Month: August 2019

Melo Group reveals plans for massive 60-story towers in Edgewater

Melo Group has finally unveiled its plans to build two 60-story waterfront residential towers in Edgewater. The Miami-based developer is planning to build 782 units and 9,000 square feet of ground floor retail and commercial space at the property at 700 Northeast 24th Street. The Next Miami first reported the proposal. Melo Group is requesting approval from Miami-Dade’s Shoreline Review Committee…

Jared Kushner’s Family Wants to Build $500 Million Tower on Biscayne Boulevard

Many of the land developers gentrifying portions of central Miami are already fairly annoying. For example, Bob Zangrillo, one of the major investors in the controversial Magic City Innovation District in Little Haiti, is a Burning Man attendee who was indicted earlier this year for allegedly… Kushner… filed paperwork to build a 1,100-unit apartment tower next to Braman Motors at 2000 Biscayne Blvd.

WeWork’s IPO filing sheds light on a startup posting massive losses, while issuing huge loans to execs

The We Company, whose imminent IPO stands to be one of the most hyped of the year, has laid bare its innerworkings. The WeWork parent company’s S-1 filing — filed Wednesday with the U.S. Securities and Exchange Commission — tells the story of a company experiencing massive growth while also sustaining massive losses. It’s also lent millions to members of its executive team at remarkably…

WeWork landlord, spooked by scrutiny over IPO filing, sues to get out of lease

A landlord is suing to get out of a lease agreement with WeWork amid fears the co-working company can’t support its lease. The office space giant, whose parent the We Company is expected to go public next month, currently occupies multiple floors at 21-33 Irving Place in Manhattan. The landlord — identified as Belvedere Management Co. in property records — claims that when WeWork signed its…

Don’t worry, WeWork has only committed $47 billion to landlords

WeWork’s future as a public company collided headlong this week with investors’ biggest concern: What happens in a downturn? Nine hours after the co-working company filed its IPO prospectus, the Dow plunged 800 points on Wednesday. With a possible recession looming, WeWork’s parent, the We Company, disclosed that over the next 15 years, it has $47 billion in lease commitments. That’s…

Forte Capital Management and GSI Equities under contract to buy Opportunity Zone property in the Design District

Alex Karakhanian is under contract to sell a Miami Design District property in an Opportunity Zone to Forte Capital Management and New York-based GSI Equities, The Real Deal has learned. The property, at 45 Northeast 41st Street, is expected to close in September for nearly $10 million, prior to completion of a building that is under construction. That benefits the buyers since it is in an Opportunity Zone…

CCIM Economist KC Conway Provides Industrial Real Estate Update ~ Part 2 of 2

K.C. Conway, Chief Economist with CCIM and Director of the Alabama Center for Real Estate, joins America’s Commercial Real Estate Show host Michael in Studio One to discuss the industrial property market. In this second of two video segments, discussion includes whether the end of the cycle is approaching. Conway discusses the fundamentals of the market as they are, noting things as essentially steady…

Condo-Laden Sunny Isles Mulls Development Moratorium

Like its neighbor, Miami Beach, Sunny Isles Beach is located on a narrow barrier island squeezed between the Atlantic Ocean and the Intracoastal Waterway. Towering condominiums — including six Trump-branded towers and buildings by Porsche, Armani and Ritz-Carlton — line the easterly beachfront. To the west of its main drag, more old-school one- and two-story buildings dominate. With all this prime…

Blackstone buys industrial portfolio near Miami airport for $56 million

Blackstone bought a giant industrial portfolio next to Miami International Airport for $56 million. The private equity giant bought the three warehouses totaling 367,848 square feet at 3208 Northwest 72nd Avenue and 3108 Northwest 72nd Avenue for $152 per square foot, records show. Airport Trade Center, which lists Haim Yehezkel as one of its principals, is the seller. Yehezkel leads the real…

David and Lelia Centner bought a shuttered charter school in Wynwood for $13M

A company tied to real estate investors David and Leila Centner bought a shuttered charter school site in Wynwood for $12.8 million, signaling growing demand for charter school sites in South Florida. DLC Capital Management LLC bought the former Aspira Arts DE/CO Charter School at 1911 Northeast Miami Court from Aspira of Florida. Aspira of Florida’s board of directors agreed in January to…

