judge approved Sears Chairman Edward Lampert’s $5.2 billion takeover bid of the company, saving off liquidation of the troubled retailer and hundreds of stores. The ruling means that thousands of jobs have been saved and 425 stores will remain open for now, according to Reuters. Judge Robert Drain of the U.S. Southern District Court in White Plains, N.Y, approved the sale on…

Trump open to changing controversial state and local tax provision

Wealthy people from New York, Connecticut and other high-tax states have been flocking to Florida to buy real estate. Their exodus was prompted in large part by President Trump’s 2017 tax overhaul, which capped deductions of state and local taxes. Now, Trump said he is open to changing this controversial provision of the tax law, according to Bloomberg. The move could potentially reduce the amount…

Glaser sells Miami Beach office building to luxury watchmaker

Todd Michael Glaser sold a four-story residential building in Miami Beach to a luxury watchmaker who is planning to convert the property to an office. A company tied to the luxury spec home developer and his father-in-law, Mitchell Rubinson, sold the property at 2228 Park Avenue for $5.25 million, or $511.54 per square foot, to John Simonian, according to Lyle Chariff, president of Chariff Realty Group…

Developers and investors file 10 new suits seeking to overturn property value assessments

Pedro Garcia’s methodology for calculating property valuations in Miami-Dade County is facing legal challenges from a slate of deep-pocketed owners that contend the county appraiser uses unfair and discriminatory practices in determining a property’s taxable worth. Between November 30 and January 4, 10 separate lawsuits were filed in Miami-Dade Circuit Court against Garcia, as well as…

Agent convicted of extorting “The Jills” sent back to the slammer for violating probation

The former Miami real estate agent sentenced to probation for extorting Coldwell Banker’s top-producing team, known as “The Jills,” is now going to jail. A judge sentenced Kevin Tomlinson on Thursday to just under a year, for violating his probation by posting about the duo on social media and failing to pay court costs. A jury convicted Tomlinson in June on two counts of extorting Jill Eber and Jill…

Video: REIS Senior Economist Barbara Denham Does Retail Property Wrap-up 2018

Barbara Denham, Senior Economist with REIS, a leading commercial real estate data source, appears on a commercial real estate related show to discuss how retail performed in the biggest quarter of 2018, and projections for the sector in 2019. She notes that vacancy held steady at 10.2% in the face of gloomy forecasts, and rent increased 0.5%. She sees these results as positive, even though it is low, as it…

Jay Parsons, Deputy Chief Economist with RealPage, joins Michael to discuss the multifamily market, including vacancy rates, rent growth, and more. He comments how in the face of impending doom the multifamily keeps on chugging along. Occupancy is at a healthy 94.4% overall, up 40 basis point year over year. Rent growth has accelerated, with 3.3% year over year growth as of the fourth quarter, particularly impressive given the number of newly completed units. He believes the demand strength is driven by a solid jobs story and continued demographic tailwinds. He discusses single family homes being built as rentals, and an interesting study that shows that demand for single family rentals comes not at the expense of multifamily rentals but instead at the expense of single family sales. He notes that condos seem to “not being built anywhere outside of South Florida.” Finally, he notes that he sees the landscape for multifamily investors has changed from that of a “rising tide lifting all boats” to one that is more strategic, requiring investors to be in the right markets to maximize returns, and then further goes on to comment as to where he believes those returns may lie.