200-bed Palmetto Bay hospital caught in zoning battle

A proposed 71-acre, 200-bed waterfront hospital campus in Palmetto Bay at 6525 SW 152nd Street won’t be built anytime soon, with a drawn-out court battle expected between the village and the intended developer. The dispute boils down to what the property’s zoning allowed prior to its purchase, as well as whether zoning changes by the village after the land purchase are an encroachment on the…

China trade spat spurs rush of courthouse construction

Miami-Dade’s efforts to build a new civil and probate courthouse must speed up or at least remain on track to avoid a potential fiscal quagmire due to souring trade relations with China, Commissioner Sally Heyman says. Ms. Heyman, the main county legislator behind the Flagler Street courthouse project, said Friday that things are running ahead of schedule, with negotiations progressing well with the…

Luxury private Drivers Club Miami doesn’t race to starting line

A year after a lease took effect between developers and Miami-Dade County for significant community investments within the Carol City neighborhood in Miami Gardens, including a luxury private auto track and club, construction has yet to begin. Zoning agreements, environmental testing, design meetings and construction-preventing covenants have been slowing progress under the lease between…

Allapattah to get 267 affordable units for elderly

Hundreds of affordable apartments are coming to Allapattah, all designed for elderly tenants. Allapattah Ventures LLC is proposing a 13-story structure at 1396 NW 36th Street to be called Mosaico, home to about 267 dwelling units, mostly in small floor plans. At a special meeting, the city’s Urban Development Review Board unanimously voted for a resolution recommending approval of the project, with…

Beckham’s soccer site has high levels of arsenic, contaminated soil: report

David Beckham’s plans to develop a Major League Soccer stadium at Melreese golf course in Miami hit another snag. An environmental analysis for the planned site for the Inter Miami team reported high arsenic contamination levels and surface-level soil samples containing debris that pose a “physical hazard,” according to the Miami Herald. The environmental firm EE&G…

Arsenic In The Soil: A Bargaining Chip For David Beckham’s Miami Soccer Stadium?

The Miami site where David Beckham and his business partners want to build a Major League Soccer stadium and $1B mixed-use complex is tainted with arsenic and other pollutants, an environmental analysis has found. The team says it intends to clean the site and move forward, while skeptics predicted the team will use the environmental findings to reduce what it pays for the land it’s acquiring from…

Developer Harvey Hernandez reaches settlement in BrickellHouse in failed robotic garage related lawsuit

Miami developer Harvey Hernandez has finally reached a settlement in a long-running case over a failed robotic car garage at the BrickellHouse condo development. Hernandez settled for $275,000, which dismissed with prejudice all claims against him, according to the Daily Business Review. The settlement pertains to a 2016 lawsuit filed by the condo association over BrickellHouse’s car garage…

The economy may be starting to slow. Real estate is taking notice

The yield curve inversion and threats of an escalating trade war recently sent markets into a tizzy last week. If those economic jolts are going to hit the real estate industry hard, it largely hasn’t happened yet. But that doesn’t mean there aren’t red flags waving in the wind and questions over long-term growth aren’t lurking in the background. “This is the…”

A Disheveled History of Miami’s Shopping Malls

Until the mid-’50s, Miami’s definitive shopping district was nestled on bustling Flagler Street in downtown. Many amenities standard in today’s shopping malls could be found there: department stores (most important, the Burdines on South Miami Avenue), restaurants, general retail, and movie theaters. The area was a place to eat, drink, exchange ideas, watch movies, and, of course, buy things. But as…

Busy Subcontractors Pushing Prices Skyward Call it the downside of an upturn.

South Florida construction prices are hitting record levels and commercial real estate developers, landlords and occupiers haven’t felt this type of wallet wallop since the last building boom of the mid-2000s. Driven by a messy stew of tariffs on steel, aluminum and other key materials, labor shortages, rising insurance premiums, insatiable demand and a healthy dash of opportunistic pricing power…

Crescent Heights buys Staples building in Edgewater

Crescent Heights added to its massive portfolio along Biscayne Boulevard in Miami. The Miami-based company, led by Russell Galbut, paid $14 million for the Staples-leased building at 2121 Biscayne Boulevard, according to Marcus & Millichap. Property records show BG7 LLC sold the 20,388-square-foot building, built in 2008. The company is tied to J and R Managers LLC and is managed by Richard…

Rezoning Property From Residential to Commercial

Converting commercial property into residential space—like turning a parking garage into condos—has been popular recently. But what about rezoning property from residential to commercial? Commercial real estate is lucrative. Nearly $90 billion is spent building it each year. If you have a residential property, it’s well worth your time converting it to residential. But where do you start? There are several…

Habitat Group buys land for new west Brickell project

Rendering of Brickell 12 and Santiago Vanegas Habitat Group paid $6.1 million for a site in west Brickell where it’s planning to build a hotel project. Habitat Group, led by Santiago Vanegas, closed on the 10,500-square-foot lot at 1200 Southwest Second Avenue, according to property records. A spokesperson for the developer said Habitat is planning to build Brickell 12, a 96-key hotel project, on the site.

Regal Cinemas Extends 500,000 SF Miami Lease Kendall Village Center

Regal Kendall Village IMAX & RPX, part of the Regal theater chain, has renewed its long-term lease for 72,000 square feet at Kendall Village Center, a 500,000-square-foot retail, office and entertainment development in the Kendall Lakes suburb of Miami. According to the new contract with the ownership, Berkowitz Development Group, the movie theater will undergo multimillion capital improvements…

Edgewater Opportunity Zone site hits the market for $14M

A 30,000-square-foot Opportunity Zone site in the burgeoning Edgewater neighborhood of Miami just hit the market for $13.5 million. A developer could build a 36-story condo, apartment or commercial building…  The site totals five parcels at 2650 Biscayne Boulevard, 2265 Northeast 26th Terrace, 3255 Northeast 26th Terrace, 4245 Northeast 26th Terrace and 5250 Northeast 27th Terrace. The property has…

Menin, Galbut sell shuttered South Beach hotel to Blue Road for $14M

Companies tied to Menin Hospitality and Russell Galbut’s Crescent Heights sold the shuttered Sanctuary Hotel in Miami Beach for $14.4 million to Blue Road. Sanctuary South Beach Inc., Sanctuary SB Properties LLC, Sanctuary RonRuss Properties and MJK Group LLC sold the 32-key condo-hotel at 1745 James Avenue to Jorge Savloff and Marcelo Tenenbaum’s Blue Road, according to Marcus & Millichap.

Bridge Investment Group Acquires Two Office Properties Totaling 528,679 SF in Metro Miami

Bridge Investment Group LLC, a Salt Lake City-based investment firm, has acquired two office properties totaling more than 500,000 square feet in the western Miami metro area. The price was not disclosed. The properties include the Offices at Flagler Station in Medley and the Offices at Doral Square in Doral. The buildings are approximately five miles away from each other, and just west of Miami…

Miami River apartments sell amid development boom

Miami real estate investor Jorge Ariel Lopez paid $7 million for an apartment building on the Miami River, signaled growing demand for properties along the waterway. Lopez bought the 42-unit building at 1160 Northwest North River Drive for $166,666 per unit, according to Fausto Commercial Realty. The seller is R/S Management of Charlotte, North Carolina, which is led by Larry Sorkin…

REIT to pay $322 million for sprawling Pembroke Pines apartment complex

In what will likely be the largest multifamily sale in South Florida this year, NexPoint Residential will pay $322 million for a 1,520-unit multifamily property in Pembroke Pines. NexPoint Residential, a publicly traded real estate investment trust, is under contract to buy the apartments, known as the Avant at Pembroke Pines, at 11801 Pembroke Road for about $212,000 per unit, according to a press release…

South Beach Is Heading to North Beach

Despite a 2015 public vote against increasing density in North Beach, Miami Beach will allow a luxury condo tower and refurbished hotels on North Beach’s Ocean Terrace in exchange for a $15 million public park. Commissioners last week unanimously voted to change the future land-use designation and zoning regulations of a two-block stretch between 73rd and 75th Streets on Ocean Terrace. The move…

Henley Investments Picks Up Miami Beach Hotel

Private equity firm Henley Investments has acquired its fourth boutique hotel in metro Miami with the purchase of Lord Balfour Hotel at 350 Ocean Drive for $34.7 million. The deal is reportedly Henley’s largest U.S. hotel acquisition to date. Life House, a company that frequently collaborates with Henley, will manage the asset. The total project capitalization, including acquisition and renovation costs, is…

The complete report can be viewed here. Some highlight relevant to Miami and South Florida overall include:

• The usual suspects open the list of the most expensive areas to rent in South Florida. In July, Fort Lauderdale rents have reached $1,948, and those in Miramar, $1,886.
• Davie is rapidly catching up, with rents averaging $1,829, boasting the largest year-over-year rent increase in Florida: $96 more compared to July last year. The month-over-month growth was $9, outpaced by only two other Florida cities.
• Pembroke Pines saw the second largest month-over-month cost increase in the state: $12, reaching average rents of $1,785.
• Miami rents experienced the largest increase compared to June: $13. Average rents here are now $1,729, having almost caught up to Coral Springs’ average of $1,731.
• West Palm Beach and Hollywood both have the same rental average price in July, $1,448, this is due to the first one’s cost decrease of $12 since June, while Hollywood rents added $1.
• Pompano Beach ($1,429) and Hialeah ($1,368) are still the places to go when in search of lower rents in Miami Metro. They have seen slow increases compared to June: $7 and $2, respectively.

K.C. Conway, Chief Economist with CCIM and Director of the Alabama Center for Real Estate, joins America’s Commercial Real Estate Show host Michael in Studio One to discuss the industrial property market. In this second of two video segments, discussion includes whether the end of the cycle is approaching. Conway discusses the fundamentals of the market as they are, noting things as essentially steady, with strong consumers, solid job growth, etc. A big plus that he mentions for the commercial real estate markets is that overbuilding is not happening. He also discusses how 1 of 4 sovereign debt dollars are now at a negative yield, and how this is affecting the markets, with the Fed concerned about flows of capital into the US with it low but not negative yields. They also talk about rising construction costs and the potential impact on existing inventory. A big prediction herein is that retail sales, now 10% online, will go to 20% in the next few years, and then 30-40% thereafter. One has to wonder if he is low on this.

Also view part one of this interview.

Joint Venture Expands Beachfront Footprint with Acquisition of Two Hotels in Miami Beach for $139.9M

A joint venture between SHVO, Bilgili Group and Deutsche Finance Group (DFG) has acquired the Richmond Hotel at 1757 James Avenue, Richmond Apartments, and South Seas Hotel at 1751 Collins Avenue for a total of $139.9 million. The companies purchased South Seas Hotel from Majestic Hotel Corp. for $52 million. Along with direct access to the beach, the hotel offers amenities such as a swimming…

CCIM Economist KC Conway Provides Industrial Real Estate Update ~ Part 1 of 2

K.C. Conway, Chief Economist with CCIM and Director of the Alabama Center for Real Estate, joins America’s Commercial Real Estate Show host Michael in Studio One to discuss the industrial property market, including new supply coming online and the impact of tariffs industrial property holdings. In this part, he notes that much of the boom in industrial is related to the shift from retail to online…

Landlord Liable for Subtenants’ Trademark Infringement

If you asked most commercial landlords what keeps them up at night, they probably wouldn’t say that they worry about their tenants committing trademark infringement.  Granted, trademark infringement is not likely to be an issue for most tenants.  But when it does happen, the landlord might be on the hook.  In fact, in 2017, we wrote about that happening. Now it’s happened again.  Just last week…

General contractors are suffering under Trump’s new tariffs on Chinese goods

The trade war has created an uncertain environment for construction. (Credit: iStock and Getty Images) Anthony Rinaldi has learned first-hand what President Donald Trump’s trade war with China can mean for business. One of his eponymous firm’s current projects, backed by a Chinese-government-owned company, has recently stalled. He’s unsure when, or if, it will get back off the ground. Delays are,,,

Bridge Investment to pay $123 million for office properties in Medley and Doral

Offices at Flagler Station and Offices at Doral Square and Bridge Investment Group Executive Chairman Robert Morse Bridge Investment Group is buying two office properties in Medley and Doral for nearly $123 million, a source told The Real Deal. New York-based investment manager DRA Advisors is selling the 387,000-square-foot Offices at Flagler Station in Medley and the 141,000-square-foot…

Miami is Defying Nation’s Retail Woes With Thriving Malls, Shopping Centers

While there are mass retail closings around the country, in Miami, there is typically someone waiting on space to become available. Think about it: In Miami, there is actually a shortage of retail space. Uber luxury markets in Miami are performing extremely well with Bal Harbour Shops (owned by Whitman Family Development) being one of the top retail complexes in the country, followed closely by…

A rarity in Key Biscayne: commercial land hits the market for $21M

Listing broker Manny Chamizo and 12 Crandon Boulevard (Credit: Google Maps) The last piece of vacant commercial land in Key Biscayne is hitting the market for $20.6 million, The Real Deal has learned. The 1.4-acre property at 12 Crandon Boulevard, at the entrance to the Key Biscayne village center, is listed for sale with Manny Chamizo of One Sotheby’s International Realty. Property records show ES KB…

Epicure owner slices up Miami Beach space to sublease

Brian Carter, Ross Padfield and Filippo Incorvaia and the building Gone are the days of Epicure Gourmet Market & Café’s matzo ball soup, tuna sandwiches and baked goods. But Epicure owner Jason Starkman is working to redevelop the retail space in Miami Beach into smaller units that he can sublease, The Real Deal has learned. Starkman, who closed the Miami Beach institution in September 2017 following…

$300 Million Construction Loan Arranged for Office Tower in Miami

JLL has arranged a $300 million construction loan for the development of 830 Brickell, a 56-story, 1 million-square-foot office tower in Miami’s Brickell district. MSD Partners provided the four-year loan to the developers, a joint venture between OKO Group and Cain International. Located at 830 SE First Ave., 830 Brickell is slated for completion in early 2022. The property is situated next to a…

Miami Office Project Secures $300M Loan

JLL Capital Markets has facilitated a $300 million construction loan for 830 Brickell, a 1 million-square-foot office development in Miami’s financial district. Developed by a joint venture between OKO Group and Cain International, the project is expected to reach completion in the 1st quarter of ’22. MSD Partners originated the financing… Adrian Smith + Gordon Gill is the architect. Located at 830 SE 1st Avenue…

South Florida Retail Property Summary (Q2 2019)

Market Snapshot for South Florida Retail A summary of the highlights, trends, and current market activity of Q2 2019 for South Florida commercial real estate focusing on Miami-Dade County: Analysis derived and compiled from leasing data and transaction reports in order to better understand the overall health of the CRE market in Miami-Dade County. In…

Mega-yacht shiplift coming to renovated RMK Merrill-Stevens

RMK Merrill-Stevens, Florida’s first shipyard (founded in Jacksonville in 1885 and operating on the Miami River since 1923) will open its newly renovated and upgraded North Yard early next year. The company’s two boatyards straddle the river; the North Yard borders the Health District and the South Yard is near Marlins Stadium. The $30 million renovation, which included dramatic changes to both yards…

After years of study, premium Flagler transit a decade away

Three years after state transportation personnel began studying the project, premium transit on Flagler Street connecting downtown Miami to West Miami-Dade remains nearly a decade off. A Florida Department of Transportation (FDOT) milestone timeline, whose dates are “tentative and subject to change,” shows construction starting in early 2025 after 14 prior steps. Members of the county’s…

As PortMiami rides high, more development deals on horizon

PortMiami, the world’s busiest cruise port in passengers by industry figures, is on course to maintain that distinction for the foreseeable future. Throughputs at the port in 2018 rose 4.7% from the year prior to roughly 5.59 million passengers, according to the port’s annual financial report. That number represents a new world record, said PortMiami spokesperson Andria Muniz-Amador. To meet future…

To Buy or Build a Commercial Property?

There’s few things more exciting than a growing business. But whether you’re starting a new venture or simply outgrowing your old space, you need to decide between buying or building a commercial property. Both options have their merits and downsides, so it’s important to look at all of the factors at play. A wrong decision here could significantly affect your business’ profitability down the line. Here’s a few…

Setai and other Miami Beach property owners sue city over stormwater fees

The Setai Miami Beach In the midst of near-daily rain storms and the semi-regular flooding in Miami Beach, a group of property owners in the city including the Setai hotel are alleging the way the city collects stormwater fees is illegal. The Nakash family, which owns The Setai Miami Beach, along with 24 other condo associations, multifamily owners and commercial property owners filed a lawsuit in…

Coral Springs investor buys apartment complex near North Miami Beach

A company tied to Coral Springs broker and investor Deepak Khosa paid $7 million for an apartment complex in northeast Miami-Dade. Club California LLC sold the California Club Apartments, a 64-unit complex at 750 Northeast 195th Street, to Khosa’s Miami Condo Holding Company LLC. The property traded hands for about $110,000 per unit. The complex was built in…

North Beach Yard is called off amid partnership split

The music has stopped for North Beach Yard. The entertainment and food venue that was supposed to replicate Wynwood Yard will not open, after Miami Beach City Manager Jimmy Morales informed commissioners he is terminating the lease agreement, according to RE Miami Beach. On June 6, Morales told commissioners that founders Della Heiman and Ken Lyon had not complied with several terms…

AIDS Healthcare Foundation sells three vacant lots in Miami Gardens

The AIDS Healthcare Foundation sold three vacant lots in Miami Gardens to ahs Residential for $9.5 million after buying the site a year ago. The nonprofit sold the 13.1-acre site near 2255 Northwest 167th Street for $725,190 per acre, records show. AIDS Healthcare Foundation is a Los Angeles-based global nonprofit provider of HIV prevention services, testing, and healthcare for HIV patients.

Financially troubled Hotel Astor in Miami Beach listed for sale

The financially troubled and now-closed Hotel Astor is on the market for $12 million. The 42-room, three-story hotel at 956 Washington Avenue was renovated in 2014 using $9 million raised from EB-5 investors. It closed nearly a year ago after the ground lessor, 1651 Astor LLC, filed a lawsuit to evict the hotel from the property. Manny Chamizo of One Sotheby’s International Realty was hired to sell the…

Miami Mixed-Use Project Scores $13 Million Loan

A joint venture of Coral Rock Development Group and Arena Capital Holdings has obtained $12.8 million in financing for the retail portion of Pura Vida Hialeah, a 9-acre mixed-use project in Hialeah, Fla., the first of its kind in the area in more than 20 years. BB&T Bank originated the construction loan. General contractor Bluewater Construction broke ground on the project in April and plans to…

Attracting Foreign Direct Investment to South Florida via Direct EB-5

The controversial idea of granting U.S. residency to those willing to invest in America became a reality with the enactment of the Immigration Act of 1990 and the creation of the EB-5 Immigrant Investor permanent visa category. In crafting the EB-5, Congress had a clear vision: to stimulate job creation in poor and rural parts of America by allowing qualified foreigners to privately invest in projects…

Bayside Marketplace is planning another high-rise entertainment venue with a view

The manager of Bayside Marketplace has another towering attraction in the works: a rotating set of high-rise observation capsules. The Miami Planning and Zoning Board has approved the 176-foot observation wheel, which would be smaller but comparable to the London Eye and the Wheel at ICON Park in Orlando. SkyViews America hopes to erect the observation wheel at Bayside before the Super Bowl…

Robuchon restaurants set Miami opening dates, new restaurants planned for MiMo & other restaurant news

Miami Design District L’Atelier de Joël Robuchon and Le Jardinier are both opening later this month, New York-based Invest Hospitality announced. Joël Robuchon, an award-winning French chef, died about a year ago. Le Jardinier will open on Aug. 16 in a 4,200-square-foot, 108-seat space, according to a release. The restaurant, at 151 Northeast 41 Street suite 235, will also…

Defunct Facchina sues to collect $4.3M for MiamiCentral office building work

2 MiamiCentral and 3 MiamiCentral When Shorenstein Properties purchased 2 MiamiCentral and 3 MiamiCentral in May for $159.4 million, the San Francisco REIT also allegedly inherited millions of dollars in construction debt from the previous owner. Florida East Coast Industries, the parent company of VirginTrains USA, sold the buildings at 600 Northwest First Avenue to Shorenstein. Last month…

“Rich people are going to get richer anyway”: HUD Secretary Ben Carson dismisses concerns that Opportunity Zones will only benefit rich people

Ben Carson is well aware of the complaints directed at federal Opportunity Zones, and how the tax incentive program meant to boost struggling communities may only end up benefiting rich investors and developers. On Friday, Carson, the Secretary of the Department of Housing and Urban Development, offered his frank assessment of that belief. “Some people have complained, and said, ‘This is…

Inside Stephen Ross’ massive empire of gyms, condos, coffee and more

The backlash over hosting a Trump fundraiser has been swift for developer Stephen Ross. Within 24 hours of word getting out, Equinox members and SoulCycle devotees have threatened to boycott both brands, which are owned by Ross’ Related Companies. (In San Francisco, some staged a protest.) Miami Dolphins receiver Kenny Stills publicly criticized the team owner for agreeing to host the event…

Overtown Opportunity Zone project snags $55M loan

Michael Tillman and Soleste Grand Central Michael Tillman’s PTM Partners and Estate Investments Group scored a $55 million loan from Bank OZK to build an 18-story apartment project in an Opportunity Zone in Overtown. The developers are building Soleste Grand Central, a 360-unit multifamily building at 218 Northwest Eighth Street in Miami near the MiamiCentral train station. The project will be a mix…

Related Group Bags $190M in Financing for 2 Luxury Resi Properties

Miami-based developer The Related Group has scored $190 million in financing for two luxury apartment developments in Tampa, Fla., Commercial Observer has learned. Deutsche Bank provided a $115 million floating-rate loan to refinance Manor Riverwalk, and SunTrust Commercial Real Estate lent $75 million on Town Westshore. Both transactions were negotiated by Newmark Knight Frank’s Dustin…

Lissette Calderon scores $24M construction loan for Allapattah apartments

Allapattah 17 and Lissette Calderon Developer Lissette Calderon scored a $24.4 million construction loan for a planned 192-unit apartment building in Allapattah. Calderon’s Neology Development Group is using the loan to build Allapattah 17, at 1569-1652 Northwest 17th Avenue. Calderon secured the loan from MidCap Financial, a subsidiary of Apollo Global Management, according to…

Hunt Real Estate Capital Refinances a Multifamily Property Located in Homestead

Hunt Real Estate Capital announced today it provided a Fannie Mae conventional multifamily loan in the amount of $10.5 million to refinance a multifamily property located in Homestead, Florida. Homestead Gardens I & II is a 148-unit, garden-style apartment community that consists of two locations, 15451 SW 288th Street near Leisure City, and 527 S. Flagler near the city center. Homestead…

Town explores land swap for ‘potato field’ property

The Town of Cutler Bay is looking to engage in a land swap with the owners of a parcel on Old Cutler Road and SW 212th Street, commonly known as the “potato field,” with that property being exchanged for the six-story building and adjacent property at 10720 Caribbean Boulevard where the current Town Hall is located. Mayor Tim Meerbott published an open letter to residents on Aug. 5 stating…

K.C. Conway, Chief Economist with CCIM and Director of the Alabama Center for Real Estate, joins America’s Commercial Real Estate Show host Michael in Studio One to discuss the industrial property market, including new supply coming online and the impact of tariffs industrial property holdings. In this part, he notes that much of the boom in industrial is related to the shift from retail to online shopping, and that he believes we remain in the early phases of this. Perhaps most interesting are references to charts from a recent Colliers reports, one showing the top 50-75 markets all, for the first time since they’ve been tracking it, having vacancy ralted below 5%, another that shows for the first time ever an average asking rent surpassing $6 psf (obviously not miami), and a third noting a record amount of industrial space under construction – over 300 million square feet.

Also view part two of this interview.